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The Costs and Benefits of a Job Guarantee: Estimates from a Multicountry Econometric Model

In: The Job Guarantee

Author

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  • Scott T. Fullwiler

Abstract

The Job Guarantee (Mosler 1997–1998; Mitchell and Muysken 2008; Wray 1998; hereafter JG) is a policy proposal designed as an alternative to the neoclassical natural rate of unemployment or Nonaccelerating Inflation Rate of Unemployment (NAIRU). Whereas that approach presumes that some positive percentage of the total labor force must be sr to avoid accelerating inflation, the JG literature argues instead that a buffer stock of the employed can enaustained as involuntarily unemployed in ordeble true full employment without compromising price stability, with the additional benefit of mitigating the economic and social costs of involuntary unemployment.

Suggested Citation

  • Scott T. Fullwiler, 2013. "The Costs and Benefits of a Job Guarantee: Estimates from a Multicountry Econometric Model," Palgrave Macmillan Books, in: Michael J. Murray & Mathew Forstater (ed.), The Job Guarantee, chapter 4, pages 73-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29799-0_5
    DOI: 10.1057/9781137297990_5
    as

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