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The Minimum Wage And The Rehabilitation Of Fiscal Policy

In: Inequality and Global Supra-Surplus Capitalism

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  • E Ray Canterbery

Abstract

In recent times there has been a debate between the stimulus view and austerity view of economic policy. Nowhere is the debate clearer than when it comes to fiscal policy. John Maynard Keynes and his General Theory are the most famous proponents of the stimulus perspective. Keynes says that government must stimulate the whole economy by giving millions of public jobs to people in fields like teaching, nursing, engineering, and construction work. This can be done indirectly by government deficit spending or by tax reduction. Deficit spending has been the surer path. Beyond the initial stimulus, each of those hired will spend new income this leads to the hiring of many more. There is a Keynesian multiplier effect.

Suggested Citation

  • E Ray Canterbery, 2018. "The Minimum Wage And The Rehabilitation Of Fiscal Policy," World Scientific Book Chapters, in: Inequality and Global Supra-Surplus Capitalism, chapter 19, pages 297-309, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200838_0019
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