IDEAS home Printed from https://ideas.repec.org/p/lev/wrkpap/wp_668.html
   My bibliography  Save this paper

The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005

Author

Listed:
  • Ajit Zacharias

Abstract

Forty-five years ago, the A. Philip Randolph Institute issued "The Freedom Budget," in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and a living wage to lift the working poor out of poverty. Such policies were supported by a host of scholars, civic leaders, and institutions, including the Rev. Dr. Martin Luther King Jr.; indeed, they provided the cornerstones for King's "Poor Peoples' Campaign" and "economic bill of rights." This paper proposes a "New Freedom Budget" for full employment based on the principles of functional finance. To counter a major obstacle to such a policy program, the paper includes a "primer" on three paradigms for understanding government budget deficits and the national debt: the deficit hawk, deficit dove, and functional finance perspectives. Finally, some of the benefits of the job guarantee are outlined, including the ways in which the program may serve as a vehicle for a variety of social policies.

Suggested Citation

  • Ajit Zacharias, 2011. "The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005," Economics Working Paper Archive wp_668, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_668
    as

    Download full text from publisher

    File URL: http://www.levyinstitute.org/pubs/wp_668.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Edward Wolff & Ajit Zacharias, 2009. "Household wealth and the measurement of economic well-being in the United States," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 7(2), pages 83-115, June.
    2. William Darity, 2010. "A Direct Route to Full Employment," The Review of Black Political Economy, Springer;National Economic Association, vol. 37(3), pages 179-181, September.
    3. Leanne Ussher, 1998. "Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature," Working Papers 0005 Classification- JEL:, Department of Economics, Queens College of the City University of New York.
    4. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
    5. Warren Mosler, 1997. "Full Employment and Price Stability," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(2), pages 167-182, December.
    6. J. Steven Landefeld & Stephanie H. McCulla, 2000. "Accounting For Nonmarket Household Production Within A National Accounts Framework," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 289-307, September.
    7. Bernard Anderson, 2008. "Robert Browne and Full Employment," The Review of Black Political Economy, Springer;National Economic Association, vol. 35(2), pages 91-101, September.
    8. repec:bla:revinw:v:27:y:1981:i:2:p:137-64 is not listed on IDEAS
    9. Hyunsub Kum & Thomas Masterson, 2008. "Statistical Matching Using Propensity Scores: Theory and Application to the Levy Institute Measure of Economic Wellbeing," Economics Working Paper Archive wp_535, Levy Economics Institute.
    10. Mathew Forstater, 2007. "From Civil Rights to Economic Security: Bayard Rustin and the African-American Struggle for Full Employment, 1945-1978," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(3), pages 63-74.
    11. Mathew Forstater, 2002. "“Jobs for all”: Another dream of the rev. Dr. Martin Luther King, Jr," Forum for Social Economics, Springer;The Association for Social Economics, vol. 31(2), pages 45-53, March.
    12. Mathew Forstater, 2002. "“Jobs for all”: Another dream of the rev. Dr. Martin Luther King, Jr," Forum for Social Economics, Taylor & Francis Journals, vol. 31(2), pages 45-53, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thomas Masterson, 2011. "Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France," Economics Working Paper Archive wp_676, Levy Economics Institute.
    2. Katherine A. Moos & Pilar Gonalons-Pons, 2024. "A Comparison of the Socioeconomic and Gendered Organization of Social Reproduction in the United States and United Kingdom, 1973–2013," LIS Working papers 888, LIS Cross-National Data Center in Luxembourg.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Helen Ginsburg, 2012. "Historical Amnesia: The Humphrey-Hawkins Act, Full Employment and Employment as a Right," The Review of Black Political Economy, Springer;National Economic Association, vol. 39(1), pages 121-136, March.
    2. Shoora B. Paudyal, 2013. "Do Budget Deficits Raise Interest Rates in Nepal?," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 25(1), pages 51-66, April.
    3. John Henry, 2007. "“Bad” Decisions, Poverty, and Economic Theory: The Individualist and Social Perspectives in Light of “The American Myth”," Forum for Social Economics, Taylor & Francis Journals, vol. 36(1), pages 17-27, January.
    4. Reynold F. Nesiba, 2013. "Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 44-60.
    5. Thomas Masterson & Ajit Zacharias & Selcuk Eren & Edward Wolff, 2011. "The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000," Economics Working Paper Archive wp_679, Levy Economics Institute.
    6. Shoora B. Paudyal, 2013. "Do Budget Deficits Raise Interest Rates in Nepal?," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 25(1), pages 51-66, April.
    7. Fofack, Hippolyte, 2012. "Accounting for gender production from a growth accounting framework in Sub-Saharan Africa," Policy Research Working Paper Series 6153, The World Bank.
    8. Peter S. Spiro, 1997. "The Effect of the Current Account Balance on Interest Rates," Macroeconomics 9707001, University Library of Munich, Germany.
    9. Anastasios Evgenidis & Apostolos Fasianos, 2019. "Monetary Policy and Wealth Inequalities in Great Britain: Assessing the role of unconventional policies for a decade of household data," Papers 1912.09702, arXiv.org.
    10. Diewert, Erwin & FOX, Kevin J. & Paul Schreyer, 2017. "The Allocation and Valuation of Time," Microeconomics.ca working papers erwin_diewert-2017-5, Vancouver School of Economics, revised 04 May 2017.
    11. Wang, Jingyu & Peng, Lu & Chen, Jiancheng & Deng, Xiangzheng, 2024. "Impact of rural industrial integration on farmers' income: Evidence from agricultural counties in China," Journal of Asian Economics, Elsevier, vol. 93(C).
    12. Ramon L. Clarete & James A. Roumasset, 1986. "CGE Models and Development Policy Analysis: Problems, Pitfalls, and Challenges," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(5), pages 1212-1216.
    13. Hozer-Koćmiel Marta & Kuźmiński Wojciech, 2020. "Modelling Unpaid Housework Time in Poland on the Basis of a Time Use Survey," Folia Oeconomica Stetinensia, Sciendo, vol. 20(1), pages 177-189, June.
    14. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    15. Christopher J. Erceg & Jesper Lindé, 2011. "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 7(1), pages 95-136.
    16. Ardagna Silvia & Caselli Francesco & Lane Timothy, 2007. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-35, August.
    17. Carlos Vieira, 2004. "The Deficit?Interest Rate Connection: an empirical assessment of the EU," Economics Working Papers 5_2004, University of Évora, Department of Economics (Portugal).
    18. Rolf Aaberge & Anthony B. Atkinson & Sebastian Königs, 2018. "From classes to copulas: wages, capital, and top incomes," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 16(2), pages 295-320, June.
    19. Edward N. Wolff & Ajit Zacharias & Hyunsub Kum & Robert Haveman, 2007. "Net Government Expenditures and the Economic Well-being of the Elderly in the United States, 1989–2001," Palgrave Macmillan Books, in: Dimitri B. Papadimitriou (ed.), Government Spending on the Elderly, chapter 4, pages 81-122, Palgrave Macmillan.
    20. J. Steven Landefeld & Shaunda Villones, 2009. "National Time Accounting and National Economic Accounting," NBER Chapters, in: Measuring the Subjective Well-Being of Nations: National Accounts of Time Use and Well-Being, pages 113-123, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Unemployment; Full Employment; Budget Deficits; National Debt; Public Policy;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:wrkpap:wp_668. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Elizabeth Dunn (email available below). General contact details of provider: http://www.levyinstitute.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.