The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who are ready and willing to work at a living wage. While it is first and foremost a jobs program, it has the potential to be transformative by advancing the public purpose and improving working conditions, people's everyday lives, and the economy as a whole. This working paper provides a blueprint for operationalizing the proposal. It addresses frequently asked questions and common concerns. It begins by outlining some of the core propositions in the existing literature that have motivated the JG proposal. These propositions suggest specific design and implementation features. (Some questions are answered in greater detail in appendix III). The paper presents the core objectives and expected benefits of the program, and suggests an institutional structure, funding mechanism, and project design and administration.
numismatists, sociologists and anthropologists alike have long probed the vexing question 'What is money?' And it seems Keynes's 'Babylonian madness' has infected a new generation of scholars unsettled by the conventional accounts of the origins, nature and role of money. 1 Among them are the advocates of a heterodox approach identified as 'Chartalism', 'neo-Chartalism', 'tax-driven money', 'modern money', or 'money as a creature of the state'. The Chartalist contribution turns on the recognition that money cannot be appropriately studied in isolation from the powers of the state-be it modern nation-states or ancient governing bodies. It thus offers a view diametrically opposed to that of orthodox theory, where money spontaneously emerges as a medium of exchange from the attempts of enterprising individuals to minimize the transaction costs of barter. The standard story deems money to be neutral-a veil, a simple medium of exchange, which lubricates markets and derives its value from its metallic content. Chartalism, on the other hand, posits that money (broadly speaking) is a unit of account, designated by a public authority for the codification of social debt obligations. More specifically, in the modern world, this debt relation is between the population and the nation-state in the form of a tax liability. Thus money is a creature of the state and a tax credit for extinguishing this debt. If money is to be considered a veil at all, it is a veil of the historically specific nature of these debt relationships. Therefore, Chartalism insists on a historically grounded and socially embedded analysis of money. This chapter distinguishes between several broad Chartalist propositions about the origin, nature and role of money, and several specific propositions about money in the modern context. It offers only a cursory examination of the historical record to illuminate the essential characteristics of money emphasized in the Chartalist tradition. Chartalist ideas are not new, although they are most closely associated with the writings of Georg Friedrich Knapp of the German Historical School. Thus the chapter briefly surveys instances in the history of thought which have emphasized the chartal nature of money. The paper then expounds on Chartalism, clarifying aspects of the concepts and drawing out the implications for modern currencies. It concludes with a discussion of the various applications of this approach to policy. Chartalism: the broad propositions The historical record suggests an examination of Chartalism according to its broad and specific propositions. The latter address the nature of money in the modern context, and although Chartalism should not be narrowly identified with the modern money approach, the specific propositions are more important for understanding today's economies, modern currencies, and government monetary and fiscal policy.
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in ABSTRACTThe monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for macroeconomic stabilization and full employment determination. Recent mainstream contributions, however, have begun to reassess fiscal policy and have called for its restitution in certain cases. The goal of this paper is to delimit the role of and place for fiscal policy in the New Economic Consensus (NEC) and to compare it to that of Post-Keynesian theory, the latter arguably the most faithful approach to the original Keynesian message. The paper proposes that, while a consensus may exist on many macroeconomic issues within the mainstream, fiscal policy is not one of them. The designation of fiscal policy within the NEC is explored and contrasted with the PostKeynesian calls for fiscal policy via Abba Lerner's "functional finance" approach. The paper distinguishes between two approaches to functional finance-one that aims to boost aggregate demand and close the GDP gap, and one that secures full employment via direct job creation. It is argued that the mainstream has severed the Keynesian link between fiscal policy and full employment-a link that the Post-Keynesian approach promises to restore.
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