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Financial control and the employer of last resort
[journal article]
Abstract This paper examines the policy that has been suggested to resolve involuntary unemployment by having the government employ any persons who register as unemployed. This policy is compared to the full employment proposal of Michał Kalecki. Kalecki's proposals also contained a strategy for financing fu... view more
This paper examines the policy that has been suggested to resolve involuntary unemployment by having the government employ any persons who register as unemployed. This policy is compared to the full employment proposal of Michał Kalecki. Kalecki's proposals also contained a strategy for financing full employment. Like the Employer of Last Resort proposal, Kalecki's strategy allows employment policies to be examined from financial control, rather than the usual approaches of examining the impact of employment policy on labour productivity, or inflation, although both come into the analysis. The paper, therefore, outlines the proposal for an employer of last resort, and the proposed financing of that policy. A second part looks at Kalecki's proposals for full employment and its financing. A third part then considers the impact of the employer of last resort policy on financial stability.... view less
Keywords
job; monetary theory
Classification
Economic Policy
Labor Market Research
Free Keywords
Job guarantee; full employment; Michał Kalecki; financial control; modern money theory
Document language
English
Publication Year
2019
Page/Pages
p. 39-48
Journal
Society Register, 3 (2019) 2
DOI
https://doi.org/10.14746/sr.2019.3.2.03
ISSN
2544-5502
Status
Published Version; peer reviewed