The Job Guarantee and Modern Money Theory : Realizing Keynes's Labor Standard / edited by Michael J. Murray, Mathew Forstater.

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The Job Guarantee and Modern Money Theory : Realizing Keynes's Labor Standard / edited by Michael J. Murray, Mathew Forstater.

9783319464428
3319464426
3319464418
9783319464411

Cham : Springer International Publishing : Imprint : Palgrave Macmillan, 2017.

English

1 online resource (xxi, 228 pages) : illustrations.

10.1007/978-3-319-46442-8 doi

HD4801-8943

331

The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy's fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard. Just as the gold standard measured the worth of money against gold reserves, John Milton Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.

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Binzagr Institute for Sustainable Prosperity.

Print version: 9783319464411

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