About this book
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.
finance sovereign currency Ricardian fiscal policy unemployment buffer stock complementary currency copyright copyleft intellectual property Artistic Freedom Voucher Abba Lerner Sir John Hicks
Editors and affiliations
- DOI https://doi.org/10.1007/978-3-319-46442-8
- Copyright Information The Editor(s) (if applicable) and The Author(s) 2017
- Publisher Name Palgrave Macmillan, Cham
- eBook Packages Economics and Finance
- Print ISBN 978-3-319-46441-1
- Online ISBN 978-3-319-46442-8
- Buy this book on publisher's site
- Industry Sectors
- Finance, Business & Banking