Insight and inspiration in turbulent times.
Adopting an economic policy proposal known as the job guarantee could ensure full employment while our society transitions towards an economy that no longer grows. All this, without sacrificing the goods and services needed for just and sustainable prosperity.
December 23rd marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed.
The Full Employment Act of 1946 declared full employment to be a major goal of U.S. policy.
The great British economist the late Joan Robinson once observed that the only thing worse than being exploited by capitalism is not being exploited by capitalism. This truth is felt acutely by anyone who is unemployed and looking for work. As the pain of the economic crisis continues and millions struggle to find employment there is an obvious imperative to create jobs—any jobs. But we shouldn’t stop there. In Back to Full Employment, Robert Pollin makes the essential point that “a workable definition of full employment should refer to an abundance of decent jobs.” Poor jobs that keep workers minimally employed but leave them in precarious circumstances and unable to participate fully in civic and political life are better than no jobs at all. But in terms of public policy we can and should aim higher—especially as decent jobs not only benefit the workers that hold them but also the communities in which they live. Absent a stable economic base, community itself is compromised.
