MMP Blog #46 Responses
Comments and responses on the Modern Money Primer Part 46.
A sovereign nation operating with its own currency in a floating exchange rate regime can always financially afford an JG/ELR program. So long as there are workers who are ready and willing to work.
Our claim is that the economy with a Job Guarantee will be more stable than one without the Job Guarantee.
A JG or ELR program is one in which government promises to make a job available to any qualifying individual who is ready and willing to work.
When a government isn’t captured by private capitalist interests, it actually delivers real gains for their working-class.
This paper, from Oeconomicus, Volume V, Winter 2002, explores the basis for understanding modern monetary systems as rooted in the monopoly powers of the State.
Eventually, long-term unemployment causes disillusionment and people find ways to survive outside of the above-ground job market. People who want work but have given up trying are excluded from the labor force as “discouraged workers.”