Job Guarantee: a Structuralist Perspective

Antoine Godin

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Economic Theory and Policy Political Economy and Marxism Economic theories and models

Abstract

This paper aims at formalising and assessing the validity of the critiques of the Job Guarantee (JG) policy proposed by Minsky (1965). In order to do so, we develop a multisectoral Post-Keynesian Stock-Flow Consistent (PK-SFC) model. Our paper is a step, following Missaglia (2011), towards the creation of a structuralist/ SFC model. We introduce several new features in an PK-SFC model: (i) a more disaggregated households sector than usual, (ii) three production sectors and the possibility of constrained output, and (iii) a more elaborated labor market with endogenous labor supply. We use the model to compare and contrast two Keynesian policies: theJG and a traditional Keynesian Demand Spur (KDS).

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References

1943POLITICAL ASPECTS OF FULL EMPLOYMENT1 2006Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth 1998Understanding modern money : the key to full employment and price stability 1979Maturity and Stagnation in American Capitalism 1938Personal Income Taxation: The Definition of Income As a Problem of Fiscal Policy 2004Reconstructing Macroeconomics: Structuralist Proposals and Critiques of the Mainstream 1984Structuralist Macro-economics Applicable Models for the Third World 1992Foundations of Post-Keynesian Economic Analysis

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2018Macroeconomic effects of unemployment benefits in small open economies: a stock–flow consistent approach*

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