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On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal

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  • Enrico Sergio Levrero

Abstract

Rising inequality in income and wealth distribution and a huge waste of human resources (in the form of labor unemployment and underemployment) has once again led to a focus on Keynesian policies against poverty, including that of the State acting as an Employer of Last Resort advanced by Minsky. After briefly summarizing Minsky’s proposal and roughly calculating the financial resources needed to implement it in the case of Italy, the aim of this article is to discuss the obstacles that such a proposal may encounter and the possible measures to be adopted to overcome them. A conclusion will be drawn that a mix between Keynesian demand policies and the ELR system may be the best measure to guarantee full employment, provided that an institutional framework that is favorable to this objective is established.

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  • Enrico Sergio Levrero, 2019. "On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(1), pages 41-59, January.
    • Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:41-59
    DOI: 10.1080/08911916.2018.1564494
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    Cited by:

    1. Peter Kriesler & Joseph Halevi & Mark Setterfield, 2020. "Political Aspects of ‘Buffer Stock’ Employment: A Reconsideration," Working Papers 2009, New School for Social Research, Department of Economics.
    2. Giuliano Toshiro Yajima, 2021. "The Employer of Last Resort Scheme and the Energy Transition: A Stock-Flow Consistent Analysis," Economics Working Paper Archive wp_995, Levy Economics Institute.
    3. Summa, Ricardo de Figueiredo, 2022. "Alternative uses of functional finance: Lerner, MMT and the Sraffiansh," IPE Working Papers 175/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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