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Political Aspects of ´Buffer Stock`Employment: A Reconsideration

Author

Listed:
  • Peter Kriesler

    (School of Economics, University of NSW)

  • Joseph Halevi

    (International University, College of Turin)

  • Mark Setterfield

    (Department of Economics, New School for Social Research, New York)

Abstract

Advocates of Job Guarantee (JG) or Employer of Last Resort (ELR) schemes have suggested that if the state provides ‘buffer stock’ employment to workers displaced from private employment, then full employment can be maintained over the course of the business cycle. Kalecki was sceptical about the prospects for maintaining full employment in capitalist economies, without fundamental institutional change that would alleviate certain political constraints on the maintenance of full employment. We argue that in and of themselves, JG/ELR schemes do not create the fundamental institutional change required to address Kalecki’s concerns and so ensure that full employment becomes achievable as a permanent state.

Suggested Citation

  • Peter Kriesler & Joseph Halevi & Mark Setterfield, 2020. "Political Aspects of ´Buffer Stock`Employment: A Reconsideration," FMM Working Paper 59-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    • Handle: RePEc:imk:fmmpap:59-2020
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    File URL: http://www.boeckler.de/pdf/p_fmm_imk_wp_59_2020.pdf
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    More about this item

    Keywords

    Employer of last resort; job guarantee; buffer stock employment; political aspects of full employment;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy

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