Job Guarantee: a Structuralist Perspective
Abstracts
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).
Index terms
JEL codes:
E12 - Keynes; Keynesian; Post-Keynesian, E24 - Employment; Unemployment; Wages, L16 - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure; Industrial Price IndicesEditor’s notes
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References
Electronic reference
Antoine Godin, “Job Guarantee: a Structuralist Perspective”, Revue de la régulation [Online], 16 | 2e semestre / Autumn 2014, Online since 19 December 2014, connection on 29 March 2024. URL: http://journals.openedition.org/regulation/10988; DOI: https://doi.org/10.4000/regulation.10988
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