EAN: 9783319464411

THE JOB GUARANTEE AND MODERN MONEY THEORY GEBUNDEN

The contributors to this edited collection argue that a flexible Job Guarantee program able to
react to an economy's fluctuating need for work would stabilize the labor standard  the value
of employment in relation to money. During economic downturns  the program would expand to
provide more public sector jobs in response to private sector layoffs. It would then contract
when economic growth offered private sector employment opportunities. This flexible full
employment program would create a balanced  perpetually active labor force  providing the
macroeconomic stability necessary to define a functioning labor standard. Just as the gold
standard measured the worth of money against gold reserves  John Maynard Keynes argued  so a
labor standard ought to measure the value of money in terms of its labor equivalent. However 
he failed to account for the fact that  unlike a gold standard  a labor standard does not have
any kind of surety that money will continue to match its value in paid work over time. Together
the contributors argue that full employment would provide this missing security and allow
authorities to define the value equivalencies of money and labor  the way that money once
represented its exact equivalent in gold.

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