The Job Guarantee

"With the rise of neo-liberalism full employment as a policy ideal has been either heavily discounted or rejected. Nevertheless humane economists never accepted this. The present volume contains challenging and highly relevant chapters by young and older scholars on the issue and what to do about it in the new environment." - G. C. Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge, UK "For students interested in how labor markets operate in advanced market economies, the book offers much of interest, if it is read with caution." - CHOICE

RICHARD B. DADZIE Assistant Professor of Economics and Finance at the University of Hawaii-West Oahu in Pearl City, USA POULOMI DASGUPTA Department of Economics and Finance, at St. Peters College in Jersey City, NJ. Ph.D. Candidate in Economics at the University of Missouri-Kansas City, USA MATHEW FORSTATER Professor of Economics at the University of Missouri-Kansas City, USA, Director of the Center for Full Employment and Price Stability, and Research Associate with the Jerome Levy Economics Institute SCOTT FULLWILER Associate Professor of Economics, James A. Leach Chair in Banking and Monetary Economics, and Co-Director of Social Entrepreneurship. Research Associate with the Center for Full Employment and Price Stability in Kansas City, USA ANTOINE GODIN Ph.D. Candidate at University of Pavia, Italy PHILIP HARVEY Professor of Law and Economics at Rutgers University, USA FADHEL KABOUB Assistant Professor of Economics at Denison University, USA and Research Associate at the Levy Economics Institute of Bard College (NY), the Center for Full Employment and Price Stability, and the International Economic Policy Institute, Ontario, Canada JOSEFINA Y. LI Instructor of Economics at Bemidji State University, USA, PhD Candidate at the University of Missouri-Kansas City, Research Assistant with the Center for Full Employment and Price Stability MICHAEL J. MURRAY Assistant Professor of Economics at Bemidji State University, USA, Research Associate with the Center for Full Employment and Price Stability EDWARD J. NELL Malcolm B. Smith Professor of Economics at the New School for Social Research in New York, USA NICKOLAS REKSTEN PhD student in the Economics Department at American University, USA NANCY E. ROSE Professor Emeritus of Economics at California State University, San Bernardino, USA PAVLINA R. TCHERNEVA Assistant Professor of economics at Bard College, USA JON D. WISMAN Professor of Economics at American University in Washington, DC, USA L. RANDALL WRAY Professor of Economics at the University of Missouri-Kansas City, USA as well as Research Director, the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College, USA

Introduction Michael J. Murray and Mathew Forstater 1. Rising Job Complexity and the Need for Government Guaranteed Work and Training Jon D. Wisman and Nicholas Reksten 2. Wage Policies and Funding Strategies for Job Guarantee Programs Philip Harvey 3. The Low Cost of Full Employment in the United States Fadhel Kaboub 4. The Costs and Benefits of a Job Guarantee: Estimates from a Multicountry Econometric Model Scott T. Fullwiler 5. Effective Demand, Technological Change, and the Job Guarantee Program Michael J. Murray 6. Transformational Growth, Endogenous Demand, and a Developmental ELR Program Edward J. Nell and George Argyrous 7. The Euro Crisis and the Job Guarantee: A Proposal for Ireland L. Randall Wray