Pavlina Tcherneva Europako Banku Zentralean

Pavlina R Tcherneva@ptcherneva1

I’ll be giving two talks at the European Central Bank on Modern Money and the Job Guarantee, March 8-10, 2017 #MMT #JG #ECB

2017 ots. 23

Segur aski Tcherneva-k EBZn jadanik Madrilen eta Erroman emandakoak moldatuko lituzke…

Madrilen emandakoak:

Pavlina Tcherneva Madrilen

Pavlina Tcherneva Madrilen egon berri da

Elkarrizketa Pavlina Tcherneva-ri

Erroman emandakoak:

Pavlina Tcherneva Erroman

Dakienak badaki, ez dakienak baleki!

Iruzkinak (1)

  • joseba

    Katiec-en Job Guarantee and the New Progressive Movement


    This is a very brief introduction to the idea of a Jobs Guarantee Program (JG), an idea that is growing in popularity among economists, both Democrat and Republican, though how Democrats vision the implementation is different than the Republican vision.

    As I have come to better understand how monetary systems work, and especially how modern sovereign currencies work, the more I have come to believe that it is difficult to hold consistent progressive ideals without also embracing a JG (whether a JG with safety nets, a JG with a universal basic income or, like Sandy Darity proposes, a JG combined with Baby Bonds).
    Right now, America follows a less than full employment policy where the Federal Reserve increases interest rates once we get to 4-6% unemployment so as to prevent full employment in order to keep wage price inflation down.  Prior to Greenspan, the benchmark was 6%.  He said we were able to achieve 4% because jobs had become so precarious that no one has the time or the economic ability to demand higher wages, so precarious jobs did the job of no jobs in this regard.  
    Not understanding the fact that we follow a less than full employment policy keeps the average Democrat from addressing the root cause of most unemployment, and thus the championing of “cures” that will never cure the fact that we have a less than full employment policy that no amount of job training, education, etc….  will fix.  
    The only way to fix our less than full employment policy is with a full employment policy.  And the only way to insure a full employment policy is through a JG.
    MLK understood this, which is why he called “The March on Washington” The March on Washington for Jobs and Freedom.  There’s a reason the “Jobs and Freedom” part of the title of the march has been forgotten: He embraced a Jobs Guarantee to guarantee that the legal right to sit at a lunch counter actualized your ability to buy a cup of coffee.
    “The robots are coming”:  I hope so!  We should have a policy of full employment so that we can welcome innovation, not fear it.
    If we had a JG, we would be able to build the labor force required to address rapid ecological collapse by allowing government to fund those things that need doing that the private sector does not want to fund.  Addressing rapid ecological collapse would employ all the human and robot labor we could muster.
    If you’re a progressive, you should support a full employment policy.
    If you are a progressive, you should support allowing government to organize a the labor force that the private sector doesn’t want to hire in order to address rapid ecological collapse.
    I can’t think of any other way to achieve both full employment and the labor required to address rapid ecological collapse.
    Which is why I don’t see how a real progressive can be a real progressive without embracing a Job Guarantee.
    “How do we pay for it?”:  The federal government creates dollars simply by entering numbers on a computer key board to mark up private bank accounts.  Asking “Where does the government get the money” is like asking how the bowling alley gets it’s points.
    Currency users never fund a sovereign currency issuer, thus taxes don’t fund our federal government.  Rather, by issuing the dollars we use, the federal government funds our ability to pay tax.
    “But inflation!”:  Demand pull inflation is caused by too much money chasing too few goods.  A government funded JG would be creating new dollars to chase the new goods produced by those it hires.  Once every person willing and able is hired, you know the government has spent enough dollars to create full employment, so doesn’t need to spend more.
    However, there is still the issue of banks creating too much credit/debt — which is why we need better bank regulations.  But that’s a story for another day and has nothing to do with government spending, as banks create loans by creating deposits out of thin air — not by lending out either your deposits or reserves.
    William A. Darity, Jr. – Bold Policies for Economic Justice

    MMT: What Is A Job Guarantee (or “Labor Standard”)?

    Federal Job Guarantee vs Basic Income: LIVE with Pavlina Tcherneva

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