Binzagr Institute for Sustainable Prosperity

The Job Guarantee and Modern Money Theory

Realizing Keynes’s Labor Standard

Editors: Murray, Michael J., Forstater, Mathew (Eds.)

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  • Promotes formalizing the equivalence of money for labor
  • Applies money theory to the value of labor
  • Proposes that full employment will help define a functioning labor standard
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Hardcover $149.99
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Softcover $149.99
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About this book

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.


About the authors

Michael J. Murray is Associate Professor of Economics at Bemidji State University, USA, and a Research Scholar at the Binzagr Institute for Sustainable Prosperity. He co-edits the American Review of Political Economy and is co-editor of four volumes on the job guarantee. Murray's research focuses on public policies targeting the dual problems of unemployment and poverty. He also studies production theory, structural and technological change, and its impacts on employment.
Mathew Forstater is Professor of Economics at the University of Missouri-Kansas City, USA; Research Director at the Binzagr Institute for Sustainable Prosperity; and Research Associate at the Levy Economics Institute of Bard College, USA. He is engaged in projects on employment and federal budget policy, using a historical, interdisciplinary approach to examine the potential role of full employment policies in the face of deficit reduction and continuous technological change.

Contributors
Lorenzo Esposito, Bank of Italy, Milan, Italy
Scott Fullwiler, University of Missouri-Kansas City, USA
Rohan Grey, Columbia Law School, USA
James Juniper, University of Newcastle, AustraliaFadhel Kaboub, Denison University, USA
Giuseppe Mastromatteo, Catholic University of the Sacred Heart, Italy
Scott L.B. McConnell, Eastern Oregon University, USA
William Mitchell, University of Newcastle, Australia
Edward J. Nell, The New School, USA
Timothy P. Sharpe, Nottingham Trent University, UKMartin J. Watts, University of Newcastle, Australia

Table of contents (9 chapters)

Table of contents (9 chapters)

Buy this book

eBook $109.00
price for USA (gross)
  • ISBN 978-3-319-46442-8
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $149.99
price for USA
  • ISBN 978-3-319-46441-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $149.99
price for USA
  • ISBN 978-3-319-83522-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
The Job Guarantee and Modern Money Theory
Book Subtitle
Realizing Keynes’s Labor Standard
Editors
  • Michael J. Murray
  • Mathew Forstater
Series Title
Binzagr Institute for Sustainable Prosperity
Copyright
2017
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-46442-8
DOI
10.1007/978-3-319-46442-8
Hardcover ISBN
978-3-319-46441-1
Softcover ISBN
978-3-319-83522-8
Series ISSN
2662-3765
Edition Number
1
Number of Pages
XXI, 228
Number of Illustrations
5 b/w illustrations, 12 illustrations in colour
Topics