Political aspects of "buffer stock" employment: A reconsideration

Arbeitspapier

Advocates of Job Guarantee (JG) or Employer of Last Resort (ELR) schemes have suggested that if the state provides "buffer stock" employment to workers displaced from private employment, then full employment can be maintained over the course of the business cycle. Kalecki was sceptical about the prospects for maintaining full employment in capitalist economies, without fundamental institutional change that would alleviate certain political constraints on the maintenance of full employment. We argue that in and of themselves, JG/ELR schemes do not create the fundamental institutional change required to address Kalecki's concerns and so ensure that full employment becomes achievable as a permanent state.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: FMM Working Paper ; No. 59

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Unemployment: Models, Duration, Incidence, and Job Search ; Mobility, Unemployment, and Vacancies: Public Policy
• Subject: Employer of last resort ; job guarantee ; buffer stock employment ; political aspects of full employment

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Kriesler, Peter ; Halevi, Joseph ; Setterfield, Mark
• Event: Veröffentlichung
• (who): Hans-Böckler-Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FMM)
• (where): Düsseldorf
• (when): 2020

Further information

• Handle: http://hdl.handle.net/10419/246824
• Last update: 10.03.2025, 11:43 AM CET