Cyclical Capitalism and Employment Dynamics

A key policy area of Modern Monetary Theory is the idea of a job guarantee. There might be a limit to available resources, but the labour force should always be employed. It helps the economy and it’s good for the individuals and for society. But Phil wonders how practical it is. If there’s an economic downturn can the government miraculously conjure up worthwhile jobs? Steve says it was less of an issue in the 50s and 60s when a higher proportion of the population worked for the government. Perhaps a return to those days would mean less extremes in the ups and downs of the economy and less need for a job guarantee.

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