Debunking Economics - the podcast
Jobs for all. Is it a false utopia?
May 7, 2025
This discussion dives into the concept of a job guarantee proposed by Modern Monetary Theory, questioning its practicality in today's economy. It contrasts past government employment levels with present challenges, especially during downturns. The relationship between cyclical capitalism and government intervention is explored, highlighting the need for adaptive support. The conversation also tackles inflation dynamics and its effect on employment stability, while stressing that a robust public sector is key to economic resilience and achieving equitable job creation.
42:38
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Quick takeaways
- A job guarantee can stabilize the economy by ensuring employment during downturns, but its practical implementation poses significant challenges.
- Integrating a guaranteed basic income alongside a job guarantee could offer a more versatile solution for economic support and individual empowerment.
Deep dives
Understanding Job Guarantees
A job guarantee proposes that the government acts as the employer of last resort, ensuring that everyone has access to work. This concept is rooted in modern monetary theory (MMT) and aims to stabilize the economy during downturns in the private sector. By providing jobs during times of high unemployment, the government can mitigate the negative impacts of economic fluctuations and ensure a steady income for workers. However, critics question the practicality of rapidly creating meaningful jobs during economic slumps, as it may lead to bureaucratic inefficiencies and disconnected employment.
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