A job guarantee is an
economic policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the e ...
proposal that aims to provide a sustainable solution to
inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...
and
unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), w ...
. Its aim is to create
full employment
Full employment is a situation in which there is no cyclical or unemployment#Cyclical unemployment, deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely Structu ...
and price stability by having the state promise to hire unemployed workers as an
employer of last resort
Employers of last resort (ELR) are employers in an Economic system, economy to whom workers go for jobs when no other jobs are available; the term is by analogy with "lender of last resort". The phrase is used in two senses:
* undesirable jobs, oft ...
(ELR).
The economic policy stance currently dominant around the world uses unemployment as a policy tool to control inflation. When inflation rises, the government pursues contractionary
fiscal
Fiscal usually refers to government finance. In this context, it may refer to:
Economics
* Fiscal policy, use of government expenditure to influence economic development
* Fiscal policy debate
* Fiscal adjustment, a reduction in the government ...
or
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
, with the aim of creating a buffer stock of unemployed people, reducing wage demands, and ultimately inflation.
When inflationary expectations subside, expansionary policy aims to produce the opposite effect.
By contrast, in a job guarantee program, a buffer stock of ''employed'' people (employed in the job guarantee program) is typically intended to provide the same protection against inflation ''without'' the social costs of unemployment, hence potentially fulfilling the dual mandate of
full employment
Full employment is a situation in which there is no cyclical or unemployment#Cyclical unemployment, deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely Structu ...
and
price stability Price stability is a goal of monetary and fiscal policy aiming to support sustainable rates of economic activity. Policy is set to maintain a very low rate of inflation or deflation. For example, the European Central Bank (ECB) describes price s ...
.
Overview
A job guarantee is based on a
buffer stock
Safety stock is a term used by logistics, logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) caused by uncertainties in supply and demand. Adequate safety stock ...
principle whereby the
public sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infra ...
offers a fixed wage job to anyone willing and able to work thereby establishing and maintaining a buffer stock of employed workers.
This buffer stock expands when private sector activity declines, and declines when private sector activity expands, much like today's unemployed buffer stocks.
A job guarantee thus fulfills an absorption function to minimize the real costs associated with the flux of the private sector. When private sector
employment
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any othe ...
declines, public sector employment will automatically react and increase its payrolls. So in a recession, the increase in public employment will increase net government spending, and stimulate
aggregate demand
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It is often called effective demand, though at other times this term is distinguished. This is ...
and the economy. Conversely, in a boom, the decline of public sector employment and spending caused by workers leaving their job guarantee jobs for higher paid private sector employment will lessen stimulation, so the job guarantee functions as an
automatic stabilizer In macroeconomics, automatic stabilizers are features of the structure of modern government budgets, particularly income taxes and welfare spending, that act to damp out fluctuations in real GDP.
The size of the government budget deficit tends to ...
controlling inflation. The nation always remains fully employed, with a changing mix between private and public sector employment. Since the job guarantee wage is open to everyone, it will functionally become the national
minimum wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Bec ...
.
Under a job guarantee, people of working age who are not in full-time education and have less than 35 hours per week of paid employment would be entitled to the balance of 35 hours paid employment, undertaking work of public benefit at the minimum wage, though specifics may change depending on the model. The aim is to replace unemployment and
underemployment
Underemployment is the underuse of a worker because a job does not use the worker's skills, is part-time, or leaves the worker idle. Examples include holding a part-time job despite desiring full-time work, and overqualification, in which the em ...
with paid employment (up to the hours desired by workers), so that those who are at any point in time surplus to the requirements of the private sector (and mainstream public sector) can earn a wage rather than be underemployed or suffer
poverty
Poverty is the state of having few material possessions or little income. Poverty can have diverse social, economic, and political causes and effects. When evaluating poverty in ...
and
social exclusion
Social exclusion or social marginalisation is the social disadvantage and relegation to the fringe of society. It is a term that has been used widely in Europe and was first used in France in the late 20th century. It is used across discipline ...
.
A range of
income support
Income Support is an income-related benefit in the United Kingdom for some people who are on a low income, but have a reason for not actively seeking work. Claimants of Income Support may be entitled to certain other benefits, for example, Housi ...
arrangements, including a generic work-tested benefit payment, could also be available to unemployed people, depending on their circumstances, as an initial subsistence income while arrangements are made to employ them.
Job guarantees draw from a
social justice
Social justice is justice in terms of the distribution of wealth, opportunities, and privileges within a society. In Western and Asian cultures, the concept of social justice has often referred to the process of ensuring that individuals fu ...
tradition of a
right to work
The right to work is the concept that people have a human right to work, or engage in productive employment, and should not be prevented from doing so. The right to work is enshrined in the Universal Declaration of Human Rights and recognized i ...
.
Job guarantee theory is often associated with certain
post-Keynesian economists
Post-Keynesian economics is a school of economic thought with its origins in ''The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Wei ...
, particularly at the
Centre of Full Employment and Equity
The Centre of Full Employment and Equity or CofFEE is an official research centre of the University of Newcastle, New South Wales, Australia, and has operated since 1998. CofFEE's membership is drawn from the disciplines of economics, politics, ...
(
University of Newcastle, Australia), at the
Levy Economics Institute
Founded in 1986 as the Jerome Levy Economics Institute, the Levy Economics Institute of Bard College is a nonprofit, nonpartisan public policy think tank. The purpose of its research and other activities is to enable scholars and leaders in busi ...
(
Bard College
Bard College is a private college, private Liberal arts colleges in the United States, liberal arts college in Annandale-on-Hudson, New York. The campus overlooks the Hudson River and Catskill Mountains, and is within the Hudson River Historic ...
), and at
University of Missouri – Kansas City
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, t ...
including the affiliated Center for Full Employment and Price Stability.
One theory was put forward by
Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research att ...
in 1965. Notable job guarantee theories were conceived independently by
Bill Mitchell (1998), and
Warren Mosler
Warren Mosler (born September 18, 1949) is an American hedge fund manager and entrepreneur. He is a co-founder of the Center for Full Employment And Price Stability at University of Missouri-Kansas City. and the founder of Mosler Automotive.
Mosl ...
(1997–98). This work was then developed further by
L. Randall Wray
Larry Randall Wray (born June 19, 1953) is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. Previously, he was a professor at the University of Missouri–Kansas City in Kansas City, Missouri, USA, who ...
(1998). A comprehensive treatment of it appears in Mitchell and
Muysken (2008).
Inflation control
A fixed job guarantee wage provides an in-built inflation control mechanism.
Mitchell
Mitchell may refer to:
People
*Mitchell (surname)
*Mitchell (given name)
Places Australia
* Mitchell, Australian Capital Territory, a light-industrial estate
* Mitchell, New South Wales, a suburb of Bathurst
* Mitchell, Northern Territo ...
(1998) called the ratio of job guarantee employment to total employment the ''buffer employment ratio'' (BER).
[http://www.fullemployment.net/publications/wp/2000/00-01.pdf ] The BER conditions the overall rate of wage demands. When the BER is high, real wage demands will be correspondingly lower. If inflation exceeds the government's announced target, tighter fiscal and monetary policy would be triggered to increase the BER, which entails workers transferring from the inflating sector to the fixed price job guarantee sector.
Ultimately this attenuates the inflation spiral. So instead of a buffer stock of unemployed being used to discipline the distributional struggle, a job guarantee policy achieves this via compositional shifts in employment.
Replacing the currently widely-used measure the ''non-accelerating inflation rate of unemployment'' (
NAIRU
Non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise. ), the BER that results in stable inflation is called the ''non-accelerating inflation buffer employment ratio'' (
NAIBER
In economics, non-accelerating inflation buffer employment ratio (NAIBER) refers to a systemic proposal for an in-built inflation control mechanism devised by economists Bill Mitchell and Warren Mosler, and advocated by Modern Money Theory as repl ...
).
It is a full employment steady state job guarantee level, which is dependent on a range of factors including the path of the economy. There is an issue about the validity of an unchanging nominal anchor in an inflationary environment.
A job guarantee wage would be adjusted in line with productivity growth to avoid changing real relativities. Its viability as a nominal anchor relies on the fiscal authorities reining in any private wage-price pressures.
No relative wage effects
Mitchell and Muysken believe that a job guarantee introduces no relative wage effects and the rising demand does not necessarily invoke inflationary pressures because it is, by definition, satisfying the net savings desire of the private sector.
[http://pombo.free.fr/mitchellmuysken.pdf ] Additionally, in today's demand constrained economies, firms are likely to increase
capacity utilisation
Capacity utilization or capacity utilisation is the extent to which a firm or nation employs its installed productive capacity. It is the relationship between output that ''is'' produced with the installed equipment, and the potential output whic ...
to meet the higher sales volumes. Given that the demand impulse is less than required in the
NAIRU
Non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise. economy, if there were any
demand-pull inflation
Demand-pull inflation is asserted to arise when aggregate demand in an economy is more than aggregate supply. It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curv ...
it would be lower under a job guarantee.
There are no new problems faced by employers who wish to hire labour to meet the higher sales levels. Any initial rise in demand will stimulate private sector employment growth while reducing job guarantee employment and spending. However, these demand pressures are unlikely to lead to accelerating inflation while the job guarantee pool contains workers employable by the private sector.
Wage bargaining
While a job guarantee policy frees wage bargaining from the general threat of unemployment, several factors offset this:
* In professional occupational markets, any unemployment will generate downwards pressure on wages. However, eventually the stock of unemployed professionals will be exhausted, whereupon upward wage-price pressures can be expected to develop. With a strong and responsive tertiary education sector, skill bottlenecks can be avoided more readily than with an unemployed buffer stock;
* Private firms would still be required to train new workers in job-specific skills in the same way they would in a non-Job Guarantee economy. However, job guarantee workers are far more likely to have retained higher levels of skill than those who are forced to succumb to lengthy spells of unemployment. This changes the bargaining environment rather significantly because firms now have reduced hiring costs. Previously, the same firms would have lowered their hiring standards and provided on-the-job training and vestibule training in tight labour markets. A job guarantee policy thus reduces the "hysteretic inertia" embodied in the long-term unemployed and allows for a smoother private sector expansion;
* With high long-term unemployment, the excess supply of labour poses a very weak threat to wage bargaining, compared to a job guarantee environment.
List of job guarantee programs
Programs for adults
* 1848 – The first modern direct job creation scheme was implemented by the
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
ian government in France through the
National Workshops
National Workshops (french: Ateliers Nationaux) refer to areas of work provided for the unemployed by the French Second Republic after the Revolution of 1848. The political crisis which resulted in the abdication of Louis Philippe caused an indus ...
which took place from February to June 1848.
* 1928–1991 – The
Soviet Union
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national ...
guaranteed a job for nearly everyone from about 1928 (as part of the
Great Break) through to its end in 1991. A job guarantee was included in its 1936 constitution, and was given further prominence in the 1977 revision. Later
communist
Communism (from Latin la, communis, lit=common, universal, label=none) is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a s ...
states followed this lead.
* 1935–1943 – In the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
from 1935 to 1943, the
Works Progress Administration
The Works Progress Administration (WPA; renamed in 1939 as the Work Projects Administration) was an American New Deal agency that employed millions of jobseekers (mostly men who were not formally educated) to carry out public works projects, i ...
aimed to ensure all families in the country had one paid job,
though there was never a job guarantee.
Full employment
Full employment is a situation in which there is no cyclical or unemployment#Cyclical unemployment, deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely Structu ...
was achieved by 1942 due to
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, which led to the ending of the organisation the following year.
* 1945 – From 1945, the
Australia
Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
n government was committed to full employment through the position established by the
White Paper on Full Employment in Australia
The White Paper ''Full Employment in Australia'', published in 1945, was the defining document of the official economic policy in Australia until the 1970s. For the first time, the Australian government accepted an obligation to guarantee full em ...
, however this never included a formal job guarantee. The ''Reserve Bank Act 1959'' charges the
Reserve Bank of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank.
T ...
with ensuring full employment, amongst other duties.
* 1946 – The original drafters of the US
Employment Act of 1946
The Employment Act of 1946 ch. 33, section 2, 60 Stat. 23, codified as , is a United States federal law. Its main purpose was to lay the responsibility of economic stability of inflation and unemployment onto the federal government. The Act stated: ...
intended for it to mandate full employment, however Congress ultimately gave it a broader pro-employment nature.
* 1948 – The UN's
Universal Declaration of Human Rights
The Universal Declaration of Human Rights (UDHR) is an international document adopted by the United Nations General Assembly that enshrines the Human rights, rights and freedoms of all human beings. Drafted by a UN Drafting of the Universal De ...
' Article 23 includes "Everyone has the right to work, to free choice of employment, to just and favourable conditions of work and to protection against unemployment." It is ratified by most non-socialist countries.
* 1949-1997 – In the
People's Republic of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
from 1949 to 1997, the "
iron rice bowl
"Iron rice bowl" () is a Chinese term for an occupation with guaranteed job security. The Chinese term can be compared to the similar (but not identical) English concept of a "job for life". Traditionally, people considered to have such positions ...
" practiced guaranteed employment for its citizens.
* 1978 – The US
Humphrey-Hawkins Full Employment Act of 1978 authorized the government to create a "reservoir of public employment" in case private enterprise does not provide sufficient jobs. These jobs are required to be in the lower ranges of skill and pay so as to not draw the workforce away from the private sector. However, the act did not establish such a reservoir (it only ''authorized'' it), and no such program has been implemented, even though the unemployment rate has generally been above the rate (3%) targeted by the act.
* 1998 – Australia implements its national
Work for the Dole
Work for the Dole is an Australian Government program that is a form of workfare, or work-based welfare. It was first permanently enacted in 1998, having been trialled in 1997. It is one means by which job seekers can satisfy the "mutual obligat ...
scheme, requiring able-bodied people to do some form of work or study in order to get unemployment payments. The work involved is typically provided by charities, and sometimes by government agencies. The scheme would later be expanded to include commercial farms (''Drought Force'').
* 1998–2010 – The
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
's
New Deal
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939. Major federal programs agencies included the Civilian Cons ...
was similar to Australia's ''Work for the Dole'' scheme, though more focused on young people. It was in place from 1998 to 2010.
* 2001 – The
Argentine
Argentines (mistakenly translated Argentineans in the past; in Spanish (masculine) or (feminine)) are people identified with the country of Argentina. This connection may be residential, legal, historical or cultural. For most Argentines, s ...
government introduced the ''Jefes de Hogar'' (Heads of Households) program in 2001 to combat the social malaise that followed the
financial crisis in that year.
* 2005 – Similarly, the government of
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
in 2005 introduced a five-year plan called the
National Rural Employment Guarantee Act
Mahatma Gandhi National Rural Employment Guarantee Act 2005 or MNREGA, earlier known as the National Rural Employment Guarantee Act or NREGA, is an Indian labour law and social security measure that aims to guarantee the 'right to work'. This a ...
(NREGA) to bridge the vast rural–urban income disparities that have emerged as India's information technology sector has boomed. The program successfully empowered women and raised rural wages, but also attracted the ire of landowners who have to pay farm labourers more due to a higher prevailing wage. NREGA projects tend to be highly labour-intensive and low skill, like dam and road construction, and soil conservation, with modest but positive long-term benefits and mediocre management.
* 2012 – The
South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...
n government introduced the ''Expanded Public Works Program'' (EPWP) in 2012 to overcome the extremely high unemployment and accompanying poverty in that country. EPWP projects employ workers with government, contractors, or other non-governmental organisations under the Ministerial Conditions of Employment for the EPWP or learnership employment conditions.
Programs for youth
* The ''European Youth Guarantee''
is a commitment by
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
member states to "guarantee that all young people under the age of 25 receive, within four months of becoming unemployed or leaving formal education, a good quality work offer to match their skills and experience; or the chance to continue their studies or undertake an apprenticeship or professional traineeship." The committed countries agreed to start implementing this in 2014. Since 2014, each year more than 3.5 million young people registered in the program accepted an offer of employment, continued education, a traineeship or an apprenticeship. Correspondingly, youth unemployment in the EU has decreased from a peak of 24% in 2013 to 14% in 2019.
* Sweden first implemented a similar guarantee in 1984, with fellow Nordic countries Norway (1993), Denmark (1996) and Finland (1996) following. Later, some additional European countries also offered this as well, prior to the EU wide adoption.
*
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
and many Nordic countries have long had civil and military conscription programs for young people, which requires or gives them the option to do low-paid work for a government body for up to 12 months. This was also the case in the
Netherlands
)
, anthem = ( en, "William of Nassau")
, image_map =
, map_caption =
, subdivision_type = Sovereign state
, subdivision_name = Kingdom of the Netherlands
, established_title = Before independence
, established_date = Spanish Netherl ...
until 1997. It was also the case in France, and that country is reintroducing a
similar program from 2021.
Advocacy
The
Labour Party under
Ed Miliband
Edward Samuel "Ed" Miliband (born 24 December 1969) is a British politician serving as Shadow Secretary of State for Climate Change and Net Zero since 2021. He has been the Member of Parliament (MP) for Doncaster North since 2005. Miliband ...
went into the
2015 UK general election
The 2015 United Kingdom general election was held on Thursday, 7 May 2015 to elect 650 members to the House of Commons. It was the first and only general election held at the end of a Parliament under the Fixed-term Parliaments Act 2011. Local ...
with a promise to implement a limited job guarantee (specifically,
part-time
Part-time can refer to:
* Part-time job, a job that has fewer hours a week than a full-time job
* Part-time student, a student, usually in higher education, who takes fewer course credits than a full-time student
* Part Time
Part Time (styliz ...
jobs with guaranteed training included for long-term unemployed youth) if elected;
however, they lost the election.
Bernie Sanders
Bernard Sanders (born September8, 1941) is an American politician who has served as the junior United States senator from Vermont since 2007. He was the U.S. representative for the state's at-large congressional district from 1991 to 2007 ...
supports a federal jobs guarantee for the United States and
Alexandria Ocasio-Cortez
Alexandria Ocasio-Cortez (; ; born October 13, 1989), also known by her initials AOC, is an American politician and activist. She has served as the U.S. representative for New York's 14th congressional district since 2019, as a member of th ...
included a jobs-guarantee program as one of her campaign pledges when she ran for, and won, her seat in the
U.S. House of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they ...
in 2018.
See also
*
Centre of Full Employment and Equity
The Centre of Full Employment and Equity or CofFEE is an official research centre of the University of Newcastle, New South Wales, Australia, and has operated since 1998. CofFEE's membership is drawn from the disciplines of economics, politics, ...
*
Chartalism
In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with whi ...
* ''
Full Employment Abandoned
''Full Employment Abandoned: Shifting Sands and Policy Failures'' is a book on macroeconomic issues written by economists Bill Mitchell and Joan Muysken and first published in 2008.
Authors
Australian Bill Mitchell is currently professor of econ ...
''
*
Flexicurity
Flexicurity (a portmanteau of "flexibility" and "security") is a welfare state model with a pro-active labour market policy. The term was first coined by the social democratic Prime Minister of Denmark Poul Nyrup Rasmussen in the 1990s.
The term ...
*
Guaranteed minimum income
Guaranteed minimum income (GMI), also called minimum income (or mincome for short), is a social-welfare system that guarantees all citizens or families an income sufficient to live on, provided that certain eligibility conditions are met, typical ...
*
Involuntary unemployment
Involuntary unemployment occurs when a person is unemployed despite being willing to work at the prevailing wage. It is distinguished from voluntary unemployment, where a person refuses to work because their reservation wage is higher than the prev ...
*
Job security
Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing, ...
*
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of t ...
*
National Rural Employment Guarantee Act
Mahatma Gandhi National Rural Employment Guarantee Act 2005 or MNREGA, earlier known as the National Rural Employment Guarantee Act or NREGA, is an Indian labour law and social security measure that aims to guarantee the 'right to work'. This a ...
*
Natural rate of unemployment
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Scienc ...
*
Non-accelerating inflation buffer employment ratio
In economics, non-accelerating inflation buffer employment ratio (NAIBER) refers to a systemic proposal for an in-built inflation control mechanism devised by economists Bill Mitchell and Warren Mosler, and advocated by Modern Money Theory as repl ...
*
Kurzarbeit
Short-time working or short time (in German: ) is a governmental unemployment insurance system in which private sector employees agree to or are forced to accept a reduction in working time and pay, with the state making up for all or part of the ...
Footnotes
References
*
Further reading
*
{{refend
External links
Expanded Public Works Programof South Africa
Economic policy
Post-Keynesian economics
Public employment
Full employment
Right to work
Work relief programs