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... approach (I won't say the only feasible approach, since I am skeptical of analytically reasoning out the real limits of what's possible).

Under a JG guarantee with an hourly living wage, the conventional Keynesian mix of automatic stabilizing fiscal policies, normal low floor interest rates, and putting on the brakes with surpluses and interest rate hikes when the economy pushes through the point of Macroeconomic Income Conflict (misnamed the natural rate of unemployment) could still be pursued if desired, but the consequence of slowing down the economy is for people to take up JG employment, rather than becoming unemployed.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Aug 30th, 2007 at 04:17:59 PM EST

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