Structural Problems of the Employer of Last Resort (ELR) Model: Using Neo-liberal policies to solve Neo-liberal-induced Unemployment will not work

Tony Ramsay, Christopher Lloyd

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    During the ongoing Western economic crisis, Employer of Last Resort (ELR) proposals of state intervention to solve problems of labour underutilization continue to be of great interest to Keynesian/post-Keynesian scholarship. Much of the debate around the ELR model has recently shifted from the specific mechanics of the program to the model’s interconnection with neo-chartalism or Modern Monetary Theory (MMT). While this paper does not enter into a detailed discussion of MMT, we argue that even if MMT is correct on some level, structural problems associated with the ELR model prevent the objective of full employment with inflation control being met. This paper employs a Kaleckian/post-Keynesian critique of the ELR program highlighting a number of weaknesses and limitations of ELR
    TidskriftReview of Keynesian Economics
    StatusInsänt - 2014
    MoE-publikationstypA1 Tidskriftsartikel-refererad


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