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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 replacement for NAIRU (non-accelerating inflation rate of unemployment). The concept of NAIBER is related to the idea of a job guarantee aimed to create full employment and price stability, by having the state promise to hire unemployed workers as an employer of last resort (ELR). L. Randall Wray"Job Guarantee"/ref> Description If the Phillips curve displays hysteresis—that is, if episodes of high unemployment raise the NAIRU—the NAIRU analysis is especially problematic. This could happen, for example, if unemployed workers lose skills so that employers prefer to bid up of the wages of existing workers when demand increases, rather than hiring the unemployed. Economists as Abba Lerner and Hyman Minsky have argued that a similar effect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Mitchell (economist)
William Francis Mitchell (born 7 March 1952) is a professor of economics at the University of Newcastle, New South Wales, Australia and Docent Professor of Global Political Economy at the University of Helsinki, Finland. He is one of the founding developers of Modern Monetary Theory. Early life Mitchell was born to working class parents in Glen Huntly, a suburb of Melbourne, in March 1952. The family moved to Ashwood, a new Housing Commission suburb soon after. He attended Ashwood Primary School (1957–1963) and Ashwood High School (1964–1969). Education Mitchell holds the following degrees: PhD in Economics, University of Newcastle, 1998; Bachelor of Commerce, Deakin University, 1977; and Master of Economics Monash University, 1982. He completed a Master's Preliminary at the University of Melbourne in 1978 (with first-class honours). [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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, sociology and geography. CofFEE states that it seeks to undertake and promote research into the goals of full employment, price stability and achieving an economy that delivers equitable outcomes for all. Its main focus is on macroeconomics, labour economics, regional development and monetary economics. Goals The stated main aims of the Centre are to "promote research aimed at restoring full employment", and achieving "an economy that delivers equitable outcomes for all", and also determining how effective regional labour markets can be in creating employment for the disadvantaged. Research programs Research programs of public interest include: work on the Job guarantee scheme and public sector employment, in general, in OECD count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Employment
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the ''Öffentlichkeit'' or public sphere. The concept of a public has also been defined in political science, psychology, marketing, and advertising. In public relations and communication science, it is one of the more ambiguous concepts in the field. Although it has definitions in the theory of the field that have been formulated from the early 20th century onwards, and suffered more recent years from being blurred, as a result of conflation of the idea of a public with the notions of audience, market segment, community, constituency, and stakeholder. Etymology and definitions The name "public" originates with the Latin '' publicus'' (also '' poplicus''), from ''populus'', to the English word 'populace', and in general denotes some mass population ("the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economics
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 Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keynesian scho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomic Policy
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The United Nations Sustainable Development Goal 17 has a target to e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 business, labor, and government to work together on problems of common interest. Its findings are disseminated—via publications, conferences, seminars, congressional testimony, and partnerships with other nonprofits—to a global audience of public officials, private sector executives, academics, and the general public. Through this process of scholarship, analysis, and informed debate, the Levy Institute generates public policy responses to economic problems. The Levy Institute is housed on the campus of Bard College in Annandale-on-Hudson, New York, located 90 miles north of New York City. Blithewood, a Georgian-style manor at the campus's western edge, is the institute's main research and conference facility. Designed as a private reside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Missouri–Kansas City
The University of Missouri–Kansas City (UMKC) is a public research university in Kansas City, Missouri. UMKC is part of the University of Missouri System and one of only two member universities with a medical school. As of 2020, the university's enrollment exceeded 16,000 students. It is the largest university and third largest college in the Kansas City metropolitan area. It is classified among "R2: Doctoral Universities – High research activity". History Lincoln and Lee University The school has its roots in the Lincoln and Lee University movement first put forth by the Methodist Church and its Bishop Ernest Lynn Waldorf in the 1920s. The proposed university (which was to honor Abraham Lincoln and Robert E. Lee) was to be built on the Missouri–Kansas border at 75th and State Line Road, where the Battle of Westport (the largest battle west of the Mississippi River during the American Civil War) took place. The centerpiece of the school was to be a National Memoria ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 Sciences for their work, and the development of the concept is cited as a main motivation behind the prize. A simplistic summary of the concept is: 'The natural rate of unemployment, when an economy is in a steady state of "full employment", is the proportion of the workforce who are unemployed'. Put another way, this concept clarifies that the economic term "full employment" does not mean "zero unemployment". It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level. This level is consistent with aggregate production in the absence of various temporary frictions such as incomplete price adjustment in labor and goods markets. The natural rate of unemployment therefore corresponds to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 prevailing wage. In an economy with involuntary unemployment, there is a surplus of labor at the current real wage. This occurs when there is some force that prevents the real wage rate from decreasing to the real wage rate that would equilibrate supply and demand (such as a minimum wage above the market-clearing wage). Structural unemployment is also involuntary. Economists have several theories explaining the possibility of involuntary unemployment including implicit contract theory, disequilibrium theory, staggered wage setting, and efficiency wages. The officially measured unemployment rate is the ratio of involuntary unemployment to the sum of involuntary unemployment and employment (the denominator of this ratio being the total lab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employer Of Last Resort
Employers of last resort (ELR) are employers in an 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, often private sector, which are only taken as a last resort; * a formal government job guarantee program, where the government promises to act as employer of last resort, employing all comers. The sense of a job guarantee program is used and advocated by some schools of Post-Keynesian economists, notably by authors of Modern Monetary Theory at the University of Missouri-Kansas City, the Levy Economics Institute (both United States) and in the Centre of Full Employment and Equity (Australia), who advocate it as a solution for unemployment. Use Colloquially, this may refer to work which is undesirable to most people or pays poorly – for instance, in the United States economy, many fast-food and retail industry jobs represent last-resort employment for ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 economics at the University of Newcastle, New South Wales, Australia, and an originator of Modern Monetary Theory. Dutch Joan Muysken is currently professor of economics at the Faculty of Economics and Business Administration, Maastricht University, Netherlands, where he teaches macroeconomics and labour economics. They are both post-Keynesian economists. Table of contents ;Part I Full Employment. Changing Views and Policies ::1. The Full Employment Framework and its Demise ::2. Early Views on Unemployment and the Phillips Curve ::3. The Phillips Curve and Shifting Views on Unemployment ::4. The Troublesome NAIRU: The Hoax that Undermined Full Employment ;Part II Full Employment Abandoned. Shifting Sands and Policy Failures ::5. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
