This video explains a very simple solution to ending unemployment which has worked before. The MMT Job Guarantee program creates jobs for anyone who wants one, is funded by the national government and overseen by local-level authorities.
I may have forgotten to mention in the video that implementing a JG could be done within a matter of days, if the political will exists. No additional taxation or spending cuts would be needed for the government to be able to create these jobs.
Injecting money into the economy to pay these workers would revitalise the economy and increase profits for businesses at every level, so it's in the interests of companies and chambers of commerce to lobby for the creation of transition jobs.
I also said "hyper inflation" a couple of times when I should just have said "inflation". Oops!
And finally, I may re-record the video to show that the government spends money before they collect taxes. It may sound like much of a muchness, but that's how it actually works.
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Hey there! About a month ago, 'Modern Monetary Theory' in 2015 by Randall Wray was translated into Korean language and I have to admit that this book teaches me more than my four whole year of undergraduate times as an economics student in terms of 'Monetary Theory'. There are few who are also interested in this topic in Korea for now. Nonetheless, I hope there will be more who are interested in this view and who also dare to claim that we should change our current policy goals!
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Randy Wray, Bill Mitchell and Martin Watts have written a new book which may be even more comprehensive. I'm waiting for the advanced version to come out.
Imagine what things could have been like if your government's economic advisors had properly understood their money system. There would have been no need to talk to the IMF.
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@penston Oh, I didn't know that. It is very interesting news! I feel like searching for it right away. Thank you for the information!
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reducing unemployment is the goal of every country. hopefully the solution you provide can be applied all over the world
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Is this video available somewhere else? It doesn’t load.
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Alas, DTube has limitations. I haven't posted it anywhere else, but I can put it on YouTube if it gets deleted here.
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Yes please. It doesn’t load.
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