Today, the Mercatus Center published my policy brief on the idea of a “labor standard” for monetary policy that was first proposed by Earl Thompson and David Glasner.
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The Everyday Economist 
Pingback: Monetary Policy as a Jobs Guarantee – Courtier en Bourse
Thanks for crediting me for the idea, but I got it from Earl. I need to read your argument carefully before giving you any substantive feedback.
Pingback: Links (8/1/18) – Courtier en Bourse
Where to begin?
Labor is incredibly heterogeneous; averages are not marginals; Tinbergen’s constraint still exists; Make work projects a la Keynes and Roosevelt are iffy; etc.
No thanks.
A long list of economists from A. Smith, to Hayek, to Nash, to V. Smith, to M. Friedman (and a thousand more) have reminded us that a market is process of communication and delivery in order to allocate the way society wants, not what the government offers up. What do these employees do? What do they work on? How is this different from a guaranteed income approach (which is also suspect)? How and with whom do we communicate for and get the Frisbees and hotdogs we want?
Plugging this mess into monetary policy just adds one more layer of detritus and doesn’t change the numerous defects, in fact, it sanctifies it. I don’t think monetarist Milty would approve either.
I’m ag’n’ it.
Pete Bias
Nicholas Anderson por medio de su compañia Royal Ofsshore , ofrece excelentes servicios financieros, sin duda alguna uno de los mejores economistas y empresarios.