in defenseof employerof last resortaresponseto malcolm（在defenseof employerof resortaresponseto马尔科姆）（27页）.docVIP

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in defenseof employerof last resortaresponseto malcolm（在defenseof employerof resortaresponseto马尔科姆）（27页）.doc

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In Defense of Employer of Last Resort: a response to Malcolm Sawyer William Mitchell and L. Randall Wray The Authors are, respectively, Director of Centre of Full Employment and Equity and Professor of Economics at the University of Newcastle, Australia; and Director of Research, Center for Full Employment and Price Stability and Professor of Economics, University of Missouri-Kansas City, U.S.. It is difficult to respond to Sawyer’s (2003) assessment of employer of last resort (ELR) proposals. First, he has taken an ‘everything-but-the-kitchen-sink’ approach, attempting to cover just about every issue even tangentially related to ELR. As a result, many of his critiques remain underdeveloped and vague. And second, many of the arguments are related to expositions of ELR that we would not endorse. Indeed, he has relied to an alarming degree on critics of ELR (Aspromourgos 2000, Kadmos and O’Hara 2000, King 2001, Kriesler and Halevi 2001, and Mehrling 2000) for statements of the principles of ELR - reflecting a less than satisfactory approach to what we consider to be appropriate scholarship. In our response, we will limit most of our comments to what we believe to be the main thrust of his critique: ELR could increase employment without setting off greater inflationary pressures than those that are already present in other policies designed to reach full employment, but it cannot enhance (improve) price stability—it is still subject to a ‘NAIRU’ constraint of some sort; ELR increases employment by stimulating aggregate demand, hence, operates no differently from any ‘Keynesian’ fiscal policy or monetary policy; ELR is at best a ‘make work’ program, or more negatively, another name for unemployment and, at best, replaces unemployment with underemployment; and ELR proposals have ignored the substantial logistical problems generated by cyclical fluctuation of participation in the program. We will deal with the first two claims in the next section, and with the other claim