Seminars

For decades, economists have essentially called for climate austerity imposed by the neoliberal state as the primary mechanism to address the climate crisis. In response, two schools of thought emerged: one embracing the notion of degrowth, arguing for a planned downscaling of production and consumption in high-income countries, in part embracing the austerity mindset as the primary method by which sustainability will be obtained. Another school of thought, propelled into global prominence by the Green New Deal, has embraced a Keynesian vision of green growth. This talk will investigate to what degree these theories are in tension, and where congruences may occur. Further, the role of full employment in this transition, essential to human well-being and broadly shared economic prosperity, will be integrated as potential economic pathways to decarbonization are considered. Last year, Professor Jack Hammond and Dr. Robert Newton presented their views to our Seminar on the subject of Degrowth. We have invited them to attend Professor Paul's presentation on Green Growth and to present their views on this important approach to the problem of climate change.

Full employment has various meanings. In economic theory, full employment implies no unemployment. But labor turnover is part of a dynamic job market, as are changing labor force levels and demand for skills. Operationally, full employment, therefore, is typically based on a low official unemployment rate (e.g., 5%, 3%). These Three Issues Are Important to Consider in Addressing the Achievability of Full Employment: Comprehensive Approach. A combination, or package, of programs and policies, rather than a single or separate jobs program, for example, job training, employment and labor exchanges, income supports…. Efficient Operations and Implementation. Adequate funding, planning, public/private coordination, and performance accountability procedures. Data Needs and Challenges. Labor market and employment data systems, such as accurate, standardized, timely, and accessible data; tracking program activities and results; and analyzing and evaluating the effectiveness of policies and programs.

Baby Bonds are publicly funded trust accounts for young adults. Along with the work of the National Jobs for All Network (NJFAN), Baby Bonds address structural economic inequities by ensuring that every person has access to the building blocks of security and opportunity. NJFAN’s vision of a federal job guarantee focuses on income security and the dignity that come from meaningful work—living wages, fair benefits, and safe working conditions. Baby Bonds ensure that every child, regardless of family wealth, enters adulthood with a financial foundation to invest in education, homeownership, or entrepreneurship. Together, Baby Bonds and a Federal Job Guarantee meet immediate and long-term needs: jobs to sustain people today and Baby Bonds to provide the assets to build stability and opportunity. These complementary investments would move us closer to a just economy—where everyone not only has the means to live securely in the present but also the resources to shape his or her future.