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Are we all keynesians now?

09/10/2009

The preferred mainstream tactic for pulling the economy out of a crisis was – and is – based on the Keynesian notion of “priming the pump” by sending money that will employ lots of high-skilled, unionized labor – by building a new high-speed train line, for example.

Minsky, however, argued for a “bubble-up” approach, sending money to the poor and unskilled first. The government – or what he liked to call “Big Government” – should become the “employer of last resort,” he said, offering a job to anyone who wanted one at a set minimum wage. It would be paid to workers who would supply child care, clean streets, and provide services that would give taxpayers a visible return on their dollars. In being available to everyone, it would be even more ambitious than the New Deal, sharply reducing the welfare rolls by guaranteeing a job for anyone who was able to work. Such a program would not only help the poor and unskilled, he believed, but would put a floor beneath everyone else’s wages too, preventing salaries of more skilled workers from falling too precipitously, and sending benefits up the socioeconomic ladder.

Stephen Mihm, Why capitalism fails, Boston.com

Afinal, para além do TGV, há outras formas de combater a crise. Ideias que precisam de Estado e que muito contribuiriam para o fim do inveterado – e tantas vezes injusto – chavão populista: “vai trabalhar malandro!”.

Como seria bom se um Presidente / Primeiro-ministro qualquer brevemente dissesse:

« Agora, somos todos Minskyanos».

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