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We are delighted to welcome two new Research Scholars to our team this month: John T. Harvey from Texas Christian University and Luis Villanueva from Denison University. We are also excited to have Robert W. Parenteau join our team of Research Fellows. Our team of Research Assistants at Denison University now includes Will Fogarty, Logan Smith, and Khanh Nam Le. Please click on the links above to read their bios.
As we welcome new members to our team, we are also excited to see three of our Research Assistants (Alexandra Lloyd, Kristóf Oltvai, Frances Osei-Bonsu) graduate from Denison University and move on to start their full-time professional careers. Congratulations to Alex, Kristóf, and Frances!
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Federally Funded, Locally Organized: An Affordable Job Guarantee Program (Will Fogarty)
In this paper, Will Fogarty, Research Assistant, proposes the implementation of a federally funded, locally organized Job Guarantee program in the United States. He argues that unemployment represents a full-scale social psychological crisis. After discussing the principles of Modern Money Theory and demonstrating that the program is financially affordable, Fogarty concludes with an argument in support of employment as a fundamental human right. >> Read complete text (pdf)
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Aspects of Developmental Policy Intervention in the United States: The Challenge of the Strategic Approach (Nikolaos Karagiannis)
In this working paper, Nikolaos Karagiannis, Research Scholar, seeks to frame a new economic strategy for the United States while taking into account a range of development-related impediments to the country’s recent macroeconomic performance.
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The paper argues that three important themes need to come to center stage: (1) a discourse on the “appropriate” development policy action by the federal government, (2) the importance of adopting a long-term perspective, and (3) emphasis on strengthening local production lines. >> Read complete text (PDF)
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Exiting Austerity, Entering Transition Nation: A Solution to the Greek Crisis
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Inspired by the Transition Town Movement, Robert W. Parenteau, Research Fellow, and Marco Vangelisti, make the case for a Greek parallel currency to revitalize community development and counter the Troika's austerity policies. The authors propose the creation of Greek Tax Anticipation Notes (or G-TANs) that would take the form of perpetual, transferable, zero-interest rate, tax anticipation notes of the Greek government. G-TANs will not increase government debt, nor will they increase debt service. G-TANs have the advantage of creating an alternative financing instrument for the Greek government to allow it to regain control over its fiscal policy. This proposal sets the stage for the implementation of a community-based jobs program to promote sustainable prosperity. >> Read complete text (pdf)
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We are excited to release our first Policy Report (Arabic translation coming soon). This study estimates that the economic cost of unemployment in Saudi Arabia is five times higher than the cost of a Job Guarantee program. This Policy Report is co-authored by Fadhel Kaboub, Mathew Forstater, and Michael Kelsay. >> Read complete text (pdf)
The Cost of Unemployment and the Job Guarantee Alternative in Saudi Arabia
Executive Summary: Youth unemployment, especially for women and university graduates, is one of Saudi Arabia’s most important challenges. The purpose of this study is threefold. First, we estimate the economic cost of unemployment in Saudi Arabia. Using a very conservative empirical methodology, we find that the cost of unemployment (for 2 million unemployed), in terms of lost output, is 851.5 billion SAR annually ($227.09 billion or 29.97% of GDP). We stress that there are additional social and psychological costs associated with unemployment that we did not include in our estimates. Therefore, the overall annual cost of unemployment in Saudi Arabia is much higher than 851.5 billion SAR. Second, we propose a Job Guarantee (JG) policy framework that would ensure employment for anyone who is ready, willing, and able to work. Our proposal outlines the benefits of the JG program and its non-inflationary nature, and suggests two alternative financing mechanisms to implement the program in Saudi Arabia. We estimate that the total cost of the JG program (employing 2 million Saudis, with a salary of 5,000 SAR plus health and retirement benefits, and accounting for the program’s material costs) would not exceed 151.8 billion SAR ($40.9 billion or 5.4% of GDP). Third, the study recommends focusing JG employment in a number of strategic areas that will increase diversification of the Saudi economy, capitalize on the skills and aspirations of Saudi youth, and enhance overall quality of life for all members of society. Of particular importance are: technical education and vocational training, strategic School-to-Work programs in green construction and solar industry, public health & wellness, cultural heritage preservation, and media and new technologies. The study ends with a number of policy recommendations regarding labor market reforms to increase female labor market participation and improve the overall Saudization rate in the private sector.
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Web of Debt
Ellen Brown, Research Scholar at the Binzagr Institute, published two articles on the Greek debt crisis: "Grexit of Jubilee? How Greek Debt Can be Annulled" (July 14, 2015) and "The Greek Coup: Liquidity as a Weapon of Coercion" (July 30, 2015).
New Economic Perspectives
Michael Hoexter, Research Scholar at the Binzagr Institute, published a three-part blog entitled "Climate Defeatism is as Much a Threat to Human Survival as Climate Denial" (July 16-17, 2015). The article stresses the urgency for addressing climate change. In the concluding paragraph, Michael Hoexter states "climate defeatists remove human agency from the picture for a variety of reasons and from a variety of angles. If we seek to restore or hold onto meaning in our lives, we have no choice but to fight together the climate catastrophe that we have caused and transform the energy basis of our societies." >> Read the article here.
Bloomberg
Mathew Forstater, Research Director at the Binzagr institute, was cited by Julie Verhage and Alex Balogh in their Bloomberg.com article (July 15, 2015) as one of nine people who saw the Greek crisis coming many years before everyone else. The authors referred to an article that Mathew Forstater had published in 1999 in the Eastern Economic Journal. >> Read the article here.
RT's Boom Bust
Pavlina Tcherneva, Research Scholar at the Binzagr Institute, appeared on Boom Bust on July 10, 2015 to discuss the Greek debt crisis with Erin Ade. >> Watch the video here.
Forbes
John T. Harvey, Research Scholar at the Binzagr Institute, published an article titled "Five Reasons the Greeks were Right" on his Forbes.com blog (July 7, 2015). The article explains why the Greek people voted to reject austerity policies earlier this month. >> Read the article here.
Al Jazeera
Pavlina Tcherneva, Research Scholar at the Binzagr Institute, published an article on Al Jazeera entitled "Greek debt disaster bodes ill for daily life" (June 25, 2015). The article highlights that the average Greek citizen will bear the burden of the ill-conceived austerity measures imposed by the Troika. >> Read the article here.
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