Employer of last resort
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Employers of last resort (ELR) are employers in an economy to whom workers go for jobs when no other jobs are available; the term is by analogy with "lender of last resort". The phrase is used in two senses:
- undesirable jobs, often private sector, which are only taken as a last resort;
- a formal government job guarantee program, where the government promises to act as employer of last resort, employing all comers.
The sense of a job guarantee program is used and advocated by some schools of Post-Keynesian economists, notably by authors of Modern Monetary Theory at the University of Missouri-Kansas City, the Levy Economics Institute (both United States) and in the Centre of Full Employment and Equity (Australia), who advocate it as a solution for unemployment.
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See also
- Full Employment Abandoned
- Involuntary unemployment
- NAIBER
- National Rural Employment Guarantee Act
- Natural rate of unemployment
Unless indicated otherwise, the text in this article is either based on Wikipedia article "Employer of last resort" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.
