Journalist Kari Lydersen is an author and assistant professor of journalism at Northwestern University. She's on to discuss her article at The New Republic, "Can Liberal Evanston, Illinois, Atone for Its Racist Past?"

Reparations In Evanston / Kari Lydersen

This working paper from the Levy Economics Institute proposes a policy solution to the problem of involuntary unemployment in the United States: the Job Guarantee (JG). This comprehensive policy document explores the concept, objectives, and design features of the JG program, arguing that it is a superior policy option to the current system of unemployment benefits.  The paper begins by defining full employment as a situation where anyone of legal working age who wants to work can obtain employment at a living wage with decent working conditions. It then examines the conceptual understanding of unemployment, identifying it as a monetary problem, a failure of the public sector, and a moral failure.  The paper proceeds to outline the objectives of the JG program, including providing decent jobs on demand to all who wish to work, guaranteeing a basic human right to employment, creating job opportunities in close proximity to the unemployed, and serving the public purpose. It then details key program features, such as its permanent but voluntary nature, living wage guarantee, local administration, federal funding, and its role as a safety net and transitional jobs program.  The paper further explores the expected benefits of the JG, including the elimination of involuntary unemployment, raising the income floor, establishing a labor standard for the economy as a whole, stabilizing inflation, improving income distribution, and disrupting vicious cycles in the labor market. It also emphasizes the economic, social, and environmental benefits of the program.  The paper delves into the design and implementation aspects of the JG program, discussing its short- and long-run operation, preparedness response through Community Jobs Banks, preventative features, program budget and funding mechanism, administrative agencies and project-executing organizations, and participatory democracy. It also details types of jobs that could be created under the JG, with a particular focus on a "National Care Act" that addresses environmental, community, and individual care needs.  Finally, the paper explores popular support for the JG, addressing frequently asked questions about the program's size, wage, cost, funding, administration, potential displacement of existing work, job types, potential for corruption and abuse, and its effectiveness as a countercyclical stabilizer. The authors argue that the JG is a necessary policy solution for addressing the complex issue of unemployment, offering a more humane and effective approach to economic stability and social progress. 

Paper: https://www.levyinstitute.org/pubs/wp_902.pdf

Deep Dive Podcast:  The Job Guarantee: Design, Jobs, and Implementation

This research paper  presents a novel legal theory of finance (LTF). The author, Katharina Pistor, argues that financial markets are not independent of the law, and that they are fundamentally hybrid, existing as a complex interplay between the state and the market, the public and the private. The paper examines the inherent instability of financial markets, which stems from fundamental uncertainty and liquidity volatility. LTF highlights a "law-finance paradox," whereby the full enforcement of legal commitments would lead to the collapse of the financial system. This paradox is typically resolved by suspending the full force of law at the apex of the financial system, which is where power becomes most salient. LTF argues that the hierarchical structure of finance, with its concentration of power at the apex, leads to a differential application of the law, where rules are more elastic at the top and less elastic at the periphery. The paper concludes with policy recommendations for addressing the inherent instability of finance.

Deep Dive Podcast:A Legal Theory of Finance

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