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The most extreme proposals I’ve seen in America are ones like... The most extreme proposals I've seen in America are a federal job guarantee and a permanent in
by vezzy-fnord 11y ago
The most extreme proposals I’ve seen in America are ones like...
The most extreme proposals I've seen in America are a federal job guarantee and a permanent incomes policy similar to the Nixon wage and price controls of the early 70s. Post-Keynesians and MMT proponents are very enthusiastic about them, and they reject the idea of the basic income FWIW.
- WalterBright 11y agoThe Nixon wage-price controls were a disaster. They also precipitated the oil crisis, which persisted until Reagan finally cancelled the oil price controls.
- vezzy-fnord 11y agoI'm not advocating either of these policies in the slightest. I'm pointing out their increasing popularity in light of a heterodox renaissance post-2008.
- minimuffins 11y agoI'm not aware of the relationship between Nixon era wage policies and the oil crisis. Do you have some info on that?
- WalterBright 11y agoNixon enacted price controls on oil in 1971. This meant that US prices for oil could not rise, and the oil from non-Arab sources got shipped to other countries who outbid the US. Price controls prevented finding new sources of oil. There's more, a thorough treatment is in George Reisman's book "Capitalism" pg. 188.
- WalterBright 11y agoOne of the first things Reagan did when inaugurated was, by Executive Order, rescind the oil price controls. The gas lines vanished overnight and never returned in the 35 years since, despite all kinds of gyrations in the oil business. It's rare that we have such a clear example of the deleterious effects of price controls.
- nickbauman 11y agoThe oil crisis was a result of the collapse of the Breton Woods System. Wage-price controls were merely a prop to stem the collapse.
- Apocryphon 11y agoWell, at least in the age of fracking and increased investment into renewables, as well as whatever the Saudis are up to, there's no threat of a new oil crisis happening anytime soon.
- nhaehnle 11y agoPlease stay with the facts. Price controls are a very different and much dumber idea than a job guarantee or the basic income.