Pavlina Tcherneva has a new paper up at the website of the Levy Institute of Bard College. In the paper, “Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning,” Tcherneva argues for a bottom-up approach to countercyclical fiscal policy that explicitly targets the employment gap to achieve what Minsky called “tight full employment.” She opposes her approach to conventional pump-priming and newer New Consensus approaches that primarily target aggregate demand and output, and only achieve higher employment as a by-product of the growth in demand and investment. These conventional approaches are trickle down methods that exacerbate social inequalities and inequalities in labor skills, ratchet up the problem of long-term unemployment, and ultimately direct more income to capital than labor. They also fail to achieve full employment, thus perpetuating the precariousness of the labor market.
Tcherneva describes the key features of the alternative bottom up approach this way....Rugged Egalitarianism — Renewing social hope for progress, equality, democracy & solidarity
Tcherneva on the Bottom-up Approach to Unemployment