Link: “Economics professor Ross Garnaut says Australia voluntarily keeps hundreds of thousands unemployed”
[Garnaut] says [the federal government and Reserve Bank’s] decision to ‘allow’ hundreds of thousands of Australians to languish in unemployment in recent years, to suppress wages and inflation, as part of the country’s broader economic policy settings, has immiserated people and cost the economy hundreds of billions dollars in lost economic activity.
In his new book, Reset: Restoring Australia after the pandemic recession, Professor Garnaut says our policymakers should drop that policy and return Australia to having genuine full employment.
I like the part at the end where he supports a universal basic income, too. If the target rate is this “NAIRU”, and the NAIRU is higher than zero, all these people who are unemployed solely to prop up capitalism need to live in dignity.