Main menu:

History of RPE Thought

Posts by Tag

RSS New from the CCPA

  • Kate McInturff's Prebudget Presentation to FINA, 2017 July 30, 2018
    Canadian Centre for Policy Alternatives
  • In loving memory of Kate McInturff July 30, 2018
    On July 27, 2018, CCPA Senior Researcher Kate McInturff passed away. The CCPA mourns the devastating loss of our colleague and friend. Kate will be remembered as a feminist trailblazer in public policy and gender-based research. Our hearts go out to her family. Kate’s colleagues, collaborators, and countless organizations across Canada are stronger because of her […]
    Canadian Centre for Policy Alternatives
  • Debunking myths about proportional representation July 25, 2018
    This fall, British Columbians will get to vote on whether we want a new electoral system for our province. What an incredible opportunity. Between October 22 and November 30, BC voters will be able to vote in a mail-in referendum. The ballot will look something like this: We at the CCPA-BC are big fans of […]
    Canadian Centre for Policy Alternatives
  • Canada’s fossil-fuelled pensions June 22, 2018
    The British Columbia Investment Management Corporation is the steward of BC’s public pensions, but bankrolls companies whose current business models exceed the climate change targets agreed to in the Paris Agreement to which Canada is a signatory. The pensions of over 500,000 British Columbians and assets worth $135 billion are managed by the Corporation—-one of Canada's largest […]
    Canadian Centre for Policy Alternatives
  • Imagine a Winnipeg...2018 Alternative Municipal Budget June 18, 2018
    Climate change; stagnant global economic growth; political polarization; growing inequality.  Our city finds itself dealing with all these issues, and more at once. The 2018 Alternative Municipal Budget (AMB) is a community response that shows how the city can deal with all these issues and balance the budget.
    Canadian Centre for Policy Alternatives
Progressive Bloggers

Meta

Recent Blog Posts

Posts by Author

Recent Blog Comments

The Progressive Economics Forum

Galbraith Lecture by Mike McCracken

I always come back from the annual CEA/PEF meetings highly energized by the companionship of so many other fine committed PEF members, and our success in engaging with the broader profession.  This past weekend’s meetings in Calgary were no exception.  A highlight, of course, was the 3rd Biennial Galbraith Lecture delivered by Mike McCracken, CEO and Chair of Informetrica, Inc., who made a great personal commitment to travel to Calgary to receive his John Kenneth Galbraith Prize for Economics and Social Justice.

Mike’s lecture, to a packed room (that included many luminaries from the mainsteram of the profession), was titled “The Search for Full Employment: My continuing battle for the unemployed.”  It was a fine mixture of personal reminiscences of his work as an economist and advisor to governments over the last five decades, and a passionate, convincing argument for the continuing relevance of full employment (TRUE full employment, not this NAIRU nonsense!) as the central goal for economic policy.

Mike mapped out a scenario in which Canada could achieve something approximating genuine full employment by 2020, with a sustained program of fiscal measures, government investment, and monetary and incomes policies.  Using the Informetrica simulation model, he laid out the main features of this scenario as follows:

* Unemployment rate: 3.1%

* Labour force participation: higher than base case by 4.5 points

* Employment rate: higher than base by 6.3 points

* GDP: Higher than base by $245 billion

* Government fiscal balance (all levels): higher than base by $38 billion

* CPI inflation: 3.1%

Mike reminded us that by putting Canadians back to work (and taking advantage of Okun-type spin-off benefits) we raise our standard of living and elimiante deficits, to boot.

His lecture will eventually be published by the Canadian Centre for Policy Alternatives.  His stirring conclusion (I was writing it down as quickly as I could) went something like this: “I have accomplished little in the last 50 years, except to anger and annoy a lot of politicians.  I want to leave you with the idea that full employment is a worthwhile goal. I suggest you embrace it, work on it, and build it.  And don’t forget to anger and annoy the politicians!”

Apart from his unjustified modestly regarding his own contributions, I agree wholeheartedly.  Thank you Mike for making the trip out (and to Carole for helping make it happen), and for all you’ve done for our profession and for the planet!

Here are a couple of pictures snapped by the assembled progressive economic paparazzi!

Mike delivering his lecture.

 

 

 

 

 

 

At the wine & cheese after (with Erin Weir, Jim Stanford, Lars Osberg, Armine Yalnizyan, and unidentified progressive economics recruit!)

Enjoy and share:

Comments

Comment from Darwin O’Connor
Time: June 12, 2012, 12:50 pm

Politicians claim to obsessed with jobs, jobs, jobs, yet someone who gives them a plan to create those jobs, they are considered an annoyance.

Comment from Andrew jackson
Time: June 13, 2012, 5:30 pm

I really regret not being able to make it this year. Mike has made a fantastic contribution over the years on multiple fronts. He is the last person standing to defend the right of so called job quitters to claim EI so as to enhance the leverage of workers, and a passionate advocate of redistribution of working time. Working with him over the years has always been a pleasure and a learning experience.

Write a comment





Related articles