Positive purposeful activity, whether as employment or other self determined means, must be the objective of any enlightened society, and all of the society’s institutions need to both diligently acculturate that in the minds of their citizens….and recognize that the set of purposeful activities is much larger than the set of employment possibilities. And the option of an employment guarantee as policy for those desiring or requiring it fits seamlessly within the latter set.
Integrate the above truths with the moment to moment modern macro-economic fact of an inherent scarcity of total individual incomes in ratio to total costs, the increasingly disruptive erosion of aggregate demand by artificial intelligence and the monopolistic control on credit creation as well as the restrictive vehicles for which distribution of credit is allowed (only as loans and only for production/employment) and the necessity of providing an abundant (not just basic) monetary gift of money and a means of reversing the cost inflationary nature of modern economies to a cost deflationary vector, becomes the more inclusive analysis, more resolving set of policies, and the deeper psychological examination of the individual’s needs.
“I presume that when you say “individual incomes” you are talking about household incomes (because across the economy as a whole income must equal spending as a matter of accounting).”
They are equal as a matter of the surface level of accounting of total debits and credits, but not in “on the ground” reality as savings, investment, etc. disequilibrate them. Furthermore as modern economies become more and more capital intensive the costs of depreciation, obsolescence and waste, all of which must go into the flow of total costs and by cost accounting convention into the flow of prices, will increase this scarcity disequilibrium between total individual incomes and total prices. Also, according to reputable researchers AI is going to eliminate jobs at a rate at least 10 times faster than it has ever done so before. Finally, credit/money injected into the system via enterprises and so via employment cannot resolve the above inherently cost inflationary system as it will re-initiate that cost inflationary reality. The policies of a direct gift of money to the individual and a discount to prices at retail sale are the only policies that actually are able to resolve the inherent problematic ratio. Having said this a job guarantee as an option for those who for whatever reason would prefer employment over other self determined purposeful activities would be fine so far as I’m concerned.
“credit by definition can only be in the form of a loan as that is what “credit” means,…”
Just like austerity that is the idea that the private banking system prefers and habituates individuals to think. However, monetary grace as in gifting explodes that notion and is the new monetary paradigm and policy that integrated into the debt based system will prevent the historical oppressiveness associated with both private and public institutions.