, is that mass unemployment is a policy choice, not a natural economic law. Mitchell advocates for a Job Guarantee
It argues that a sovereign government (like the US, UK, or Australia) cannot "run out of money". Taxes do not fund spending; instead, spending provides the currency that is eventually used to pay taxes. The Role of Unemployment: macroeconomics william mitchell pdf new
: Mechanics of currency, banking, and the role of the central bank. , is that mass unemployment is a policy
: The framework showing that a government's deficit is, by definition, the private sector's surplus. Accessing the Material macroeconomics william mitchell pdf new