Campbell, Rita Ricardo
August 1948
Quarterly Journal of Economics;Aug48, Vol. 62 Issue 4, p542
Academic Journal
The article discusses various aspects of annual wage guarantee plans in the United States. Until very recently an economic literature on annual wage guarantee plans did not exist. No books entirely devoted to the subject had been published; periodical literature described experiences with such plans, but did not analyze them. Within the last year, however, three volumes' presenting an economic analysis of guarantee plans have appeared. The authors of these studies differ widely in their evaluation of such guarantees. The purpose of this paper is to consider the different assumptions and analytical approaches behind these opposing beliefs and, though this analysis, to arrive at some conclusions concerning guarantee plans and their place in our economy. In fulfilling these aims it will first be necessary to compare the views of the authors on such basic questions as the effect of guarantee plans on consumption, investment, employment, mobility of labor, and the policies of individual firms.


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