Jayati Ghosh on the Employment Crisis
and Lack of Effective Demand in India
Jan
21st, 2019
Jayati
Ghosh speaks on the employment crisis, which is essentially
the result of inadequate demand in India. Labour-displacing
technological change is a problem not in itself but because
it occurs in a neoliberal economic context, in which public
spending on employment-intensive activities is constrained.
She proposes massive expansion in public employment (in
education, health, sanitation, care srvices including
for the young and the elderly, community services etc.)
and the need to support micro and small enterprises through
credit, input and marketing assistance, basic infrastructurer
and amenities like power and water supply etc. She argues
financing these activities is a matter of political will,
as required funds can be garnered by reducing tax exemptions,especially
to big corporations and ensuring greater tax compliance
by them, as well as measures like wealth and inheritance
taxes.
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