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- Publisher
- SAGE
- Copyright
- Copyright © 2022 by Asian Development Research Institute, Patna, unless otherwise noted. Manuscript content on this site is licensed under Creative Commons Licenses
- ISSN
- 2633-190X
- eISSN
- 2633-1918
- DOI
- 10.1177/2633190x20984417
- Publisher site
- See Article on Publisher Site
Abstract
Two assumptions drive our policy construct. First, the task of implementing a Green New Deal will necessarily fall on the government. Second, artificial intelligence (AI) and robotics have meant a reduction in labour in the production process. The connection between the two is production by public firms, and the financial instrument is the government bond. The Real Bills doctrine meant the tracking of credit disbursed by commercial and central banks with the returns realized by borrowing firms. The horizon was finite. In the case of our bond, the issuer is the government, and the horizon is infinite. Balance sheet accounts with the central bank are maintained. We write down a model with no labour. Households lend to the government, which, in turn, lends to firms to purchase their capital inputs. Households earn returns from their holdings of the government bond. The central bank mediates the accounts.
Journal
Journal of Asian Development Research – SAGE
Published: Feb 4, 2021
Keywords: The Real Bills doctrine; artificial intelligence and robots; green technology