Shorter work week as stimulus

Economist Dean Baker (co-director of the Center for Economic and Policy Research and one of the good guys in that dismal profession) takes up one of my pet obsessions: a shorter work week:

One innovative policy that would provide a quick boost to the economy and jobs -- and lasting gains in reduced unemployment -- is a tax incentive for shorter workweeks or work years.

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How would this help the economy? The tax break would allow the employer to compensate workers for fewer hours up to some limit, say a maximum of $2,500 per worker. That would cut work hours but maintain staffing levels.

As a result, workers would be getting just as much money as before the reduction in hours -- but putting in 10% fewer hours. If workers have the same amount of money, then demand in the economy will be the same. At the same time, firms would then need to hire more workers to meet this demand, since they would be getting 10% fewer hours from each worker.

I once did a column in Fast Company on the ecological benefits of a shorter work week. This seems like one of those things that's substantively win-win but sociopolitically completely out of reach. People have weird attitudes about work.

Markey on cap v. tax and ways to properly regulate carbon markets

In Houston last week for CERAWeek, Rep. Ed Markey -- chair of the Energy/Environment Subcommittee and the Global Warming & Energy Independence Select Committee -- gave an interview to the Houston Chronicle.

He had this to say on the tax vs. trade question:

Q: A cap-and-trade system is widely assumed to be the form the climate change bill will take, but economists and many others say a carbon tax would be a simpler, more efficient method to reach the same goals. Is the door completely closed on a carbon tax?

A: I think it's much more likely that a cap-and-trade system will be used. They've already reached a consensus in Europe, that 400-million-person continent, that that's the way to go, and it's the overwhelming way we're going with. I understand economists, and how they want to have a debate over what's more efficient, but in the end we can construct it as a cap-and-invest bill that is imposed in a fair, predictable way and will create incentives for innovation. What I use as an analogy is the 1996 Telecommunications Act. Up until then not one single home had broadband access. My goal in that act was to create the incentives for the deployment of broadband that could then lead—because of that huge additional capacity that was constructed—to the creation of thousands of other companies that could use that broadband capacity. I didn't know the names of the companies would be Google, eBay, Amazon, YouTube and thousands of others that created 3 to 5 million new jobs in America. But 10 years later people look back at the black rotary phone era as ancient history, but it's not that long ago. And I think we can do that same thing here. We have the opportunity to create 3 to 5 million new jobs in the energy sector if we unleash a technological revolution, because we have created through a cap-and-trade system a set of incentives that provides that opportunity. And I'm very confident that the same thing will happen. That's been my experience as chairman over telecommunications, chairman over regulation of the financial marketplace: the incentives have to be put in place in a predictable way that creates the incentives for the change that the country needs.

As to the fear of financial speculators, he had this to say:

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Green Energy Act introduced to Ontario's provincial parliament; feed-in tariffs key mechanism

The following is a guest essay by author, advocate, and renewable energy industry analyst Paul Gipe. His latest book, Wind Energy Basics, will be published by Chelsea Green in early 2009.

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On February 23, Ontario's powerful Minister of Energy and Infrastructure George Smitherman introduced into provincial parliament in Toronto Bill 150, to be known as the Green Energy Act.

The massive and far reaching bill -- the summary alone is eleven pages -- tackles renewable energy, energy efficiency, and building codes as well as streamlines project permitting.

Among its many provisions is the Ministers ability to use feed-in tariffs as a key implementation mechanism. Unlike the German Renewable Energy Sources Act, Bill 150 does not include specific feed-in tariffs. The tariffs will be determined in a separate administrative process.

Minister Smitherman is not only the Minister of Energy and Infrastructure but also Deputy Premier. As such, Smitherman is second only to Ontario's premier Dalton McGuinty in the cabinet.

In recent public presentations, both Minister Smitherman and Premier McGuinty have emphasized that they intend for the Green Energy Act to push Ontario to the forefront of renewable energy development in North America. Most ambitiously, they have said that the Green Energy Act will create 50,000 new jobs in the province within three years.

Ontario has been hard hit by the collapse of the auto industry. Before the financial crises, there were more people employed in the auto industry in Ontario than in the entire state of Michigan. Since the middle of 2008, Ontario has been shedding tens of thousands of auto industry jobs.

The government hopes to turn some of the now idle factories to manufacturing green products such as wind turbines and solar panels.

In Ontario's Westminister form of parliamentary rule, a majority government can almost guarantee passage of a bill introduced with the support of the cabinet. Amendments may be offered and debated but passage of the bill is almost certain.

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