Poverty in Relation to Macroeconomic Trends, Cycles, and Policies
This survey concludes that general prosperity and economic growth have been considerably less powerful engines of progress against poverty in the U.S. than they were before 1973. Macroeconomic performance has deteriorated, and its relation to poverty has weakened too. It is shown that the incidence of poverty can be fairly well explained by regressions on unemployment rates and real wages, both in national time series and in state cross-sections. Recent downward deviations from these regressions appear to reflect structural labor market changes that make poverty less treatable by macro medicine.
|Date of creation:||May 1993|
|Publication status:||Published in Sheldon H. Danziger, Gary D. Sandefur, and Daniel H. Weinberg, eds., Confronting Poverty, Prescription for Change, 1994, pp. 148-167|
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References listed on IDEAS
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- Medoff, J.L., 1992. "The New Unemployment," Harvard Institute of Economic Research Working Papers 1620, Harvard - Institute of Economic Research.
- David M. Cutler & Lawrence F. Katz, 1991. "Macroeconomic Performance and the Disadvantaged," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 1-74.
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