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The War on Poverty After 40 Years: A Minskyan Assessment

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  • Stephanie Bell
  • L. Randall Wray

Abstract

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty (WOP). One group of scholars argued that the war, initiated by Presidents Kennedy and Johnson, had been lost, owing to the inherent ineffectiveness of government welfare programs. Charles Murray and other scholars argued that welfare programs only encouraged shiftlessness and burdened federal and state budgets. In recent years, despite the fact that the extent of poverty has not significantly diminished since the early 1970s, the debate over poverty has seemingly ended. In a country in which middle-class citizens struggle to afford health insurance and other necessities, the problems of the worstoff Americans seem to many remote and less than pressing. Moreover, the welfare reform bill of 1996 has deflected much of the criticism of the welfare state by ending the individual-level entitlement to Aid to Families with Dependent Children benefits (now known as Temporary Assistance to Needy Families) and putting time limits on welfare recipiency, among other measures.

Suggested Citation

  • Stephanie Bell & L. Randall Wray, "undated". "The War on Poverty After 40 Years: A Minskyan Assessment," Economics Public Policy Brief Archive ppb_78, Levy Economics Institute.
  • Handle: RePEc:lev:levppb:ppb_78
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    File URL: http://www.levyinstitute.org/pubs/ppb78.pdf
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    References listed on IDEAS

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    1. J.A. Kregel, 1999. "Currency Stabilization through Full Employment: Can EMU Combine Price Stability with Employment and Income Growth?," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 35-47, Winter.
    2. W. H. Locke Anderson, 1964. "Trickling Down: The Relationship Between Economic Growth and the Extent of Poverty Among American Families," The Quarterly Journal of Economics, Oxford University Press, vol. 78(4), pages 511-524.
    3. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, EconWPA.
    4. David Brady, 2003. "The Poverty of Liberal Economics," LIS Working papers 343, LIS Cross-National Data Center in Luxembourg.
    5. H. J. Holzer & S. Danziger, "undated". "Are Jobs Available for Disadvantaged Workers in Urban Areas?," Institute for Research on Poverty Discussion Papers 1157-98, University of Wisconsin Institute for Research on Poverty.
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    Cited by:

    1. L. Randall Wray, 2011. "The Dismal State of Macroeconomics and the Opportunity for a New Beginning," Chapters,in: The Elgar Companion to Recent Economic Methodology, chapter 19 Edward Elgar Publishing.
    2. Pavlina R. Tcherneva, 2013. "Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning," Economics Working Paper Archive wp_772, Levy Economics Institute.
    3. Pavlina R. Tcherneva, 2011. "Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It," Economics Working Paper Archive wp_650, Levy Economics Institute.
    4. L. Randall Wray, 2011. "A Minskyan Road to Financial Reform," Economics Working Paper Archive wp_655, Levy Economics Institute.
    5. L. Randall Wray, 2012. "The Euro Crisis and the Job Guarantee: A Proposal for Ireland," Economics Working Paper Archive wp_707, Levy Economics Institute.
    6. L. Randall Wray, 2011. "Lessons We Should Have Learned from the Global Financial Crisis but Didn't," Economics Working Paper Archive wp_681, Levy Economics Institute.

    More about this item

    JEL classification:

    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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