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The "War on Poverty" after 40 Years: A Minskyan Assessment

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  • Stephanie Bell
  • L. Randall Wray

Abstract

Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his advocacy of the "employer of last resort" as part of his "big government" intervention to help maintain stability. However, very little research has been undertaken regarding MinskyÕs early involvement in the "War on Poverty." This paper will trace the development of Minsky's thinking on antipoverty policies to his support for welfare reform and federal job creation programs.

Suggested Citation

  • Stephanie Bell & L. Randall Wray, 2004. "The "War on Poverty" after 40 Years: A Minskyan Assessment," Economics Working Paper Archive wp_404, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_404
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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. Papadimitriu, Dimitri & Wray, Randall, 2016. "Hyman Minsky's "Stabilizing an unstable economy" - twenty years later," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 22-51, April.
    5. L. Randall Wray, 2011. "A Minskyan Road to Financial Reform," Economics Working Paper Archive wp_655, Levy Economics Institute.
    6. L. Randall Wray, 2012. "The Euro Crisis and the Job Guarantee: A Proposal for Ireland," Economics Working Paper Archive wp_707, Levy Economics Institute.
    7. 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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