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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.

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  • 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.
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    3. 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.
    4. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    5. L. Randall Wray & Marc-André Pigeon, 2000. "Can a Rising Tide Raise All Boats? Evidence from the Clinton-Era Expansion," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(4), pages 811-845, December.
    6. 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, President and Fellows of Harvard College, vol. 78(4), pages 511-524.
    7. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    8. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
    9. David Brady, 2003. "The Poverty of Liberal Economics," LIS Working papers 343, LIS Cross-National Data Center in Luxembourg.
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    Cited by:

    1. L. Randall Wray, 2011. "Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn," Economics Public Policy Brief Archive ppb_120, Levy Economics Institute.
    2. L. Randall Wray, 2011. "The Dismal State of Macroeconomics and the Opportunity for a New Beginning," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 19, Edward Elgar Publishing.
    3. L. Randall Wray, 2013. "The Euro Crisis and the Job Guarantee: A Proposal for Ireland," Palgrave Macmillan Books, in: Michael J. Murray & Mathew Forstater (ed.), The Job Guarantee, chapter 7, pages 161-177, Palgrave Macmillan.
    4. Pavlina R. Tcherneva, 2013. "Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning," Economics Working Paper Archive wp_772, Levy Economics Institute.
    5. Carolina Alves, 2023. "Fictitious capital, the credit system, and the particular case of government bonds in Marx," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 398-415, May.
    6. Papadimitriu, Dimitri (Пападимитриу, Димитри) & Wray, Randall (Рэй, Рэндалл), 2016. "Hyman Minsky's "Stabilizing an unstable economy" - twenty years later [«Стабилизируя Нестабильную Экономику» Хаймана Мински — Двадцать Лет Спустя]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 22-51, April.
    7. L. Randall Wray, 2012. "Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed's Bailout, and the Future," Economics Working Paper Archive wp_711, Levy Economics Institute.
    8. 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.
    9. Edward Nissan & George Carter, 2012. "Social identity and schooling inequality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(1), pages 190-200, January.
    10. 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.
    11. L. Randall Wray, 2011. "A Minskyan Road to Financial Reform," Economics Working Paper Archive wp_655, Levy Economics Institute.
    12. L. Randall Wray, 2020. "The "Kansas City" Approach to Modern Money Theory," Economics Working Paper Archive wp_961, Levy Economics Institute.

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    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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