The War on Poverty after 40 Years: A Minskyan Assessment

Levy Economics Institute Working Paper No. 404

33 Pages Posted: 29 Apr 2004

See all articles by L. Randall Wray

L. Randall Wray

University of Missouri at Kansas City; Bard College - The Levy Economics Institute

Stephanie Bell

University of Missouri at Kansas City - Economics

Date Written: April 2004

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 Minsky's 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.

Keywords: War on Poverty, employer of last resort, andti-poverty programs, Hyman Minsky, unemployment, job creation, welfare, economic opportunity, Keynesian policy, demand stimulus, full employment, structuralist

JEL Classification: I3, E6, H5, H6

Suggested Citation

Wray, L. Randall and Bell, Stephanie A., The War on Poverty after 40 Years: A Minskyan Assessment (April 2004). Levy Economics Institute Working Paper No. 404. Available at SSRN: https://ssrn.com/abstract=536802 or http://dx.doi.org/10.2139/ssrn.536802

L. Randall Wray (Contact Author)

University of Missouri at Kansas City ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

Bard College - The Levy Economics Institute

Blithewood
Annandale-on-Hudson, NY 12504-5000
United States

Stephanie A. Bell

University of Missouri at Kansas City - Economics ( email )

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