The War on Poverty after 40 Years: A Minskyan Assessment

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