Ending Poverty: Jobs, Not Welfare by Minsky Hyman P

Author:Minsky, Hyman P. [Minsky, Hyman P.]
Language: eng
Format: epub
Publisher: Levy Economics Institute of Bard College
Published: 2013-04-11T00:00:00+00:00

As the negative income tax is but one example of a welfare system change, what is true about the expansionary and inflationary effects is true about any significant improvement in the welfare system. The postwar economic history of Britain, with its relatively slow rate of growth, in part may be due to the combination of an expansionary (inflationary) stimulus of the welfare scheme and the existence of a balance-of-payments constraint. The recent inflationary pressure in the United States, and the resistance of the inflation to monetary and fiscal constraint, followed upon substantial increases in Social Security, the introduction of Medicare, and improvements in the welfare system associated with the War on Poverty.

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