Open Access


This is the first draft of the first chapter of a possible book Hyman P. Minsky was writing on Policy and Poverty. In this chapter he discusses poverty and income distribution programs in the case of rich countries, where poverty is measured in a relative sense and income in terms of total satisfaction that a household acquires through its provision of private and public goods. Minsky stresses that a successful poverty alleviation program should first, work with and not against economic forces, second, have realistic goals and effective policy instruments and third, have recognizable benefits for the well-off too. Specifically, for radical income equalization programs, Minsky points out that good intentions and workable arithmetics are not enough and political palatability should be a serious factor also taken into account.


Hyman P. Minsky has a handwritten note to himself on the cover of Part I to send pages 17-27 of the draft to Kalacheck who was a professor at Washington University at that time