Poverty in Relation to Macroeconomic Trends, Cycles, and Policies

James Tobin

No 1030R, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This survey concludes that general prosperity and economic growth have been considerably less powerful engines of progress against poverty in the U.S. than they were before 1973. Macroeconomic performance has deteriorated, and its relation to poverty has weakened too. It is shown that the incidence of poverty can be fairly well explained by regressions on unemployment rates and real wages, both in national time series and in state cross-sections. Recent downward deviations from these regressions appear to reflect structural labor market changes that make poverty less treatable by macro medicine.

Pages: 34 pages
Date: 1993-05
Note: CFP 877.
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Citations: View citations in EconPapers (4)

Published in Sheldon H. Danziger, Gary D. Sandefur, and Daniel H. Weinberg, eds., Confronting Poverty, Prescription for Change, 1994, pp. 148-167

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