Strict full employment as the foundation for combating poverty

This article explores Hyman Minsky's revolutionary approach, which sees strict full employment not as a mere technical parameter but as the normative foundation of a stable society. The author examines the Employer of Last Resort (EML), which, through an Employment Guarantee, eliminates involuntary unemployment and implements a "bubble-up" mechanism, strengthening the purchasing power of the poorest. The text contrasts this vision with Amartya Sen's capability theory, arguing that work is crucial for human dignity and full participation in society. Unlike passive transfers such as negative income taxes, Minsky's model offers a structural solution to poverty while simultaneously ensuring macroeconomic stability and controlling inflation through active fiscal policy.