Hyman Minsky

Author : Hyman Minsky
Publisher : McGraw Hill Professional
Page : 350 pages
File Size : 49,9 Mb
Release : 2008-05-01
Category : Business & Economics
ISBN : 9780071593007

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Stabilizing an Unstable Economy by Hyman Minsky Pdf

“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.

Author : L. Randall Wray
Publisher : Princeton University Press
Page : 285 pages
File Size : 43,6 Mb
Release : 2017-10-17
Category : Business & Economics
ISBN : 9780691178400

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Why Minsky Matters by L. Randall Wray Pdf

Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it. As Wray explains, Minsky’s most important idea is that "stability is destabilizing": to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky’s insight. Wray also introduces Minsky’s significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability. A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe—and what we can do about it.

Author : Dimitri B. Papadimitriou,L. Randall Wray
Publisher : Edward Elgar Pub
Page : 290 pages
File Size : 54,7 Mb
Release : 2010
Category : Business & Economics
ISBN : 1847208495

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The Elgar Companion to Hyman Minsky by Dimitri B. Papadimitriou,L. Randall Wray Pdf

This book provides a timely and engaging treatment of Hyman Minsky's approach to economics, which is enjoying a renewed appreciation because of its prescient analysis of the slow but sure transformation of the capitalist economy in the post-war period.

Author : Hyman Minsky
Publisher : Routledge
Page : 329 pages
File Size : 50,9 Mb
Release : 2016-04-14
Category : Business & Economics
ISBN : 9781317232490

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Can It Happen Again? by Hyman Minsky Pdf

In the winter of 1933, the American financial and economic system collapsed. Since then economists, policy makers and financial analysts throughout the world have been haunted by the question of whether "It" can happen again. In 2008 "It" very nearly happened again as banks and mortgage lenders in the USA and beyond collapsed. The disaster sent economists, bankers and policy makers back to the ideas of Hyman Minsky – whose celebrated 'Financial Instability Hypothesis' is widely regarded as predicting the crash of 2008 – and led Wall Street and beyond as to dub it as the 'Minsky Moment'. In this book Minsky presents some of his most important economic theories. He defines "It", determines whether or not "It" can happen again, and attempts to understand why, at the time of writing in the early 1980s, "It" had not happened again. He deals with microeconomic theory, the evolution of monetary institutions, and Federal Reserve policy. Minsky argues that any economic theory which separates what economists call the 'real' economy from the financial system is bound to fail. Whilst the processes that cause financial instability are an inescapable part of the capitalist economy, Minsky also argues that financial instability need not lead to a great depression. This Routledge Classics edition includes a new foreword by Jan Toporowski.

Author : Piero Ferri
Publisher : Edward Elgar Publishing
Page : 264 pages
File Size : 40,8 Mb
Release : 2019
Category : BUSINESS & ECONOMICS
ISBN : 9781788973731

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Minsky’s Moment by Piero Ferri Pdf

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.

Author : Hyman P. Minsky
Publisher : Levy Economics Institute of Bard College
Page : 185 pages
File Size : 55,5 Mb
Release : 2013
Category : Social Science
ISBN : 1936192314

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Ending Poverty by Hyman P. Minsky Pdf

Although Hyman P. Minsky is best known for his ideas about financial instability, he was equally concerned with the question of how to create a stable economy that puts an end to poverty for all who are willing and able to work. This collection of Minsky's writing spans almost three decades of his published and previously unpublished work on the necessity of combating poverty through full employment policies-through job creation, not welfare.

Author : Steven M. Fazzari,Dimitri B. Papadimitriou
Publisher : Routledge
Page : 209 pages
File Size : 44,9 Mb
Release : 2015-06-05
Category : Business & Economics
ISBN : 9781317470571

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Financial Conditions and Macroeconomic Performance by Steven M. Fazzari,Dimitri B. Papadimitriou Pdf

This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.

Author : Ronnie J. Phillips,Hyman P. Minsky
Publisher : Routledge
Page : 224 pages
File Size : 55,8 Mb
Release : 2016-09-16
Category : Business & Economics
ISBN : 9781315286631

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The Chicago Plan and New Deal Banking Reform by Ronnie J. Phillips,Hyman P. Minsky Pdf

This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.

Author : Riccardo Bellofiore,Piero Ferri
Publisher : Edward Elgar Publishing
Page : 223 pages
File Size : 49,6 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 9781781009758

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Financial Fragility and Investment in the Capitalist Economy by Riccardo Bellofiore,Piero Ferri Pdf

Hyman Minsky is renowned for his theoretical and empirical investigation of the capitalist economy. In this book, a distinguished group of contributors provides an authoritative account of his contribution to the analysis of capitalism and, more particularly, to the fields of monetary and post Keynesian economics. The authors first provide an introduction to Hyman Minsky's economic legacy before going on to discuss his role in analysing the macroeconomy, monetary policy and instability. In detail, they consider the structural instability of a sophisticated market economy, the NAIRU, Minsky's financial fragility hypothesis, his business cycle theory, his investment theory and debt inflation.

Author : Hyman P. Minsky
Publisher : Brighton, Sussex : Wheatsheaf Books
Page : 336 pages
File Size : 42,5 Mb
Release : 1982
Category : Business & Economics
ISBN : UVA:X000505256

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Inflation, Recession and Economic Policy by Hyman P. Minsky Pdf

Author : Hyman P. Minsky
Publisher : New York : Columbia University Press
Page : 208 pages
File Size : 50,8 Mb
Release : 1975
Category : Keynesian economics
ISBN : NWU:35556002596898

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John Maynard Keynes by Hyman P. Minsky Pdf

Author : Daniel H. Neilson
Publisher : Polity
Page : 0 pages
File Size : 43,5 Mb
Release : 2019-09-16
Category : Political Science
ISBN : 1509528504

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Minsky by Daniel H. Neilson Pdf

No economist has written more incisively and provocatively on financial crisis than Hyman Minsky. Minsky is best known for his claim that "stability is destabilizing" – that the seeds of the bust are sown in the boom. This financial instability hypothesis received renewed attention – and substantial confirmation – in the global financial crisis of 2008. Minsky's insights are not limited to moments of crisis; they grow out of a comprehensive and critical theory of financial capitalism. This book provides a systematic overview of Minsky's thought, covering his entire body of work. It shows how financial crises arise not as exceptions, but out of the normal operation of a financial capitalist system. It explains why Minsky's theories sit uncomfortably with economics and what efforts have been made to integrate them, and shows how Minsky's work can be incorporated into other fields of social thought. This book will be of interest to students and scholars in economics, political economy, finance, politics, and social theory, as well as to anyone with an interest in the financial system and its tendency toward crisis.

Author : Giorgos Argitis
Publisher : Routledge
Page : 136 pages
File Size : 50,6 Mb
Release : 2019-09-09
Category : Business & Economics
ISBN : 9781351670685

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Evolutionary Financial Macroeconomics by Giorgos Argitis Pdf

Thorstein Veblen and Hyman Minsky are seminal thinkers who place great importance on the interaction between processes that link finance and financial markets with economic and social evolution. This book makes a contribution to the recontextualisation of the habitual, non-evolutionary and laissez-faire macroeconomic theory and policy, thus exposing the relevant contribution of the macro-theories of Veblen and Minsky. The book starts with an elucidation of Veblen’s cultural theory of insufficient private demand, waste and financial fragility and instability. It shows how speculative and parasitic leverage engenders solvency illusions and risk, pecuniary efficiency, low quality liability structures and socially destructive boom-bust cycles. Minsky’s creative destruction liquidity processes and coordination failures of cash flow escalate the aforementioned path-dependent developments and explosive dynamics of capitalist economies. The main themes of the book are the cultural, evolutionary and holistic vision of macroeconomics, the evolving habits of mind, routines and financial institutions, the speculative, manipulated and unstable financial markets, as well as the financial macroeconomic destabilizing effects of pecuniary and parasitic consumption and investment. This book will be of great interest to researchers, intellectuals and students pursuing economics and finance.

Author : Piero Ferri
Publisher : Edward Elgar Publishing
Page : 223 pages
File Size : 41,8 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781849809177

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Macroeconomics of Growth Cycles and Financial Instability by Piero Ferri Pdf

In light of the recent economic crisis and in keeping with Hyman Minsky's analysis of financial instability, this book considers the important interaction between cycles and growth, via the interplay between demand, supply andreal-world financial issues. This challenging book will prove a thought-provoking read for students and scholars of macroeconomics, heterodox economics, labour markets andmoney, finance and banking.

Author : Chris Jefferis
Publisher : Routledge
Page : 244 pages
File Size : 55,8 Mb
Release : 2017-02-17
Category : Political Science
ISBN : 9781317536093

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The Dialectics of Liquidity Crisis by Chris Jefferis Pdf

This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky’s Financial Instability Hypothesis (FIH) to the financial crisis of 2007–08. Arguing that most theories of financial crisis, including Minsky’s own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007–08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky’s theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007–08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007–08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007–08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.