Hyman Minsky was an American economist whose work focused on understanding and explaining the causes of financial crises. He attributed these crises to the inherent instability and cyclical fluctuations within financial systems. Minsky, often characterized as a post-Keynesian, advocated for government intervention in financial markets and opposed the widespread deregulation policies of the 1980s. He emphasized the crucial role of the central bank as a lender of last resort and cautioned against the excessive accumulation of private debt. His theories experienced a resurgence of interest following the 2008 mortgage crisis.
7 Central Banking and Money Market Changes -- 8 The New Uses of Monetary Powers -- 9 The Federal Reserve: Between a Rock and a Hard Place -- 10 An Exposition of a Keynesian Theory of Investment -- 11 Monetary Systems and Accelerator Models -- 12 The Integration of Simple Growth and Cycle Models -- 13 Private Sector Assets Management and the Effectiveness of Monetary Policy: Theory and Practice -- INDEX.
“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:
Offers a reinterpretation of the Keynesian revolution that casts uncertainty, risk, and financial markets as the drivers of boom and bust cycles.