Stabilizing an Unstable Economy Part 2 Economic Experience

This chapter comes from Stabilizing an Unstable Economy, the seminal work by Hyman Minsky.

Author: Hyman Minsky

Publisher: McGraw Hill Professional

ISBN: 0071716351

Category: Business & Economics

Page: 98

View: 314

This chapter comes from Stabilizing an Unstable Economy, the seminal work by Hyman Minsky. It reveals 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

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 ...

Author: Hyman Minsky

Publisher: McGraw Hill Professional

ISBN: 0071592997

Category: Business & Economics

Page: 15

View: 693

“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.

Stabilizing an Unstable Economy

This instability is not due to external shocks or to the incompetence or ignorance of policy makers. ... 2, Part 1 (May 1959), and “Monetary Systems and Acceleration Models,” American Economic Review 47 (Dec. 1957).

Author: Hyman Minsky

Publisher: McGraw Hill Professional

ISBN: 0071593004

Category: Business & Economics

Page: 350

View: 320

“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.

Stabilizing an Unstable Economy Part 1 Introduction

The conclusions based on the models derived from standard theoretical economics cannot be applied to the formulation ... of financial and economic instability, that is, the behavior of the economy becomes incoherent.2 In the mid-1960s, ...

Author: Hyman Minsky

Publisher: McGraw Hill Professional

ISBN: 0071716343

Category: Business & Economics

Page: 15

View: 632

This chapter comes from Stabilizing an Unstable Economy, the seminal work by Hyman Minsky. It reveals 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.

Economics as Ideology and Experience

Fuss, M. and D. McFadden (eds) (1978), Production Economics: A Dual Approach to Theory and Applications, 2 vols, Amsterdam: North Holland ... Minsky, H.P. (1986), Stabilizing an Unstable Economy, New Haven, CT: Yale University Press.

Author: Deepak Nayyar

Publisher: Routledge

ISBN: 113524801X

Category: Business & Economics

Page: 312

View: 877

This collection of essays, collected and published in tribute to the economist Ashok Mitra is inevitably diverse, given the wide range of interests of his professional friends and colleagues. There is however one common thread that runs through the articles; a shared belief that ideology and experience, just as much as theory and policy, are inseparable in economics.

The Routledge Handbook of Heterodox Economics

Cambridge Journal of Economics, 25 (2): 149–163. Desan, C. 2015. ... Employment guarantee programs: a survey of theories and policy experiences. Levy Economics Institute Working Paper No. 498. ... Stabilizing an Unstable Economy.

Author: Tae-Hee Jo

Publisher: Routledge

ISBN: 1317480295

Category: Business & Economics

Page: 550

View: 907

The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective. Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science. This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

Evolutionary Economics

His treatise entitled Stabilizing an Unstable Economy contains a full statement of his theory, a sketch of the ... In the turbulent years after the mid-sixties, the American economy has experienced several crunches and crises that ...

Author: Marc R. Tool

Publisher: Routledge

ISBN: 1315493039

Category: Biography & Autobiography

Page: 784

View: 748

This is part of a two-volume work intended to map the theoretical heartland of the institutionalist perspective on political economy. Volume II considers basic economic processes, institutions for stabilizing and planning economic activities, the role of power and accountability, and emerging global interdependence. Marc R. Tool is the editor of "Journal of Economic Issues".

Finance and Development in Africa

Meeusen, W., & van den Broeck, J. (1977). Efficiency estimation from Cobb-Douglas production functions with composed error. International Economic Review, 18(2), 435–444. Minsky, H. (1986). Stabilizing an unstable economy.

Author: Kojo Menyah

Publisher: Emerald Group Publishing

ISBN: 1781902259

Category: Business & Economics

Page: 198

View: 388

Intends to raise the level of interest in the specific problems of accounting in emerging economies; and increase awareness of real issues, so that accounting in these countries will not just be seen as a matter of copying what is done in the industrialized countries.

Monetary Plurality in Local Regional and Global Economies

'The role of overlapping-generations models in monetary economics', Carnegie-Rochester Conference Series on Public Policy ... 'On the origin of money', Economic Journal 2(6): 239–255. Minsky, H. P. 1986. Stabilizing an Unstable Economy.

Author: Georgina M. Gómez

Publisher: Routledge

ISBN: 135198747X

Category: Business & Economics

Page: 292

View: 284

The idea that each country should have one currency is so deeply rooted in people’s minds that the possibility of multiple and concurrent currencies seems unthinkable. Monetary systems contribute to problems of high unemployment and social distress during financial and economic crisis, so reforms to increase the responsiveness and flexibility of the monetary system can be part of the solution. This book discusses ‘monetary plurality’, which is the circulation of several currencies at the same time and space. It addresses how multiple currency circuits work together and transform socio-economic systems, particularly by supporting economies at the local level of regions and cities. The book shows that monetary plurality has been ubiquitous throughout history and persists at present because the existence of several currency circuits facilitates small-scale production and trade in a way that no single currency can accomplish on its own. Monetary plurality can improve resilience, access to livelihoods and economic sustainability. At the same time, it introduces new risks in terms of economic governance, so it needs to be properly understood. The book analyses experiences of monetary plurality in Europe, Japan, and North and South America, written by researchers from East and West and from the global North and South. Replete with case studies, this book will prove a valuable addition to any student or practitioner’s bookshelf.

Economic Policies of the New Thinking in Economics

2004. Funded system and uncertainty. Journal of Post Keynesian Economics 26, no. 2: 191–204. European Commission. 2009. 2009 ageing report: Economic ... Stabilizing an unstable economy. ... The Swedish experience with pension reform.

Author: Philip Arestis

Publisher: Routledge

ISBN: 1317850483

Category: Business & Economics

Page: 148

View: 613

The financial crisis and the ‘great recession’ have generated the need for new thinking in economics and for new economic policies to secure sustainable and equitable economic development. The new thinking in economics is an interdisciplinary approach to economic problems that acknowledges and respects insights and analyses from other disciplines, and recognizes complexity and evolutionary theory as relevant for understanding economic systems and economic behaviour. New Economics is concerned with institutional behaviour, expectations and uncertainty as opposed to traditional economics with its emphasis on equilibrium, mathematical formalism and deterministic solutions. With the financial crisis brought on by the unrestrained pursuit of personal and corporate profit, sanctioned by traditional economics, this is an opportune moment to establish a new way of approaching economic understanding based on new economic theory. It is also a good time to instigate new ideas on the approach to economic policy across a wide range of areas, such as macroeconomic and global governance, employment and unemployment, social security and pensions. This book is devoted to developing economic policies from the new thinking. It was originally published as a special issue of the International Review of Applied Economics.