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Author: Hyman P. Minsky
Publisher: McGraw Hill Professional
ISBN: 0071593004
Category : Business & Economics
Languages : en
Pages : 433
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Book Description
“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: Hyman P. Minsky
Publisher: McGraw Hill Professional
ISBN: 0071593004
Category : Business & Economics
Languages : en
Pages : 433
Get Book Here
Book Description
“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: Hyman Minsky
Publisher: Routledge
ISBN: 1317232496
Category : Business & Economics
Languages : en
Pages : 329
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Book Description
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: Hyman P. Minsky
Publisher: Levy Economics Institute of Bard College
ISBN: 9781936192311
Category : Social Science
Languages : en
Pages : 185
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Book Description
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: Piero Ferri
Publisher: Edward Elgar Publishing
ISBN: 1788973739
Category : BUSINESS & ECONOMICS
Languages : en
Pages : 264
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Book Description
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: Dimitri B. Papadimitriou
Publisher: Edward Elgar Pub
ISBN: 9781847208491
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
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: Ronnie J. Phillips
Publisher: Routledge
ISBN: 1315286637
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
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: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 509
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Book Description
Who is Hyman Minsky "Hyman" Philip Minsky was a famous scholar at the Levy Economics Institute of Bard College in addition to being an economist from the United States. He taught economics at Washington University in St. Louis. His research endeavored to provide an understanding and explanation of the characteristics of financial crises, which he linked to oscillations in a potentially fragile financial system. His research attempts to provide this insight and explanation. Minsky is sometimes referred to as a post-Keynesian economist. This is due to the fact that, in the Keynesian tradition, he advocated for some government intervention in financial markets, opposed some of the financial deregulation that occurred in the 1980s, emphasized the significance of the Federal Reserve as a lender of last resort, and argued against the excessive accumulation of private debt in the financial markets. How you will benefit (I) Insights about the following: Chapter 1: Hyman Minsky Chapter 2: Economic bubble Chapter 3: Liquidity trap Chapter 4: Household debt Chapter 5: Second mortgage Chapter 6: Real-estate bubble Chapter 7: Austrian business cycle theory Chapter 8: Financial crisis Chapter 9: Real economy Chapter 10: Modern monetary theory Chapter 11: Mortgage loan Chapter 12: Subprime mortgage crisis Chapter 13: Minsky moment Chapter 14: Debt deflation Chapter 15: Causes of the 2000s United States housing bubble Chapter 16: Credit crunch Chapter 17: Subprime crisis background information Chapter 18: Government policies and the subprime mortgage crisis Chapter 19: Subprime mortgage crisis solutions debate Chapter 20: Causes of the Great Recession Chapter 21: 2007-2008 financial crisis Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information about Hyman Minsky.
Author: Steven M. Fazzari
Publisher: Routledge
ISBN: 1317470575
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
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: Jeffrey Escoffier
Publisher: Chelsea House
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 144
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Book Description
Text and accompanying photographs present the biography of noted economist John Maynard Keynes. Keynes always tried to create his own theories, free from society's hidebound economic or moral creeds; he was an unapologetically gay man defying conventions at every turn.
Author: Giorgos Argitis
Publisher: Routledge
ISBN: 1351670689
Category : Business & Economics
Languages : en
Pages : 136
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Book Description
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.
