Author: L Randall Wray
Publisher: Princeton University Press
ISBN: 0691178402
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
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: 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: Steve Keen
Publisher: John Wiley & Sons
ISBN: 1509513760
Category : Political Science
Languages : en
Pages : 140
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Book Description
The Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted. In this explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and how ever–rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become 'The Walking Dead of Debt', and those that are next in line – including Australia, Belgium, China, Canada and South Korea. A major intervention by a fearlessly iconoclastic figure, this book is essential reading for anyone who wants to understand the true nature of the global economic system.
Author: Jan Toporowski
Publisher: Edward Elgar Publishing
ISBN: 1788972155
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics.
Author: Marvin Minsky
Publisher: Simon and Schuster
ISBN: 0671657135
Category : Psychology
Languages : en
Pages : 342
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Book Description
Computing Methodologies -- Artificial Intelligence.
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: Daniel H. Neilson
Publisher: Polity
ISBN: 9781509528509
Category : Political Science
Languages : en
Pages : 0
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Book Description
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: Massimo Amato
Publisher: John Wiley & Sons
ISBN: 0745683657
Category : Business & Economics
Languages : en
Pages : 442
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Book Description
This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance. The ‘end’ or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole. The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.
Author: Marvin Lee Minsky
Publisher: Prentice Hall
ISBN:
Category : Computers
Languages : en
Pages : 344
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Book Description
Author: L. Randall Wray
Publisher: Springer
ISBN: 1137539925
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
