Tag Archives: hyman minsky

Decades before it caught on with other economists, Sadie Alexander was the first economist to recommend a government jobs guarantee in the US.… Many contemporary economists have endorsed this idea, which is often credited to Hyman Minsky in the 1960’s[1]. But, its genesis actually begins two decades earlier, with Sadie Tanner Mossell Alexander, America’s first black economist. Good to know. Like the fact that Aristotle wrote that money/currency (nomisma) is a creature of law (nomos)....

Hyman Minsky quote.Lars P. Syll’s BlogWhat is missing in Keynes’ General Theory Lars P. Syll | Professor, Malmo University

It is a pleasure to be back at the Economic Club of New York. I will begin by briefly reviewing the outlook for the economy, and then turn to a discussion of financial stability. My main subject today will be the profound transformation since the Global Financial Crisis in the Federal Reserve's approach to monitoring and addressing financial stability. Today marks the publication of the Board of Governors' first Financial Stability Report. Earlier this month, we published our first...

The "Financial Instability Hypothesis" is a phrase describing the economist Hyman Minsky's views on the driver of the business cycle. The description here is based on the essays found in the book Can "It" Happen Again? Essays on Instability and Finance. The objective here is to capture highlights of his thinking, and not attempt to cover the breadth of his world view. If the reader wishes to find a fuller description, I would recommend the essay "The Financial Instability Hypothesis: A...

The 10th anniversary of the September collapse of the US financial system has led to a number of commentaries on the causes of the Lehman bankruptcy and cures for its aftermath. Most tend to focus on identifying the proximate causes of the crisis in an attempt to assess the adequacy of the regulations put in place after the crisis to prevent a repetition. It is interesting that while Hy Minsky’s work became a touchstone of attempts to analyze the crisis as it was occurring, his work is...

Yesterday brought the launch of a new and revised edition of Doing Capitalism in the Innovation Economy by William Janeway. Anybody who read the first (2012) edition will recall the theme of the ‘three player game’ – market innovators, speculators and the state – informed by Keynes and Minsky as well as Janeway’s own experience combining an economics PhD with his experience shaping the world of venture capital investment. The term refers to how the complicated interactions between...

Jamie Galbraith recounts his transition from JG sceptic to JG advocate and the reasons for his change of mind.The BafflerWe WorkJames K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin

Dissertation summary. Progress in Political Economy When Minsky Meets Complexity Kimberley Yoo is a PhD candidate at the University of Sydney researching computational modeling and complexity theory.

Hyman Minsky’s financial theory of investment rests on a bifurcation of an economy’s price systems. On the one hand, there’s the price system for goods and services. And inflation here is what central banks look to hold in check. But at the same time, there is a wholly separate price system for assets. And it’s here where stability leads to asset price inflation, a build up in debt, instability, and, eventually, crisis. Economics professor Randall Wray is a real Minsky scholar. He studied...

Recently, a colleague emailed with the following set of questions: ‘a balance sheet approach to defending currencies. Do you know literature that explains in detail the globally interlocking balance sheets between central banks, commercial banks and what happens when a national government has to defend its currency? What is the role of national and foreign reserves and how do they travel these balance sheets in the process of trying to defend a currency? I came back to this question when...