Stablizing an Unstable Economy / Edition 1

Stablizing an Unstable Economy / Edition 1

3.5 4
by Hyman Minsky
     
 

ISBN-10: 0071592997

ISBN-13: 9780071592994

Pub. Date: 04/14/2008

Publisher: McGraw-Hill Professional Publishing

“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

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Overview

“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.

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Product Details

ISBN-13:
9780071592994
Publisher:
McGraw-Hill Professional Publishing
Publication date:
04/14/2008
Pages:
350
Sales rank:
1,207,114
Product dimensions:
8.90(w) x 9.30(h) x 1.50(d)

Table of Contents


Foreword   Henry Kaufman     vii
Preface and Acknowledgments to the First Edition   Hyman P. Minsky     ix
Minsky's Stabilizing an Unstable Economy: Two Decades Later   Dimitri B. Papadimitriou   L. Randall Wray     xi
Introduction     1
Economic Processes, Behavior, and Policy     3
Economic Experience     13
A Deep Recession But Not a Depression in 1975: The Impact of Big Government     15
A Deep Recession But Not a Depression in 1975: The Impact of Lender-of-Last-Resort Intervention     43
The Emergence of Financial Instability in the Postwar Era     77
Economic Theory     107
Perspectives on Theory     109
The Current Standard Theory: The After-Keynes Synthesis     129
Prices and Profits in a Capitalist Economy     157
Investment and Finance     191
Financial Commitments and Instability     219
Institutional Dynamics     247
Banking in a Capitalist Economy     249
Inflation     283
Policy     317
Introduction to Policy     319
An Agenda for Reform     327
Financing Structures     371
Consumer Prices and Real Wages     381
Index     385

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