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Why Minsky Matters "An Introduction to the Work of a Maverick Economist"

Why Minsky Matters "An Introduction to the Work of a Maverick Economist"

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  • ISBN:9780691178400
  • Editorial: Princeton University Press
  • Fecha de la edición:
  • Encuadernación:
  • Nº Pág.:288
  • Idiomas:Ingles

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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 economists 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, Minskys 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 Minskys insight. Wray also introduces Minskys 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.
L. Randall Wray is professor of economics at Bard College, senior scholar at the Levy Economics Institute of Bard College.

Preface vii
Introduction 1
1 Overview of Minskys Main Contributions 21
2 Where Did We Go Wrong? Macroeconomics and the Road Not Taken 47
3 Minskys Early Contributions: The Financial Instability Hypothesis 71
4 Minskys Views on Money and Banking 87
5 Minskys Approach to Poverty and Unemployment 109
6 Minsky and the Global Financial Crisis 137
7 Minsky and Financial Reform 163
8 Conclusion: Reforms to Promote Stability, Democracy, Security, and Equality 193
Notes 223
Further Reading 253
The Collected Writings of Hyman P. Minsky 257
Index 269

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