Stabilizing an unstable economy

목차

1. Increasing Instability since the 1960s
2. “Natural Process” of the Capitalist System
3. Keynes and Minsky
4. Policy Recommendations

본문내용

Hyman Philip Minsky (1919-1996) was an American economist who studied the causes of financial crises in the capitalist system. Although he was a prominent scholar during the 1970s and 1980s, his idea has never been more popular than after the subprime mortgage crisis that began in 2008. Minsky was described as a radical Keynesian or post-Keynesian economist because he did not support some main ideas of traditional Keynesian economists who emphasize the importance of government debts and the some deregulation policies of financial market in the 1980s. His book, Stabilizing an Unstable Economy, was first published in 1986, when the U.S financial system faced the worst crisis after the Great Depression. In his book, Minsky analyzes a deep recession happened in the mid-1970s, and tells us the characteristics of instability embedded in the capitalist system. These days, as Henry Kaufman argues, many people label the subprime financial crisis a “Minsky Moment,” but the range and depth of Minsky’s work cannot be limited to the simple word.

참고 자료

Minstky, Hyman P. Stabilizing an Unstable Economy, New York: McGraw Hill, 2008
Kaufman, Henry, “Foreword,” in Stabilizing an Unstable Economy, Hyman P. Minsky (New York: McGraw Hill, 2008)
Papadimitriou, Dimitri B. and Wray, Randall, “Two Decades Later,” in Stabilizing an Unstable Economy, Hyman P. Minsky, New York: McGraw Hill, 2008.
Uchitelle, Louis, “H.P. Minsky, 77, Economist Who Decoded Lending Trends,” New York Times. (Oct. 26, 1996).