Arbeitspapier
Financial Keynesianism and market instability
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as robust to one that is fragile. While many economists and policymakers have argued that no one saw it coming, Minsky and his followers certainly did! While some of the details might have surprised Minsky, certainly the general contours of this crisis were foreseen by him a half century ago. I will focus on two main points: first, the past four decades have seen the return of finance capitalism and second, the collapse that began two years ago is a classic Fisher-Minsky debt deflation. The appropriate way to analyze this transformation and collapse is from the perspective of what Minsky called financial Keynesianism - a label he preferred over Post Keynesian because it emphasized the financial nature of the capitalist economy he analyzed.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 653
- Klassifikation
-
Wirtschaft
History of Economic Thought: Macroeconomics
History of Economic Thought since 1925: Historical; Institutional; Evolutionary; Austrian; Stockholm School
History of Economic Thought since 1925: Financial Economics
Current Heterodox Approaches: Historical; Institutional; Evolutionary
Institutions and the Macroeconomy
General Aggregative Models: Marxian; Sraffian; Kaleckian
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Financial Markets and the Macroeconomy
Financial Crises
General Financial Markets: Government Policy and Regulation
Financial Institutions and Services: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
Hyman Minsky
Fisher-Minsky debt deflation
Hilferding
finance capitalism
money manager capitalism
financial Keynesian
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Wray, L. Randall
- Ereignis
-
Veröffentlichung
- (wer)
-
Levy Economics Institute of Bard College
- (wo)
-
Annandale-on-Hudson, NY
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Wray, L. Randall
- Levy Economics Institute of Bard College
Entstanden
- 2011
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