This volume, originally published in 1997, examines the combined
effect of financial instability and industrial restructuring on
postwar economic growth and recession in the US. It sheds light on
the fundamental question of whether or not these trends are
positive for the economy as a whole. To explain the cyclical nature
of investment and finance, institutional theory regarding financial
instability is examined in depth and related to Minsky's analysis
of investment behaviour. The author has created an empirical model
of this behaviour which, he claims, accurately predicts historical
consumption investment and GDP cycles.
General
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