This book provides a timely and engaging treatment of Hyman
Minsky's approach to economics, which is enjoying a renewed
appreciation because of its prescient analysis of the slow but sure
transformation of the capitalist economy in the post-war period.
Many have called the global financial crisis that began in the
United States in 2007 a 'Minsky crisis', and these collected
contributions demonstrate precisely why both academic economists as
well as policy makers have turned to Minsky for guidance. The book
brings together the foremost Minsky scholars to provide a
comprehensive overview of his approach, with extensions to bring
the analysis up to date. With the 2008 republication of his seminal
books John Maynard Keynes (1975) and Stabilizing an Unstable
Economy (1986), Minsky's ideas saw an unprecedented resurgence.
This companion exemplifies this resurgence by emphasizing that
economists have discovered Minsky's Financial Instability
Hypothesis and have widely applied it to the course of events in
the US from 2004 until the real estate market went bust. The book
also argues that many commentators have recently begun to employ
Minsky's hedge, speculative and Ponzi classification scheme to
analyze the evolution of mortgage markets. Many of Minsky's
favorite themes - 'stability is destabilizing', the role of the
'Big Government' and 'Big Bank' in constraining endogenous
instability, banker's rationality, money non-neutrality, creative
destruction and innovation by financial institutions - are taken up
in the chapters commissioned especially for this volume. Using the
introductory chapter as a springboard, the work here delves deeply
into Minsky's ideas and how they have impacted thought today. The
scope and comprehensive analyses found in this companion will
appeal particularly to economists and post-Keynesian economists,
institutionalists and upper-level scholars of economics and
finance. Contributors: T. Assenza, M. Auerback, R.J. Barbera, R.
Bellofiore, D. Delli Gatti, S. Dow, G.A. Dymski, P. Ferri, D.K.
Foley, J.K. Galbraith, M. Gallegati, J. Halevi, J. Kregel, P.
McCulley, E. Nasica, D.B. Papadimitriou, R.W. Parenteau, M.
Passarella, D.M. Sastre, M. Shubik, E. Tymoigne, C.L. Weise, L.R.
Wray
General
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