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Why Minsky Matters - An Introduction to the Work of a Maverick Economist (Paperback)
Loot Price: R513
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Why Minsky Matters - An Introduction to the Work of a Maverick Economist (Paperback)
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List price R612
Loot Price R513
Discovery Miles 5 130
You Save R99 (16%)
Expected to ship within 12 - 17 working days
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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 economist's 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, Minsky's 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 Minsky's
insight. Wray also introduces Minsky's 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.
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