Stabilizing an Unstable Economy

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McGraw Hill Professional, Apr 14, 2008 - Business & Economics - 350 pages
8 Reviews

“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal

In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers:

  • The natural inclination of complex, capitalist economies toward instability
  • Booms and busts as unavoidable results of high-risk lending practices
  • “Speculative finance” and its effect on investment and asset prices
  • Government's role in bolstering consumption during times of high unemployment
  • The need to increase Federal Reserve oversight of banks

Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction.

A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.

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Review: Stabilizing an Unstable Economy: A Twentieth Century Fund Report

User Review  - Phil - Goodreads

The Financial Instability Theory is one of the most important economic ideas of the last 50 years, but the length and dry style makes this best-suited for people truly interested in economics. Read full review

Review: Stabilizing an Unstable Economy: A Twentieth Century Fund Report

User Review  - Paul Ducard - Goodreads

A very difficult read in many spots but I think I got most of his arguments. I found it entertaining how much of what he wrote 20 years ago seems all together familiar and applicable today. Read full review

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Contents

ECONOMIC PROCESSES BEHAVIOR AND POLICY
3
ECONOMIC EXPERIENCE
13
THE EMERGENCE OF FINANCIAL INSTABILITY
77
Copyright

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About the author (2008)

Hyman P. Minsky, Ph.D., was an American economist who studied under Joseph Schumpeter and Wassily Leontief. He taught economics at Washington University, University of California--Berkeley, Brown University, and Harvard University. Minsky joined the Jerome Levy Economics Institute of Bard College as a distinguished scholar in 1990, where he continued his research and writing until a few months before his death in October, 1996. His two seminal books were Stabilizing an Unstable Economy and John Maynard Keynes.

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