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Minsky on “Big Government”

Author

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  • Daniel de Santana Vasconcelos

Abstract

This paper objective is to assess, in light of the main works of Minsky, his view and analysis of what he called the “Big Government” as that huge institution which, in parallels with the “Big Bank” was capable of ensuring stability in the capitalist system and regulate its inherently unstable financial system in mid-20th century. In this work, we analyze how Minsky proposes an active role for the government in a complex economic system flawed by financial instability. JEL Classification: E02; E12; E62; H63.

Suggested Citation

  • Daniel de Santana Vasconcelos, 2014. "Minsky on “Big Government”," Brazilian Journal of Political Economy, Center of Political Economy, vol. 34(1), pages 15-38.
    • Handle: RePEc:ekm:repojs:v:34:y:2014:i:1:p:15-38:id:258
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/258/247
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    More about this item

    Keywords

    Government; deficit; fiscal policy; financial instability hypothesis; unemployment; employer of last resort;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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