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Minsky's 'induced investment and business cycles'

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  • Jan Toporowski
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    Abstract

    This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some antecedents of Minsky's ideas in the work of Henry Simons, and highlights the Marshallian monetary analysis that he adopted. It is argued that this analysis is incompatible with the Kaleckian theory of profits that Minsky was later to adopt. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/cje/bem059
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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 32 (2008)
    Issue (Month): 5 (September)
    Pages: 725-737

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    Handle: RePEc:oup:cambje:v:32:y:2008:i:5:p:725-737

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    Cited by:
    1. Jan Toporowski, 2012. "Corporate Liquidity and Financial Fragility: The Role of Investment, Debt and Interest," Working Papers 169, Department of Economics, SOAS, University of London, UK.
    2. Alessandro Vercelli, 2011. "A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis," Review of Political Economy, Taylor & Francis Journals, vol. 23(1), pages 49-67.
    3. Marco, Passarella, 2011. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the 'New Capitalism'," MPRA Paper 28499, University Library of Munich, Germany.
    4. Marco, Passarella, 2011. "Systemic financial fragility and the monetary circuit: a stock-flow consistent approach," MPRA Paper 28498, University Library of Munich, Germany.
    5. Alessandro Vercelli, 2009. "A Perspective on Minsky Moments--The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis," Economics Working Paper Archive wp_579, Levy Economics Institute.
    6. Passarella, Marco, 2011. "The two-price model revisited. A Minskian-Kaleckian reading of the process of 'financialization'," MPRA Paper 32033, University Library of Munich, Germany.

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