The Economic Contributions of Hyman Minsky: varieties of capitalism and institutional reform
AbstractThe work of Hyman Minsky represents an important link between Post Keynesians and Institutionalists. This essay begins with a brief summary of Minsky's early work, including his well-known financial instability hypothesis and his policy proposals designed to reform the financial system. It then moves on to discuss other proposals that are less well known, and developed after the publication of his Stabilizing an Unstable Economy (1986) book. One of them in all the work of Minsky is his demand that theory be institution-specific. Because there are a variety of possible types of economies, theory must be appropriate to the specific economy under analysis. His analysis concerned an evolving, developed, big-government capitalist economy with complex and long-lived financial arrangements. His policy recommendations were designed to promote a successful, democratic form of capitalism given these financial arrangements. These policies would have to 'constrain' instability through creation of institutional 'ceilings and floors' while at the same time addressing the behavioral changes induced by reduction of instability. The policies would also have to promote rising living standards, expansion of democratic principles, and enhancement of security for the average household.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Review of Political Economy.
Volume (Year): 10 (1998)
Issue (Month): 2 ()
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Other versions of this item:
- Dimitri B. Papadimitriou & L. Randall Wray, 1998. "The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform," Macroeconomics 9802018, EconWPA.
- Dimitri B. Papadimitriou & L. Randall Wray, 1997. "The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform," Economics Working Paper Archive wp_217, Levy Economics Institute, The.
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Gordon Brown: a defence
by chris dillow in Stumbling and Mumbling on 2009-03-04 12:13:56
- Marx: less relevant
by chris dillow in Stumbling and Mumbling on 2008-10-21 11:44:15
- $945bn - what problem?
by chris dillow in Stumbling and Mumbling on 2008-04-09 09:18:01
- Financial Instability
by L. Randall Wray in New Economic Perspectives on 2008-09-15 12:00:00
- L. Randall Wray, 2011.
"Minsky's Money Manager Capitalism and the Global Financial Crisis,"
Economics Working Paper Archive
wp_661, Levy Economics Institute, The.
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- Bruno Bonizzi, 2013. "Capital Flows to Emerging Markets: An alternative Theoretical Framework," Working Papers 186, Department of Economics, SOAS, University of London, UK.
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- Yilmaz Akyuz, 2008. "Managing Financial Instability in Emerging Markets: A Keynesian Perspective," Working Papers 2008/4, Turkish Economic Association.
- L. Randall Wray, 2011. "Financial Keynesianism and Market Instability," Economics Working Paper Archive wp_653, Levy Economics Institute, The.
- Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer, vol. 40(2), pages 139-155, July.
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- L. Randall Wray, 2011. "The Dismal State of Macroeconomics and the Opportunity for a New Beginning," Economics Working Paper Archive wp_652, Levy Economics Institute, The.
- Mehrling, Perry, 1999. "The vision of Hyman P. Minsky," Journal of Economic Behavior & Organization, Elsevier, vol. 39(2), pages 129-158, June.
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- Christine Sinapi, 2011. "Institutional Prerequisites of Financial Fragility within Minsky's Financial Instability Hypothesis: A Proposal in Terms of 'Institutional Fragility'," Economics Working Paper Archive wp_674, Levy Economics Institute, The.
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- L. Randall Wray, 2011. "Lessons We Should Have Learned from the Global Financial Crisis but Didn't," Economics Working Paper Archive wp_681, Levy Economics Institute, The.
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