Exploring Pluralist Economics: The Case of the Minsky-Veblen Cycles
This paper provides an introduction to the Minsky-Veblen Cycles as a specific example of pluralist economic thinking in the context of the recent global economic crisis. It illustrates how pluralism can be applied to economic research. Specifically, the Minsky-Veblen Cycles combine three elements of institutional and post-Keynesian thought to explain key features of the current crisis. These elements are (1) John Maynard Keynes's postulate of effective demand , (2) Hyman Minsky's financial instability hypothesis , and (3) Thorstein Veblen's concept of conspicuous consumption. In this paper, we have a two-fold approach to them: First, we systematize the connection between the Minsky-Veblen Cycles as a theoretical argument and the epistemological rationale of a pluralist approach to economics. Second, we contrast the implications of our approach for incorporating behavioral assumptions in macroeconomic arguments to mainstream claims for a "microfoundation" of macroeconomic theory.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Toshiaki Tachibanaki, 2005. "Confronting Income Inequality in Japan: A Comparative Analysis of Causes, Consequences, and Reform," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262201585, July.
- Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
- Dirk Krueger & Fabrizio Perri, 2006. "Does Income Inequality Lead to Consumption Inequality? Evidence and Theory -super-1," Review of Economic Studies, Oxford University Press, vol. 73(1), pages 163-193.
- Charles Yuji Horioka, 2012. "Are Japanese Households Financially Healthy, and If So, Why? A Group of Seven (G7) Comparison," ISER Discussion Paper 0859, Institute of Social and Economic Research, Osaka University.
- Wolfram Elsner, 2007.
"Why Meso? On “Aggregation” and “Emergence”, and Why and How the Meso Level is Essential in Social Economics,"
Forum for Social Economics,
Taylor & Francis Journals, vol. 36(1), pages 1-16, January.
- Wolfram Elsner, 2007. "Why Meso? On “Aggregation” and “Emergence”, and Why and How the Meso Level is Essential in Social Economics," Forum for Social Economics, Springer;The Association for Social Economics, vol. 36(1), pages 1-16, April.
- Christopher Brown, 1997. "Consumer Credit and the Propensity to Consume: Evidence from 1930," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(4), pages 617-638, July.
- Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010. "Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1748-1767, September.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," Working Papers 50/2008, University of Verona, Department of Economics.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," LEM Papers Series 2008/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 263-279, 07.
- Jakob Kapeller & Bernhard Schütz, 2012. "Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles," Economics working papers 2012-14, Department of Economics, Johannes Kepler University Linz, Austria.
- Heather Boushey & Christian E. Weller, 2006. "Inequality and Household Economic Hardship in the United States of America," Working Papers 18, United Nations, Department of Economics and Social Affairs.
- Sheila Dow, 2004. "Structured pluralism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 11(3), pages 275-290.
- Markus Christen & Ruskin Morgan, 2005. "Keeping Up With the Joneses: Analyzing the Effect of Income Inequality on Consumer Borrowing," Quantitative Marketing and Economics (QME), Springer, vol. 3(2), pages 145-173, June.
- Till van Treeck, 2012. "Did inequality cause the U.S. financial crisis?," IMK Working Paper 91-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Leonhard Dobusch & Jakob Kapeller, 2012. "Heterodox United vs. Mainstream City? Sketching a Framework for Interested Pluralism in Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(4), pages 1035-1058, December. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:mes:jeciss:v:47:y:2013:i:2:p:515-524. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ian Winship)or (Chris Nguyen)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.