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Profits, Deficits and Instability: A Policy Discussion

In: Profits, Deficits and Instability

Author

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  • Hyman P. Minsky

Abstract

Some four score years ago Jerome Levy had the insight that the cyclical behaviour of a capitalist economy depends upon the course of profits through time, and that this course depends upon the structure of what we would now call aggregate demand. In particular Jerome Levy advanced the proposition that in a simple small government capitalist economy, with external trade mostly in balance, total profits equals investment. In the argument that follows upon this insight, investment is shown to be the independent variable and profits the dependent variable. This leads to a simple equation: Profits = Investment.1 In thinking about economics as he did, Jerome Levy anticipated the economics of Keynes and Kalecki.

Suggested Citation

  • Hyman P. Minsky, 1992. "Profits, Deficits and Instability: A Policy Discussion," Palgrave Macmillan Books, in: Profits, Deficits and Instability, chapter 2, pages 11-22, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11786-4_2
    DOI: 10.1007/978-1-349-11786-4_2
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    Cited by:

    1. Alex Izurieta, 2001. "Can Countries under A Common Currency Conduct Their Own Fiscal Policies?," Macroeconomics 0108008, University Library of Munich, Germany.
    2. Papadimitriu, Dimitri (Пападимитриу, Димитри) & Wray, Randall (Рэй, Рэндалл), 2016. "Hyman Minsky's "Stabilizing an unstable economy" - twenty years later [«Стабилизируя Нестабильную Экономику» Хаймана Мински — Двадцать Лет Спустя]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 22-51, April.
    3. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    4. Reissl, Severin, 2020. "Minsky from the bottom up – Formalising the two-price model of investment in a simple agent-based framework," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 109-142.

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