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The Minskyan System, Part I: Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy

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  • Eric Tymoigne

Abstract

This is the first part of a three-part analysis of the Minskyan framework. Via an extensive review of the literature, this paper looks at 12 essential elements necessary to get a good understanding of Minsky's theory, and argues that those elements are central to comprehend how a monetary production economy works. This paper also shows how important these 12 elements are for the modeling of the Minskyan framework, and how the omission of one of them may be detrimental to an understanding of the essential dynamics that Minsky put forward: the Financial Instability Hypothesis.

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  • Eric Tymoigne, 2006. "The Minskyan System, Part I: Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy," Economics Working Paper Archive wp_452, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_452
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    Cited by:

    1. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    2. James K. Galbraith & Daniel Munevar Sastre, 2010. "The Generalized ‘Minsky Moment’," Chapters,in: The Elgar Companion to Hyman Minsky, chapter 14 Edward Elgar Publishing.
    3. Dimitri B. Papadimitriou & L. Randall Wray (ed.), 2010. "The Elgar Companion to Hyman Minsky," Books, Edward Elgar Publishing, number 13122.

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