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"Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived." - The Wall Street Journal

In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers:

The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices "Speculative finance" and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks

Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction.

A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase "Minsky moment" to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.

Tabla de contenidos provista por Syndetics

• Foreword(p. vii)
• Preface and Acknowledgments to the First Edition(p. ix)
• Minsky's Stabilizing an Unstable Economy: Two Decades Later(p. xi)
• Part 1 Introduction(p. 1)
• 1 Economic Processes, Behavior, and Policy(p. 3)
• Part 2 Economic Experience(p. 13)
• 2 A Deep Recession But Not a Depression in 1975: The Impact of Big Government(p. 15)
• 3 A Deep Recession But Not a Depression in 1975: The Impact of Lender-of-Last-Resort Intervention(p. 43)
• 4 The Emergence of Financial Instability in the Postwar Era(p. 77)
• Part 3 Economic Theory(p. 107)
• 5 Perspectives on Theory(p. 109)
• 6 The Current Standard Theory: The After-Keynes Synthesis(p. 129)
• 7 Prices and Profits in a Capitalist Economy(p. 157)
• 8 Investment and Finance(p. 191)
• 9 Financial Commitments and Instability(p. 219)
• Part 4 Institutional Dynamics(p. 247)
• 10 Banking in a Capitalist Economy(p. 249)
• 11 Inflation(p. 283)
• Part 5 Policy(p. 317)
• 12 Introduction to Policy(p. 319)
• 13 An Agenda for Reform(p. 327)
• Appendix A Financing Structures(p. 371)
• Appendix B Consumer Prices and Real Wages(p. 381)
• Index(p. 385)

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CHOICE Review

Minsky, professor of economics at Washington University in St. Louis and a leading ``post-Keynesian,'' has written a provocative challenge to two groups of economists. To those who are persuaded that economic fluctuations are purely ``real'' phenomena, Minsky insists that the ``economy is unstable because of capitalist finance.'' And to those who believe that the postwar US economy is more stable than ever primarily because of a number of key structural reforms, Minsky proclaims: ``financially complex capitalism is inherently flawed.'' He views the early postwar period of economic stability as an aberration. The true nature of the US economy was revealed after 1966: An inflation-prone economy suffering financial excesses, which, if not for fortunate policy initiatives by the fiscal and monetary authorities, periodically could succumb to sharp and possibly prolonged recessions. These arguments are not new. Minsky has been writing on this subject for more than two decades. (Many of these articles are assembled in his Can ``It'' Happen Again? Essays on Instability and Finance, 1982.) But they are more systematically spelled out and extensively clarified in the present work. Minsky's proofs and consequent policy recommendations are mainly derived from a simple Keynes-Kalecki model. His assertions and conclusions that fragility rather than stability is endemic to market-type economies that rely heavily on the external financing of investment deserve serious consideration if not universal acceptance. University collections.-J. Prager, New York University

Notas de autor provistas por Syndetics

Hyman P. Minsky, Ph.D., was an American economist who studied under Joseph Schumpeter and Wassily Leontief. He taught economics at Washington University, University of California--Berkeley, Brown University, and Harvard University. Minsky joined the Jerome Levy Economics Institute of Bard College as a distinguished scholar in 1990, where he continued his research and writing until a few months before his death in October, 1996. His two seminal books were Stabilizing an Unstable Economy and John Maynard Keynes .