The Elgar Companion To Hyman Minsky
Dimitri B. Papadimitriou
, L. Randall Wray
Edited by Dimitri B. Papadimitriou, President, The Levy Economics Institute of Bard College and Professor of Economics, Bard College, US and L. Randall Wray, Professor of Economics, University of Missouri-Kansas City, US; Senior Scholar, Levy Economics Institute, US and Research Director, Centre for Full Employment and Price Stability, US
|2010 304 pp Hardback 978 1 84720 849 1
|2011 Paperback 978 1 84980 954 2
|ebook isbn 978 1 84980 709 8
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‘. . . this review has attempted to highlight that The Elgar Companion to Hyman Minsky has managed not only to effectively convey Minsky’s ideas, and his relevance to understanding today’s economic problems, but also to provide a framework for moving forward with his ideas. The authors should be commended for maintaining the integrity of Minsky’s ideas and providing a future research agenda for furthering our understanding of the modern complex financial system.’
– Timur Behlul, History of Economics Review
Contributors: T. Assenza, M. Auerback, R.J. Barbera, R. Bellofiore, D. Delli Gatti, S. Dow, G.A. Dymski, P. Ferri, D.K. Foley, J.K. Galbraith, M. Gallegati, J. Halevi, J. Kregel, P. McCulley, E. Nasica, D.B. Papadimitriou, R.W. Parenteau, M. Passarella, D.M. Sastre, M. Shubik, E. Tymoigne, C.L. Weise, L.R. Wray
Full table of contents
This book provides a timely and engaging treatment of Hyman Minsky’s approach to economics, which is enjoying a renewed appreciation because of its prescient analysis of the slow but sure transformation of the capitalist economy in the post-war period. Many have called the global financial crisis that began in the United States in 2007 a ‘Minsky crisis’, and these original contributions demonstrate precisely why both academic economists as well as policymakers have turned to Minsky for guidance. The book brings together the foremost Minsky scholars to provide a comprehensive overview of his approach, with extensions to bring the analysis up to date.
With the 2008 republication of his seminal books John Maynard Keynes (1975) and Stabilizing an Unstable Economy (1986), Minsky’s ideas saw an unprecedented resurgence. This Companion exemplifies this resurgence by emphasizing that economists have discovered Minsky’s Financial Instability Hypothesis and have widely applied it to the course of events in the US from 2004 until the real estate market went bust. The book also argues that many commentators have recently begun to employ Minsky’s hedge, speculative and Ponzi classification scheme to analyze the evolution of mortgage markets. Many of Minsky’s favorite themes – ‘stability is destabilizing’, the role of the ‘Big Government’ and ‘Big Bank’ in constraining endogenous instability, banker’s rationality, money non-neutrality, creative destruction and innovation by financial institutions – are taken up in the chapters commissioned especially for this volume. Using the introductory chapter as a springboard, the work here delves deeply into Minsky’s ideas and how they have impacted thought today.
The scope and comprehensive analyses found in this Companion will appeal particularly to economists and post-Keynesian economists, institutionalists and upper-level scholars of economics and finance.
1. Introduction: Minsky on Money, Banking and Finance
Dimitri B. Papadimitriou and L. Randall Wray
2. What Would Minsky Have Thought of the Mortgage Crisis?
3. Minsky and Economic Policy: ‘Keynesianism’ All Over Again?
4. Minsky in the ‘New’ Capitalism: The New Clothes of the Financial Instability Hypothesis
Riccardo Bellofiore, Joseph Halevi and Marco Passarella
5. Rational and Innovative Behaviors at the Core of Financial Crises: Banking in Minsky’s Theory
6. What Would Minsky Do?
Marshall Auerback, Paul McCulley and Robert W. Parenteau
7. It’s the Right Moment to Embrace the Minsky Model
Robert J. Barbera and Charles L. Weise
8. Innovation and Equilibrium?
9. Hyman Minsky and the Dilemmas of Contemporary Economic Method
Duncan K. Foley
10. Financial Instability and Agents’ Heterogenity: A Post Minskyan Research Agenda
Tiziana Assenza, Domenico Delli Gatti and Mauro Gallegati
11. Growth Cycles and the Financial Instability Hypothesis (FIH)
12. A Spatialized Approach to Asset Bubbles and Minsky Crises
Gary A. Dymski
13. The Psychology of Financial Markets: Keynes, Minsky and Emotional Finance
14. The Generalized ‘Minsky Moment’
James K. Galbraith and Daniel Munevar Sastre