Understanding Financial Instability: Minsky Versus the Austrians

Ludwig Van Den Hauwe

MPRA Paper from University Library of Munich, Germany

Abstract: In the wake of the Financial Crisis and the subsequent Great Recession several commentators have suggested that the analysis of financial instability provided by various strands of heterodox economics got it "right" and that mainstream economics got it "wrong". In this paper two variants of heterodox views about financial instability are compared critically: the views of the late Hyman P. Minsky on the one hand, and the theses of the Austrian School on the other. It is concluded that the apparent similarities between both approaches are superficial, while the divergences are profound and fundamental.

Keywords: Financial Instability; Business Cycle; Minsky; Austrian School (search for similar items in EconPapers)
JEL-codes: B50 B53 B59 E3 E30 E32 (search for similar items in EconPapers)
Date: 2014-12-24
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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https://mpra.ub.uni-muenchen.de/60718/1/MPRA_paper_60718.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/68874/9/MPRA_paper_68874.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/69077/1/MPRA_paper_69077.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/61208/1/MPRA_paper_61208.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/61359/1/MPRA_paper_61208.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/61832/1/MPRA_paper_61208.pdf revised version (application/pdf)

Related works:
Journal Article: Understanding Financial Instability: Minsky Versus the Austrians (2016)
Working Paper: Understanding Financial Instability: Minsky Versus the Austrians (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:60718

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