Los factores financieros en la teoría económica del capitalismo

Hyman Minsky

El Trimestre Económico, 2019, vol. 86 (4), issue 344, 1071-1092

Abstract: Based on a reading of Keynes according to which the General theory paves the way for an investment theory of aggregate income and a financial theory of investment, this paper focuses on an issue that is usually ignored by the currently trendy economic theories: the transcendental role played by financial institutions and money in a capitalist economy. Due to a failure of these institutions’ assets to perform that induces a diminishment in the flow of cash and increases their aversion to risk, there comes a decrease in the financing of consumption and investment spending through these intermediaries; this, in turn, leads to declines in investment and consumption spending, which affects the flow of profits and wages available. The notion that this economy enjoys a general equilibrium should be discarded; likewise, the quantitative theory of money should be dispensed with. At the same time, once that we eliminate the assumption that the future is perfectly foreseeable, it is possible to conclude that these institutions are inherently plighted by a great uncertainty. The general performance of an economy improves insofar as the state successfully intervenes in order to sustain solvency, strengthening the resources via substantial spending, and does not limit itself to the financing of consumption. This paper considers the financial structure and the flow of income (especially aggregate profits), and then proposes an integrated model.

Keywords: Keynes; capitalist economy; hypothesis of financial instability; quantitative theory of money; Walras’s general equilibrium theory; the financial structure and the flow of income submodels; integrated model of the economy. (search for similar items in EconPapers)
Date: 2019
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DOI: 10.20430/ete.v86i344.889

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