Minsky's 'induced investment and business cycles'

Jan Toporowski

Cambridge Journal of Economics, 2008, vol. 32, issue 5, 725-737

Abstract: This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some antecedents of Minsky's ideas in the work of Henry Simons, and highlights the Marshallian monetary analysis that he adopted. It is argued that this analysis is incompatible with the Kaleckian theory of profits that Minsky was later to adopt. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Date: 2008
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