Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy

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Chapter 14 in Reforming Capitalism for the Common Good, 2022, pp 185-207 from Edward Elgar Publishing

Abstract: This chapter outlines Hyman Minsky's perspective on business cycles, highlighting elements also found in the research of Henry Simons. It concludes that Minsky and Simons shared an endogenous view of cycles also held by John Maynard Keynes and the institutionalists, suggesting that contemporary neoclassical cycle theories are an aberration from the historical mainstream in macroeconomics and that the work of Minsky provides a valuable starting point for revival of non-neoclassical cycle research.

Keywords: Economics and Finance; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2022
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