The Crisis: A Minsky Moment?

Dilip M. Nachane ()
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Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter Chapter 8 in Critique of the New Consensus Macroeconomics and Implications for India, 2018, pp 193-204 from Springer

Abstract: Abstract Hyman Minsky, in several notable contributions, developed an elaborate theory of how and why capitalist economies endogenously develop tendencies towards systemic financial instability. The following key elements of Minsky’s crisis theory may be identified: (i) financial theory of investment, (ii) systemic development of financial fragility, (iii) disruption by a “not unusual” event, (iv) possibility of debt deflation and (v) floors and ceilings. We attempt to show how Minsky’s theory contributes considerably towards an understanding of several features of the global crisis.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-3920-8_8

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DOI: 10.1007/978-81-322-3920-8_8

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