A MINSKY MOMENT

E Ray Canterbery

Chapter 16 in Inequality and Global Supra-surplus Capitalism, 2018, pp 245-255 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Hyman Minsky (1919–1996), a laconic but persistent American Post Keynesian with Italian connections, connected the dots between Kalecki’s markup, retained earnings, and inside money to financial fragility. Minsky’s theory of investment focuses on how Keynesian uncertainty, speculation, and an increasingly complex financial system lead to business cycles. Minsky has extended Post Keynesian monetary theory to include not only credit, but the special problems of financial speculation. The system’s stability depends on profit flows to borrowers sufficient to service the loans. Charles P. Kindleberger (1910–2003) extended Minsky’s theory to the global economy.

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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