EAN: 9780071593014

JOHN MAYNARD KEYNES - HYMAN P MINSKY KARTONIERT...

Today  Mr. Minsky's view [of economics] is more relevant than ever.- The New York Times Indeed
the Minsky moment has become a fashionable catch phrase on Wall Street.-The Wall Street Journal
John Maynard Keynes offers a timely reconsideration of the work of the revered economics icon.
Hyman Minsky argues that what most economists consider Keynesian economics is at odds with the
major points of Keynes's The General Theory of Employment  Interest  and Money. Keynes and
Minsky refuse to ignore pervasive uncertainty. Once uncertainty is given center stage 
recurring episodes of financial system crises are all but inescapable. As Robert Barbera notes
in a new preface  Benign economic circumstances...invite increasingly aggressive financial
market wagers. Innovation in finance is a signature development in a capitalist economy. Once
leveraged wagers are in place  small disappointments can have exaggerated consequences. Thus
for Minsky economic calm on Main Street engenders financial system fragility which  in turn 
ensures a perpetuation of boom and bust cycles. Minsky colleagues Dimitri B. Papadimitriou and
L. Randall Wray write in a new introduction  We offer this new edition  in the hope that it
will contribute to the reformation of economic theory so that it can address the world in which
we actually live-the world that was always the topic of Minsky's analysis.

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