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Praise for the prescient work of Hyman P. Minsky
“Twenty-five years ago, when most economists were extolling the virtues of financial deregulation and innovation, a maverick named Hyman P. Minsky maintained a more negative view of Wall Street; in fact, he noted that bankers, traders, and other financiers periodically played the role of arsonists, setting the entire economy ablaze.”
--John Cassidy, The New Yorker
“The journey from subprime mortgages to a major credit crisis, a weak economy and broken business models in finance could all have been foreseen through Hyman Minsky’s perspectives. His work remains essential to understanding the ground beneath us and the path ahead.”
―-George Magnus, Senior Economic Adviser, UBS Investment Bank
“It is time to revive an old issue: Just how inherently unstable are economies? But instead of getting much guidance these days from contemporary economists, we need to turn to some of the giants from the past. The work of Hyman Minsky . . . is especially on the mark.”
--Jeff Madrick, The New York Times
“Hyman Minsky's work has never been more valuable. His financial instability hypothesis, complete with hedge, speculative and ponzi units, has played out to a T in the U.S. property and mortgage markets over the last half decade.”
--Paul McCulley, Managing Director, PIMCO
“As it happens, Minsky is enjoying something of a revival. Two of his books, John Maynard Keynes, and Stabilizing an Unstable Economy were just republished by McGraw-Hill, and his contention that stability is inherently unstable seems more relevant than ever in the aftermath of the period of low market volatility that ended in the current crisis.
"In the latter of those books, published in 1986, Minsky wrote, 'If the institutions responsible for the lender-of-last resort function stand aside and allow market forces to operate, then the decline in asset values relative to current output prices will be larger than with intervention; investment and debt financed consumption will fall by larger amounts; and the decline in income, employment and profits will be greater.' In other words, without government bailouts, there can be a downward spiral.”
--The New York Times
Hyman P. Minsky, Ph.D., was an American economist who studied under Joseph Schumpeter and Wassily Leontief. He taught economics at Washington University, University of California--Berkeley, Brown University, and Harvard University. Minsky joined the Jerome Levy Economics Institute of Bard College as a distinguished scholar in 1990, where he continued his research and writing until a few months before his death in October, 1996. His two seminal books were Stabilizing an Unstable Economy and John Maynard Keynes.
His word is impressive!
But for me (I'm not an economist) some parts were really deep, and It took me some time to understand it.
A helpful account of Minsky's views on how we have unstable economies and are lulled into allowing people to take out
enormous debt, only to have a Ponzi like bubble to... Read more
Capitalism is by definition an unstable system. In the last 80 years, America has been in depression or recession for at least 20 of
those years. Read more
It is interesting comparing different theories of economics. Most of what the man says makes a lot of sense. Enjoyed it.Published 23 months ago by Lana Sutherland
This incredibly important book should be read by everyone who wants to understand how a capitalist economy actually functions -- regardless of their political position. Read morePublished 23 months ago by Adrian T. Wilson
Main author position in the book is that private sector of economic is volatile and state sector is not. Read morePublished 24 months ago by stud.79
It is impressively profound and seems to have been written after 2009...A must for all interested in having a historical approach to the presentPublished on October 12, 2013 by Rolando Cordera
A blueprint for governments to follow in this day and age of ballooning debt levels and over leveraged financial products.Published on June 30, 2013 by Neville Middleton