9780071593014

John Maynard Keynes

by
  • ISBN13:

    9780071593014

  • ISBN10:

    0071593012

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2008-05-07
  • Publisher: McGraw-Hill Education
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Summary

"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 JournalJohn Maynard Keynesoffers 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'sThe 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."

Author Biography

Hyman P. Minsky, Ph.D., an American economist, was the first to explain how uncertainty, risk, and financial markets drive the economy. He was a distinguished scholar at The Levy Economics Institute of Bard college, and taught at Washington University for 25 years.

Table of Contents

Prefacep. vii
Introductionp. xi
The General Theory and Its Interpretationp. 1
The Conventional Wisdom: The Standard Interpretation of Keynesp. 19
Fundamental Perspectivesp. 53
Capitalist Finance and the Pricing of Capital Assetsp. 67
The Theory of Investmentp. 91
Financial Institutions, Financial Instability, and the Pace of Investmentp. 115
Some Implications of the Alternative Interpretationp. 129
Social Philosophy and Economic Policyp. 143
Policy Implications of the Alternative Interpretationp. 159
Bibliographyp. 167
Indexp. 169
Table of Contents provided by Ingram. All Rights Reserved.

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