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It's Not a Minsky Moment, It's a Minsky Era, Or: Inevitable Instability

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  • M. June Flanders

Abstract

The paper aims to expose economists at large to the work of Hyman Minsky. The popular term ‘Minsky Moment’ is somewhat misleading, for he perceived not a moment but an era of instability and governmental management at the brink of crisis. His model incorporates explicitly money and the behavior of banks and other financial institutions. He died while still working, and the papers in his archives contain drafts of further work, including sketches for a book; some of his draft papers are discussed here.

Suggested Citation

  • M. June Flanders, 2015. "It's Not a Minsky Moment, It's a Minsky Era, Or: Inevitable Instability," Econ Journal Watch, Econ Journal Watch, vol. 12(1), pages 84-105, January.
    • Handle: RePEc:ejw:journl:v:12:y:2015:i:1:p:84-105
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    References listed on IDEAS

    as
    1. Shackle,G. L. S., 1983. "The Years of High Theory," Cambridge Books, Cambridge University Press, number 9780521274784, September.
    2. Hyman P. Minsky, 1957. "Central Banking and Money Market Changes," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 71(2), pages 171-187.
    3. Mehrling, Perry, 1999. "The vision of Hyman P. Minsky," Journal of Economic Behavior & Organization, Elsevier, vol. 39(2), pages 129-158, June.
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    Cited by:

    1. Lawrence H. White, 2015. "Skepticism About Minsky's Financial Instability Hypothesis: A Comment on Flanders," Econ Journal Watch, Econ Journal Watch, vol. 12(1), pages 106-113, January.
    2. Van Den Hauwe Ludwig, 2016. "Understanding Financial Instability: Minsky Versus the Austrians," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 22(1), pages 25-60, July.

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    More about this item

    Keywords

    Hyman Minsky; monetary institutions; Friedrich Hayek; financial instability hypothesis;
    All these keywords.

    JEL classification:

    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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