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Minsky's 'induced investment and business cycles'

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  • Jan Toporowski

Abstract

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some antecedents of Minsky's ideas in the work of Henry Simons, and highlights the Marshallian monetary analysis that he adopted. It is argued that this analysis is incompatible with the Kaleckian theory of profits that Minsky was later to adopt. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Jan Toporowski, 2008. "Minsky's 'induced investment and business cycles'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(5), pages 725-737, September.
    • Handle: RePEc:oup:cambje:v:32:y:2008:i:5:p:725-737
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    File URL: http://hdl.handle.net/10.1093/cje/bem059
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    Cited by:

    1. Shazia Ghani, 2011. "A re-visit to Minsky after 2007 financial meltdown," Post-Print halshs-01027435, HAL.
    2. Jo Michell, 2014. "A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations," Working Papers PKWP1412, Post Keynesian Economics Society (PKES).
    3. Michael Peneder & Andreas Resch, 2015. "Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(6), pages 1315-1352.
    4. Gianfranco Giulioni & Marcello Silvestri & Edgardo Bucciarelli, 2017. "Firms’ Finance in an Experimentally Microfounded Agent-Based Macroeconomic Model," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 259-320, May.
    5. Alessandro Vercelli, 2009. "A Perspective on Minsky Moments--The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis," Economics Working Paper Archive wp_579, Levy Economics Institute.
    6. Marco Passarella, 2012. "Systemic financial fragility and the monetary circuit: a stock-flow consistent Minskian approach," Working Papers (-2012) 1202, University of Bergamo, Department of Economics.
    7. Ítalo Pedrosa & Dany Lang, 2018. "Heterogeneity, distribution and financial fragility of non-financial firms: an agent-based stock-flow consistent (AB-SFC) model," Working Papers hal-01937186, HAL.
    8. Beshenov, Sergey & Rozmainsky, Ivan, 2015. "Hyman Minsky's financial instability hypothesis and the Greek debt crisis," Russian Journal of Economics, Elsevier, vol. 1(4), pages 419-438.
    9. Passarella, Marco, 2012. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the ‘New Capitalism’," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 570-582.
    10. Marco, Passarella, 2011. "Systemic financial fragility and the monetary circuit: a stock-flow consistent approach," MPRA Paper 28498, University Library of Munich, Germany.
    11. Passarella, Marco, 2011. "The two-price model revisited. A Minskian-Kaleckian reading of the process of 'financialization'," MPRA Paper 32033, University Library of Munich, Germany.
    12. Alessandro Vercelli, 2011. "A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis," Review of Political Economy, Taylor & Francis Journals, vol. 23(1), pages 49-67.
    13. Ítalo Pedrosa & Dany Lang, 2018. "Heterogeneity, distribution and financial fragility of non-financial firms: an agent-based stock-flow consistent (AB-SFC) model," CEPN Working Papers hal-01937186, HAL.
    14. Kemp-Benedict, Eric, 2015. "A Minskian extension to Kaleckian dynamics," MPRA Paper 65186, University Library of Munich, Germany.
    15. Marc Lavoie, 2020. "Was Hyman Minsky a post-Keynesian economist?," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 85-101, May.
    16. Mark Knell, 2015. "Schumpeter, Minsky and the financial instability hypothesis," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 293-310, January.
    17. Jan Toporowski, 2012. "Corporate Liquidity and Financial Fragility: The Role of Investment, Debt and Interest," Working Papers 169, Department of Economics, SOAS University of London, UK.

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