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Minsky Goes to Buffalo—and Takes on the Economics Establishment

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  • Charles Whalen

Abstract

This essay is based on remarks presented by the author at The Fourth Bi-Annual Cross-Border Post Keynesian Conference, Buffalo State College, on October 9, 2009. It addresses the economic challenges facing Buffalo, New York, and countless other American cities, especially in the Northeast and Midwest; draws on the writings of Hyman Minsky to offer an interpretation of what many now call the Great Recession, which began in late 2007; and challenges the image of Minsky presented by mainstream economists and journalists, with special attention to a recent lecture by Paul Krugman. The essay closes by returning to Buffalo, where—as Minsky anticipated in the 1990s—the economic fate of working families depends largely on the outcome of a national struggle over the shape of future U.S. economic transformation.

Suggested Citation

  • Charles Whalen, 2011. "Minsky Goes to Buffalo—and Takes on the Economics Establishment," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 273-280, January.
    • Handle: RePEc:taf:fosoec:v:40:y:2011:i:2:p:273-280
    DOI: 10.1007/s12143-010-9074-5
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    References listed on IDEAS

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    1. Charles Whalen, 2008. "Understanding the Credit Crunch as a Minsky Moment," Challenge, Taylor & Francis Journals, vol. 51(1), pages 91-109.
    2. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(2), pages 357-368, June.
    3. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(2), pages 155-170, December.
    4. Charles J. Whalen, 2010. "A Minsky Perspective on the Global Recession of 2009," Palgrave Macmillan Books, in: Daniela Tavasci & Jan Toporowski (ed.), Minsky, Crisis and Development, chapter 6, pages 106-126, Palgrave Macmillan.
    5. Charles J. Whalen, 1997. "Money-Manager Capitalism and the End of Shared Prosperity," Journal of Economic Issues, Taylor & Francis Journals, vol. 31(2), pages 517-525, June.
    6. Hyman P. Minsky & Charles J. Whalen, 1997. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(2), pages 155-170, January.
    7. Philip A. Klein, 1980. "Confronting Power in Economics: A Pragmatic Evaluation," Journal of Economic Issues, Taylor & Francis Journals, vol. 14(4), pages 871-896, December.
    8. Dudley Dillard, 1987. "Money as an Institution of Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 21(4), pages 1623-1647, September.
    9. Hyman P. Minsky, 1992. "The Capitalist Development of the Economy and the Structure of Financial Institutions," Economics Working Paper Archive wp_72, Levy Economics Institute.
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