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Induced Investment and Business Cycles

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  • Dimitri B. Papadimitriou

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Abstract

This unique volume presents, for the first time in publication, the original Ph.D. thesis of Hyman P. Minsky, one of the most innovative thinkers on financial markets. Dimitri B. Papadimitriou’s introduction places the thesis in a modern context, and explains its relevance today. The thesis explores the relationship between induced investment, the constraints of financing investment, market structure, and the determinants of aggregate demand and business cycle performance. Forming the basis of his subsequent development of financial Keynesianism and his ‘Wall Street’ paradigm, Hyman Minsky investigates the relevance of the accelerator-multiplier models of investment to individual firm behaviour in undertaking investment dependent on cost structure. Uncertainty, the coexistence of other market structures, and the behaviour of the monetary system are also explored.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Hyman P. Minsky, 2004. "Induced Investment and Business Cycles," Books, Edward Elgar Publishing, number 2947 edited by Dimitri B. Papadimitriou.
    • Handle: RePEc:elg:eebook:2947
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    Cited by:

    1. repec:hal:cepnwp:hal-01937186 is not listed on IDEAS
    2. Tae-Hee Jo, 2011. "A Heterodox Microfoundation of Business Cycles," Chapters, in: Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), Heterodox Analysis of Financial Crisis and Reform, chapter 9, Edward Elgar Publishing.
    3. Trotta Vianna, Matheus, 2023. "Business cycle theories after Keynes: A brief review considering the notions of equilibrium and instability," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 134-143.
    4. Italo 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 2018-11, Centre d'Economie de l'Université de Paris Nord.
    5. Mark Knell, 2015. "Schumpeter, Minsky and the financial instability hypothesis," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 293-310, January.
    6. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    7. 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.
    8. Piacentini, P.M., 2021. "Minsky after Kalecki: real profits and financial structure," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 416-426.
    9. Stefan Angrick, 2018. "Structural conditions for currency internationalization: international finance and the survival constraint," Review of International Political Economy, Taylor & Francis Journals, vol. 25(5), pages 699-725, September.
    10. Jan Ter Wengel & Gilma Beatriz Ferreira-Villegas & Gérman Pérez-Hernández & Luis Miguel Suárez-Cruz, 2010. "Schumpeter and the Blue Ocean Strategy," Revista de la Maestría de Derecho Económico, Universidad Javeriana - Derecho Económico, December.
    11. Greg Hannsgen, 2013. "Heterodox Shocks," Economics Working Paper Archive wp_766, Levy Economics Institute.

    Book Chapters

    The following chapters of this book are listed in IDEAS

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • G0 - Financial Economics - - General

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