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Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy

In: Reforming Capitalism for the Common Good

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Abstract

This chapter outlines Hyman Minsky's perspective on business cycles, highlighting elements also found in the research of Henry Simons. It concludes that Minsky and Simons shared an endogenous view of cycles also held by John Maynard Keynes and the institutionalists, suggesting that contemporary neoclassical cycle theories are an aberration from the historical mainstream in macroeconomics and that the work of Minsky provides a valuable starting point for revival of non-neoclassical cycle research.

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  • ., 2022. "Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy," Chapters, in: Reforming Capitalism for the Common Good, chapter 14, pages 185-207, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21712_14
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