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The Chaos of Finance: The Chaotic and Marxian Foundations of Minsky’s “Financial Instability Hypothesis”

In: Money and Production

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  • Steve Keen

Abstract

While Minsky’s ‘financial instability hypothesis’ (FIH) was developed as an interpretation of Keynes, it can be argued that its true foundations are the modern concept of chaos on the one hand, and an unconventional interpretation of Marx, on the other. This paper outlines this thesis and presents a nonlinear model of it. It is shown that a key concept of the FIH, namely that there are two price levels in capitalism, exists in Marx’s discussions of money. Unfortunately, these concepts have been ignored by Marx’s 20th century followers.

Suggested Citation

  • Steve Keen, 2024. "The Chaos of Finance: The Chaotic and Marxian Foundations of Minsky’s “Financial Instability Hypothesis”," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Money and Production, chapter 13, pages 239-266, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22417_13
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035314034.00019
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    Keywords

    Economics and Finance;

    Statistics

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