Hyman Minsky’s monetary production economy
Keywords:Minsky, financial fragility, money manager capitalism, Keynes
The article introduces the articles collected in the present issue of the journal. It places the various contributions in perspective, critically summarizing the major economic developments since the publication of the last issue. It focuses in particular on Minsky's contribution and its relevance for understanding the current crisis, because this issue of the Review contains a hitherto unpublished work by Minsky. In the context of the present-day debate, the paper is important for its contribution towards establishing a link between the financial and the real sides of the economy. However, it is also a useful reminder to those who, in the present-day debate, reduce Minsky’s contribution to one solely related to a theory of financial fragility providing a financial-only explanation of the recent world crisis: in Minsky’s theory as well as in recent events, financial fragility interacts with increasing inequalities in income distribution.
JEL Codes: E12, G01, B22
BERLE A.A. and MEANS G. (1932), The Modern Corporation and Private Property, New York: The Commerce Clearing House.
KEYNES J.M. (1921), A Treatise on Probability, London, Macmillan;
KEYNES J.M. (1931), Essays in Persuasion, London: Macmillan;
KEYNES J.M. (1936), The General Theory of Employment, Interest and Money, London: Macmillan;
KEYNES J.M. (1972), Collected Writings, vol. 9, London: Macmillan.
KEYNES J.M. (1973), Collected Writings, vol. 7, London: Macmillan.
KEYNES J.M. (1973), Collected Writings, vol. 8, London: Macmillan.
KINDLEBERGER C.P. (1995), "Asset Inflation and Monetary Policy", Banca Nazionale del Lavoro Quarterly Review, vol. 48 n. 192, pp. 17-37.
KINDLEBERGER C.P. (1995), "Asset Inflation and Monetary Policy", PSL Quarterly Review, vol. 62 n. 248-251, pp. 29-50.
MARRIS R. (1964), The Economic Theory of "Managerial" Capitalism, London: Macmillan.
MINSKY H.P. (1964), "Financial Crisis, Financial Systems, and the Performance of the Economy", in Friend I. (ed.), Private Capital Markets: A Series of Research Studies Prepared for the Commission on Money and Credit, Englewood Cliffs (NJ): Prentice Hall, pp. 173-380.
MINSKY H.P. (1975), John Maynard Keynes, New York: Columbia University Press.
MINSKY H.P. (1982), Can "It" Happen Again? Essays on Instability and Finance, Armonk (NY): M.E. Sharpe.
MINSKY H.P. (1993), "Schumpeter and Finance", in Biasco S., Roncaglia A. and Salvati M. (eds.), Market and Institutions in Economic Development: Essays in Honour of Paolo Sylos Labini, London: Macmillan, pp. 103-115.
MINSKY H.P. (2013), "The Relevance of Kalecki: The Useable Contribution", PSL Quarterly Review, vol. 66 n. 265, pp. 95-106.
MONTANARO E. and TONVERONACHI M. (2012), "Financial Re-Regulation at a Crossroads: How the European Experience Strengthens the Case for a Radical Reform Built on Minsky's Approach", PSL Quarterly Review, vol. 65 n. 263, pp. 335-383.
RONCAGLIA A. (2009), "Keynes and Probability: An Assessment", The European Journal of the History of Economic Thought, vol. 16 n. 3, pp. 489-510.
RONCAGLIA A. (2010), "A Patchwork Post-Keynesian/Evolutionary Approach to Income Distribution", in Gehrke C., Salvadori N., Steedman I. and Sturn R. (eds.), Classical Political Economy and Modern Theory: Essays in Honour of Heinz Kurz, London: Routledge, pp. 207-218.
RONCAGLIA A. (2010), Why the Economists Got It Wrong: The Crisis and Its Cultural Roots, London: Anthem Press.
RONCAGLIA A. (2011), "Macroeconomics in Crisis and Macroeconomics in Recovery", PSL Quarterly Review, vol. 64 n. 257, pp. 167-185.
SYLOS LABINI P. (1962), Oligopoly and Technical Progress, Cambridge (MA): Harvard University Press.
SYLOS LABINI P. (1984), The Forces of Economic Growth and Decline, Cambridge (MA): MIT Press.