Stabilizing an Unstable Economy

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Stabilizing an Unstable Economy Book

“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory...

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Stabilizing an Unstable Economy - Hyman Minsky
pdf | 397 KB | English | Isbn: 0071593004 | Author: Hyman Minsky | Release Date: 2008-05-01
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“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
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#1 Stabilizing an Unstable Economy

Stabilizing an Unstable Economy Book Hyman Minsky
  • Author : Hyman Minsky
  • Publisher : McGraw Hill Professional
  • Release Date : 2008-05-01
  • Total Pages : 350
  • Genre : Business & Economics
  • Review : (1)

Download #1 Stabilizing an Unstable Economy eBook Pdf ePub and Kindle

“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.

#2 Why Minsky Matters

Why Minsky Matters Book L. Randall Wray
  • Author : L. Randall Wray
  • Publisher : Princeton University Press
  • Release Date : 2015-11-03
  • Total Pages : 288
  • Genre : Business & Economics
  • Review : (230)

Download #2 Why Minsky Matters eBook Pdf ePub and Kindle

Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it. As Wray explains, Minsky’s most important idea is that "stability is destabilizing": to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky’s insight. Wray also introduces Minsky’s significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability. A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe—and what we can do about it.

#3 The Chicago Plan and New Deal Banking Reform

The Chicago Plan and New Deal Banking Reform Book Ronnie J. Phillips,Hyman P. Minsky
  • Author : Ronnie J. Phillips,Hyman P. Minsky
  • Publisher : Routledge
  • Release Date : 2016-09-16
  • Total Pages : 224
  • Genre : Business & Economics
  • Review : (291)

Download #3 The Chicago Plan and New Deal Banking Reform eBook Pdf ePub and Kindle

This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.

#4 Minsky’s Moment

Minsky’s Moment Book Piero Ferri
  • Author : Piero Ferri
  • Publisher : Edward Elgar Publishing
  • Release Date : 2019
  • Total Pages : 264
  • Genre : BUSINESS & ECONOMICS
  • Review : (165)

Download #4 Minsky’s Moment eBook Pdf ePub and Kindle

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.

#5 Behind the Veil of Economics: Essays in the Worldly Philosophy

Behind the Veil of Economics: Essays in the Worldly Philosophy Book Robert L. Heilbroner
  • Author : Robert L. Heilbroner
  • Publisher : W. W. Norton & Company
  • Release Date : 1989-06-17
  • Total Pages : 208
  • Genre : Business & Economics
  • Review : (256)

Download #5 Behind the Veil of Economics: Essays in the Worldly Philosophy eBook Pdf ePub and Kindle

"[These essays] are rich in argument, in clear and provocative presentation of complicated issues, and are often delightfully quotable. Behind the Veil of Economics makes instructive, disturbing, and lively reading." —Elizabeth Wolgast, New York Times Book Review What lies behind the veil of economics? Power and ideology, answers Robert Heilbroner—the power of our economic involvement in society to shape the ways we think about it; the visions and values that add unsuspected ideological color to our economic beliefs about it. Most important, Heilbroner shows why economics has become the reigning form of social inquiry and how we might penetrate its mystique.

#6 The End of Alchemy: Money, Banking, and the Future of the Global Economy

The End of Alchemy: Money, Banking, and the Future of the Global Economy Book Mervyn King
  • Author : Mervyn King
  • Publisher : W. W. Norton & Company
  • Release Date : 2016-03-21
  • Total Pages : 368
  • Genre : Business & Economics
  • Review : (1)

Download #6 The End of Alchemy: Money, Banking, and the Future of the Global Economy eBook Pdf ePub and Kindle

“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

#7 Animal Spirits

Animal Spirits Book George A. Akerlof,Robert J. Shiller
  • Author : George A. Akerlof,Robert J. Shiller
  • Publisher : Princeton University Press
  • Release Date : 2010-02-01
  • Total Pages : 264
  • Genre : Business & Economics
  • Review : (12)

Download #7 Animal Spirits eBook Pdf ePub and Kindle

The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.

#8 China’s State Enterprises

China’s State Enterprises Book Ran Li,Kee Cheok Cheong
  • Author : Ran Li,Kee Cheok Cheong
  • Publisher : Springer
  • Release Date : 2018-06-27
  • Total Pages : 216
  • Genre : Political Science
  • Review : (180)

Download #8 China’s State Enterprises eBook Pdf ePub and Kindle

This book focuses on the nature and significance of China’s state enterprises which have undergone substantial changes since China’s economic liberalization in 1978. It argues that much of the criticism is based on mistaken premises, where even the term ‘state-owned enterprises’ is a misnomer given that the emphasis is much less on ownership than on control. Using numerous case studies, this book highlights the extent to which these enterprises have evolved in response to reforms, and provides an in-depth analysis of their role in China’s outward investment strategy in the “Belt and Road” initiative. This role speaks to their growing influence as China expands her global footprint.

#9 21st Century Capitalism

21st Century Capitalism Book Robert L. Heilbroner
  • Author : Robert L. Heilbroner
  • Publisher : W. W. Norton & Company
  • Release Date : 1994-08-17
  • Total Pages : 176
  • Genre : Business & Economics
  • Review : (197)

Download #9 21st Century Capitalism eBook Pdf ePub and Kindle

"It is my hope that some grasp of what the twenty-first century holds in store for capitalism may enable us to avoid at least some of the pain we might otherwise have to endure," writes the eminent economist Robert Heilbroner in this important book on the world's economic future. Although communism lies shattered almost everywhere it once existed, no single form of capitalism has emerged worldwide. Which of the varieties of capitalism will be hardy enough to survive into the next century? Will the private sector make way for government to redress the failures of the market system? Does the defeat of the socialist vision portend that unbridled acquisitiveness will dominate the world? In tackling these questions, Heilbroner takes us to the roots of capitalist society. He views capitalism from a wide angle as both an economic system and a political order, showing the integral connections between the two that are often overlooked; finally, he addresses the overarching challenge ahead—a society that no longer believes in the inevitability of progress.