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Why Minsky Matters
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Book Synopsis Why Minsky Matters by : L. Randall Wray
Download or read book Why Minsky Matters written by L. Randall Wray and published by Princeton University Press. This book was released on 2017-10-17 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Stabilizing an Unstable Economy by : Hyman P. Minsky
Download or read book Stabilizing an Unstable Economy written by Hyman P. Minsky and published by McGraw Hill Professional. This book was released on 2008-05-01 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: “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.
Download or read book Society Of Mind written by Marvin Minsky and published by Simon and Schuster. This book was released on 1988-03-15 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computing Methodologies -- Artificial Intelligence.
Book Synopsis Credit and Crisis from Marx to Minsky by : Jan Toporowski
Download or read book Credit and Crisis from Marx to Minsky written by Jan Toporowski and published by Edward Elgar Publishing. This book was released on 2020-09-25 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics.
Book Synopsis Understanding Modern Money by : L. Randall Wray
Download or read book Understanding Modern Money written by L. Randall Wray and published by Edward Elgar Publishing. This book was released on 1998 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: By showing that the basic assumptions if mainstream macroeconomics were and are flawed, the author aims to convince the reader that full employment and price stability are fully compatible goals in the modern world.
Book Synopsis The End of Finance by : Massimo Amato
Download or read book The End of Finance written by Massimo Amato and published by John Wiley & Sons. This book was released on 2013-12-19 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance. The ‘end’ or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole. The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.
Book Synopsis Modern Money Theory by : L. Randall Wray
Download or read book Modern Money Theory written by L. Randall Wray and published by Springer. This book was released on 2015-09-22 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Book Synopsis Alternative Ideas from 10 (Almost) Forgotten Economists by : Irene van Staveren
Download or read book Alternative Ideas from 10 (Almost) Forgotten Economists written by Irene van Staveren and published by Springer Nature. This book was released on 2021-01-18 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should we address today’s big problems, and what we can take from icons of economics past? How would John Maynard Keynes have resolved today’s debt problem, or how would Adam Smith have assessed the European carbon emission trading market? This book applies the ideas of ten renowned economists (Marx, Minsky, Keynes, Knight, Bergmann, Veblen, Sen, Myrdal, Smith, Robinson) to real world economic problems, directly or indirectly related to the causes and consequences of the 2008 financial crisis. Each chapter presents an economist, and structures the ‘problem’, the ‘insight’ (the economist’s idea), the ‘economist’ (short bio), and two ‘practices’ offering real-world alternatives. This book presents a lively and original approach that will be of interest to economists and non-economists alike, discussing key elements of an economics for a postcapitalist economy and connecting policy insights to real-world problems of today.
Download or read book Crisis written by Sylvia Walby and published by John Wiley & Sons. This book was released on 2015-10-30 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
Download or read book Minsky’s Moment written by Piero Ferri and published by Edward Elgar Publishing. This book was released on 2019 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis An Introduction to Feminist Philosophy by : Alison Stone
Download or read book An Introduction to Feminist Philosophy written by Alison Stone and published by Polity. This book was released on 2007-12-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to offer a systematic account of feminist philosophy as a distinctive field of philosophy. The book introduces key issues and debates in feminist philosophy including: the nature of sex, gender, and the body; the relation between gender, sexuality, and sexual difference; whether there is anything that all women have in common; and the nature of birth and its centrality to human existence. An Introduction to Feminist Philosophy shows how feminist thinking on these and related topics has developed since the 1960s. The book also explains how feminist philosophy relates to the many forms of feminist politics. The book provides clear, succinct and readable accounts of key feminist thinkers including de Beauvoir, Butler, Gilligan, Irigaray, and MacKinnon. The book also introduces other thinkers who have influenced feminist philosophy including Arendt, Foucault, Freud, and Lacan. Accessible in approach, this book is ideal for students and researchers interested in feminist philosophy, feminist theory, women's studies, and political theory. It will also appeal to the general reader.
Book Synopsis The Emotion Machine by : Marvin Minsky
Download or read book The Emotion Machine written by Marvin Minsky and published by Simon and Schuster. This book was released on 2007-11-13 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this mind-expanding book, scientific pioneer Marvin Minsky continues his groundbreaking research, offering a fascinating new model for how our minds work. He argues persuasively that emotions, intuitions, and feelings are not distinct things, but different ways of thinking. By examining these different forms of mind activity, Minsky says, we can explain why our thought sometimes takes the form of carefully reasoned analysis and at other times turns to emotion. He shows how our minds progress from simple, instinctive kinds of thought to more complex forms, such as consciousness or self-awareness. And he argues that because we tend to see our thinking as fragmented, we fail to appreciate what powerful thinkers we really are. Indeed, says Minsky, if thinking can be understood as the step-by-step process that it is, then we can build machines -- artificial intelligences -- that not only can assist with our thinking by thinking as we do but have the potential to be as conscious as we are. Eloquently written, The Emotion Machine is an intriguing look into a future where more powerful artificial intelligences await.
Book Synopsis Computation: Finite and Infinite Machines by : Marvin Lee Minsky
Download or read book Computation: Finite and Infinite Machines written by Marvin Lee Minsky and published by Prentice Hall. This book was released on 1967 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why Race Still Matters by : Alana Lentin
Download or read book Why Race Still Matters written by Alana Lentin and published by John Wiley & Sons. This book was released on 2020-04-22 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Why are you making this about race?' This question is repeated daily in public and in the media. Calling someone racist in these times of mounting white supremacy seems to be a worse insult than racism itself. In our supposedly post-racial society, surely it’s time to stop talking about race? This powerful refutation is a call to notice not just when and how race still matters but when, how and why it is said not to matter. Race critical scholar Alana Lentin argues that society is in urgent need of developing the skills of racial literacy, by jettisoning the idea that race is something and unveiling what race does as a key technology of modern rule, hidden in plain sight. Weaving together international examples, she eviscerates misconceptions such as reverse racism and the newfound acceptability of 'race realism', bursts the 'I’m not racist, but' justification, complicates the common criticisms of identity politics and warns against using concerns about antisemitism as a proxy for antiracism. Dominant voices in society suggest we are talking too much about race. Lentin shows why we actually need to talk about it more and how in doing so we can act to make it matter less.
Book Synopsis Why Can't You Afford a Home? by : Josh Ryan-Collins
Download or read book Why Can't You Afford a Home? written by Josh Ryan-Collins and published by John Wiley & Sons. This book was released on 2018-11-26 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.
Download or read book Minsky written by Daniel H. Neilson and published by Polity. This book was released on 2019-09-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: No economist has written more incisively and provocatively on financial crisis than Hyman Minsky. Minsky is best known for his claim that "stability is destabilizing" – that the seeds of the bust are sown in the boom. This financial instability hypothesis received renewed attention – and substantial confirmation – in the global financial crisis of 2008. Minsky's insights are not limited to moments of crisis; they grow out of a comprehensive and critical theory of financial capitalism. This book provides a systematic overview of Minsky's thought, covering his entire body of work. It shows how financial crises arise not as exceptions, but out of the normal operation of a financial capitalist system. It explains why Minsky's theories sit uncomfortably with economics and what efforts have been made to integrate them, and shows how Minsky's work can be incorporated into other fields of social thought. This book will be of interest to students and scholars in economics, political economy, finance, politics, and social theory, as well as to anyone with an interest in the financial system and its tendency toward crisis.
Book Synopsis Macroeconomics by : William Mitchell
Download or read book Macroeconomics written by William Mitchell and published by Bloomsbury Publishing. This book was released on 2019-02-08 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated. The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics and valuable historical context, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of use.