Hyman Minsky School of Thought
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The Hyman Minsky School of Thought is a post-Keynesian economic perspective emphasizing the inherent instability of financial markets and the tendency of periods of stability to breed speculative excess and crisis.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Hyman Minsky School of Thought canonical | 1 |
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
economic school of thought
ⓘ
post-Keynesian perspective ⓘ |
| associatedWith |
Levy Economics Institute of Bard College
NERFINISHED
ⓘ
heterodox macroeconomic modeling ⓘ post-Keynesian economists ⓘ |
| contrastsWith |
neoclassical efficient markets view
ⓘ
rational expectations macroeconomics ⓘ |
| coreConcept |
Big Government and Big Bank stabilization
ⓘ
Minsky cycle ⓘ Minsky moment ⓘ debt deflation ⓘ endogenous financial instability ⓘ endogenous money ⓘ financial instability hypothesis ⓘ fragility of financial structures ⓘ leverage dynamics ⓘ role of credit in the business cycle ⓘ speculative bubbles ⓘ |
| critiques |
belief in self-stabilizing markets
ⓘ
excessive financial deregulation ⓘ reliance on microprudential regulation alone ⓘ |
| emphasizes |
endogenous generation of financial crises
ⓘ
historical time and path dependence in economics ⓘ importance of balance sheets in macroeconomics ⓘ inherent instability of financial markets ⓘ interaction between real and financial sectors ⓘ pro-cyclical behavior of finance ⓘ role of uncertainty in investment and finance ⓘ |
| field |
financial economics
ⓘ
macroeconomics ⓘ monetary economics ⓘ post-Keynesian economics ⓘ |
| influenced |
macroprudential regulation debates
ⓘ
modern financial instability literature ⓘ post-2008 crisis policy discussions ⓘ |
| influencedBy |
Institutionalist economics
NERFINISHED
ⓘ
John Maynard Keynes NERFINISHED ⓘ Keynesian uncertainty NERFINISHED ⓘ Michał Kalecki NERFINISHED ⓘ |
| namedAfter | Hyman P. Minsky NERFINISHED ⓘ |
| supportsPolicy |
countercyclical fiscal policy
ⓘ
lender of last resort interventions ⓘ macroprudential oversight ⓘ strong financial regulation ⓘ |
| theorizes |
crises are normal outcomes of capitalist finance
ⓘ
financial fragility increases during economic expansions ⓘ financial systems evolve from hedge finance to speculative finance to Ponzi finance ⓘ periods of stability encourage risk-taking and leverage ⓘ |
| viewsCrisesAs | systemic outcomes rather than exogenous shocks ⓘ |
| viewsFinancialInstitutionsAs | active creators of money and credit ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.