Hyman P Minsky came into my consciousness through my Professor Perry Merhling late last year which was more fortified by the Professors book The vision of Hyman Minsky which he wrote. In our lecture this is what Professor Minsky said, and I quote: . .. is about Hyman Minsky. Maybe you remember the one of,this was a fellow I knew, Hyman Minsky, as a matter of fact. Hes very much in this tradition, this American tradition that I mentioned to you of, of Wesley Clair Mitchell, of Ed Shaw, of Morris Copeland. Im going to tell you more about Morris Copeland today. and the tradition that I consider my own ancestry, so Im trying to do my best to live up to this, to my intellectual fathers here. When this crisis, the financial crisis in the United States started to happen the New Yorker had a very famous talk of the town lead article. saying that this was a Minsky moment. That it was for, for somebody like, like Hy who grew up in . If he had been alive, that would be immortality to have an article in New Yorker appreciating your work. After all those decades of not being appreciated by economists. So he will have something, he was thinking about he had something called the financial instability hypothesis that he pushed. I write about that in that article. suggesting that there was something inherently unstable about financial systems and that the role of the Central Bank is to kind of put bounds on that and prevent it from flying off into space. Either on the upside or on or on the downside. And its not so easy to do that. Thats a very different vision the financial system than this notion sort of technocratic vision of well, we need to like, move the fed funds rate another 25 basis points in order to get it just right or something. So his mentality was on that was prepared for financial crisis. And I suppose in a sense maybe mine is too. Read more about Hyman Minsky on the article below:
Posted on: Mon, 24 Mar 2014 13:10:46 +0000
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