Stabilizing an Unstable Economy

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Hyman P. Minsky

Translated to Russian by Yu. Kapturevsky; under scientific editing by I. Rozmainsky. Moscow; Saint-Petersburg: Gaidar Institute Press; Faculty of Liberal Arts and Sciences SPbSU, 2017. – 624 p. – (New Economic Thinking).

ISBN 978-5-93255-470-8

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.
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.