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Minsky's 'induced investment and business cycles'

Toporowski, Jan

Authors

Jan Toporowski



Abstract

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some antecedents of Minsky's ideas in the work of Henry Simons, and highlights the Marshallian monetary analysis that he adopted. It is argued that this analysis is incompatible with the Kaleckian theory of profits that Minsky was later to adopt.

Citation

Toporowski, J. (2008). Minsky's 'induced investment and business cycles'. Cambridge Journal of Economics, 32(5), 725-737. https://doi.org/10.1093/cje/bem059

Journal Article Type Article
Publication Date Sep 1, 2008
Deposit Date Jun 15, 2012
Journal Cambridge Journal of Economics
Print ISSN 0309-166X
Electronic ISSN 1464-3545
Publisher Oxford University Press
Peer Reviewed Peer Reviewed
Volume 32
Issue 5
Pages 725-737
Book Title The World Economy in Crisis - The Return of Keynesianism
ISBN 978-3-89518-806-0
DOI https://doi.org/10.1093/cje/bem059


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