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John Maynard Keynes

  “Today, Mr. Minsky's view [of economics] is more relevant than ever.”- The New York Times“Indeed, the Minsky moment has become a fashionable catch phrase on Wall Street.”-The Wall Street JournalJohn Maynard Keynes offers a timely reconsideration of the work of the revered economics icon. Hyman Minsky argues that what most economists consider Keynesian economics is at odds with the major points of Keynes's The General Theory of Employment, Interest, and Money. Keynes and Minsky refuse to ignore pervasive uncertainty. Once uncertainty is given center stage, recurring episodes of financial system crises are all but inescapable. As Robert Barbera notes in a new preface, “Benign economic circumstances…invite increasingly aggressive financial market wagers. Innovation in finance is a signature development in a capitalist economy. Once leveraged wagers are in place, small disappointments can have exaggerated consequences.” Thus for Minsky economic calm on Main Street engenders financial system fragility which, in turn, ensures a perpetuation of boom and bust cycles.Minsky colleagues Dimitri B. Papadimitriou and L. Randall Wray write in a new introduction, “We offer this new edition, in the hope that it will contribute to the reformation of economic theory so that it can address the world in which we actually live-the world that was always the topic of Minsky's analysis.”


STABILIZING AN UNSTABLE ECONOMY

  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.


Stablizing an Unstable Economy

  “Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street JournalIn 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 instabilityBooms and busts as unavoidable results of high-risk lending practices“Speculative finance” and its effect on investment and asset pricesGovernment's role in bolstering consumption during times of high unemploymentThe need to increase Federal Reserve oversight of banksHenry 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.


The Cost of Capitalism : Understanding Market Mayhem and Stabilizing our Economic Future

  A Street economist's strategy for managing market madness The Cost of Capitalism is a must-read and a thoroughly enjoyable one for those who want to understandthe Crisis of 2008 and hammer out a new framework for decision making.' Jared L. Cohon, President, Carnegie Mellon University 'Readers who absorb the lessons of this book will be armed with more than mere technique; they will acquire an attitude that will make them better investors for the rest of their lives. Paul DeRosa, Principal, Mt. Lucas Management Corp. The Cost of Capitalism translates the economic diagnoses and theories of my father, Hyman Minsky.It captures the vivacity of a post dinner conversation not coincidentally my father's favorite forum for elaborating, educating, and entertaining. Diana Minsky, Art Historian, Bard College 'Lucid, intriguing, brilliant! Barbera combines the uncertainty and speculation of Keynes with Schumpeter's 'Creative Destruction' and Hy Minsky's 'Deflationary Destruction' into a tasty stew.' James R. Schlesinger, former Director, Central Intelligence Agency 'Long ago, Bob taught me that if you don't know Minsky, you don't know nothing. This work shows the path out of nothingness.' Paul A. McCulley, Chief Investment Officer, Pacific Investment Management Company 'Barbera's recommendations are profound in their simplicity. Let us hope Wall Street, Main Street, Washington, and academia embrace them.' Jack Rivkin, former Chief Investment Officer, Neuberger Berman 'This is truly an extraordinary book that should be of great interest to an extremely wide audience from Wall Street practitioners to economics and finance scholars.' Louis Maccini, Professor of Economics, Johns Hopkins UniversityFrom the panic of 1987 to the tech-bubble burst of 2000, the past two decades have witnessed a series of financial crises, each more disruptive than the last. Unfortunately, they all seem like dress rehearsal for today's debacle. In hindsight, the precipitating factors responsible for each crisis seem clear, yet, in every case, mainstream economists and policy makers were caught off guard. Why didn't they see it coming? What should they have known but didn't? And, most critically, how must they adjust their thinking going forward? Cost of Capitalism , Robert Barbera provides compelling answers to all these questions. In the process, he offers the most cogent analysis yet of today's crisis and explains how to manage the ever present potential for mayhem intrinsic to free market economies without stunting innovation and growth. At the core of Barbera's thinking are three assumptions: first, boom and bust cycles have been stoked since 1985 by finance, not inflation; second, Main Street stability paradoxically invites excessive risk taking on Wall Street; and last, these things set the stage for small setbacks to deliver cataclysmic consequences. Barbera applauds current efforts to unabashedly infuse public money into the global economy. It's the only way, he says, to prevent another Great Depression. And, looking beyond the crisis of the moment, Barbera contends that mainstream thinkers need to form a new economic paradigm by embracing the insights of free market champions like Joseph Schumpeter and the cautionary wisdom of Hyman Minsky. Financial market mayhem comes with the territory in a free market system. Nonetheless, innovators and their bankers still offer the world the best chance for a prosperous twenty-first century. Economists, policymakers, and investors must begin to redefine their understanding of free market capitalism. The Cost of Capitalism  will set them on that course.

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