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Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919-96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist's critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it.
As Wray explains, Minsky's most important idea is that "stability is destabilizing": to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky's insight. Wray also introduces Minsky's significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability.
A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe--and what we can do about it.
- Sales Rank: #211911 in Books
- Published on: 2015-11-03
- Original language: English
- Number of items: 1
- Dimensions: 8.60" h x 1.10" w x 5.70" l, .0 pounds
- Binding: Hardcover
- 288 pages
Most helpful customer reviews
16 of 16 people found the following review helpful.
Excellent Introduction to Minsky
By Anne e Nonomous
I've already read a number of Minsky's own writings, but I purchased this book anyway because I'd like to introduce my son, a college freshman Econ major, to Minsky.
Wray has written a clear and concise summary of Minsky's work. This is a perfect introduction to some of the most important economic thought ever. Minsky can explain the business cycle - unlike the nonsensical economics that I learned at U Chicago. And he proposes common sense remedies to reduce economic fragility and to help vulnerable workers and the unemployed.
So who should buy this book? Anyone who has studied economics, or who is interested in the challenges of modern capitalism. And that includes people who aren't adept at math - Wray has done a wonderful job at writing clear and concise prose. Highly recommended.
18 of 20 people found the following review helpful.
A very good succinct introduction to Minsky geared towards novices
By Yoda
Any review of this book needs to start out by attempting to answer the question “what it the intended audience for this book”? The answer is definitely not anyone who has read and thoroughly understands his two major works “Stabilizing an Unstable Economy” and “Can it Happen Again? Essays on Instability and Finance”. If one has already read both of these books (probably as a graduate student or an undergraduate at one of the nation’s better undergrad econ departments) this book would prove a waste time. The book is intended instead as a non-mathematical introduction to Minsky for undergrad students in a second macroeconomics class or a business/financial cycles class or for econ majors who studied many years ago and were deprived of an introduction to him (due the almost religious belief at the time in many, if not most, econ departments in rational expectations/market theory). On the first page of the preface the author states:
“I am trying to make Minsky’s ideas accessible to a wider audience…this book will explain Minsky’s most important contributions in a jargon-free plain English. I explain “why Minsky matters” for those who might have heard the name Minsky in recent years and want to delve into the man’s contributions – much as one might try to figure out why Charles Darwin matters, or Sigmund Freud or Milton Friedman”.
The book contains an introduction to Minsky’s financial theory, particularly how stability given enough time and the complacency that accompanying stability breeds instability (the implication being that, unlike rational expectations theory, that economies are inherently unstable), as well as his theories on how bouts of instability can be fought, what he believed the role of finance should be in the economy and what institutional structures and reforms can best reduce instability in the financial sector. In addition, there is a discussion of his views on how best to reduce poverty (in his view the best way to do this is by targeting employment directly via the government serving as a last resort employer of the most hard core unemployed at the minimum wage).
Due to the book’s relatively short length, however (about 200 pages of text), these topics are only covered upon in a rudimentary manner as opposed to in an in-depth fashion. Plus the mathematics behind his views are totally ignored. Hence the book is, as the preface states, geared to the novice. For those seeking just this though the book does a very good job. They will obtain a basic idea of Minsky’s main theories and views. Highly recommended despite its short length and the fact that this only allows the topic to be touched upon rather than be examined in great detail.
7 of 7 people found the following review helpful.
Hyman Minsky for dummies
By J. Davis
I don't mean my headline as an insult. The book is excellent, a succinct overview of Minsky's contribution to economics. In about 200 pages, Wray, his former student, explains Minsky's philosophy very well; he avoids unnecessary academic jargon and advanced mathematical formulas. Wray rightly describes himself as a translator from Minsky's "turgid" style to plain English. (Paul Krugman used the same word to describe Minsky's writing, so I think it's a very appropriate adjective).
The book seems to argue--and I agree--that other than Keynes, Minsky probably contributed more to the field of economics than anyone else. Few economists, then or now, understood so well how financial crisises occur, and equally important, how to recover from them. Like Keynes, Minsky favored big government and stimulus spending in recessions but low spending and small deficits during normal economic times. Why Minksy Matters is an invaluable book on a great mind whose contributions were never given sufficient credit by the general public or even his fellow economists.
I also suggest studying a more comprehensive book of Minsky's writings, summed up in Stabilizing An Unstable Economy.
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