Induced Investment and Business Cycles
Hyman P. MinskyISBN: 1843762161;
Book DescriptionThis unique volume presents, for the first time in publication, the original Ph.D. thesis of Hyman P. Minsky, one of the most innovative thinkers on financial markets. Dimitri B. Papadimitriou?s introduction places the thesis in a modern context, and explains its relevance today. The thesis explores the relationship between induced investment, the constraints of financing investment, market structure, and the determinants of aggregate demand and business cycle performance. Forming the basis of his subsequent development of financial Keynesianism and his ?Wall Street? paradigm, Hyman Minsky investigates the relevance of the accelerator-multiplier models of investment to individual firm behavior in undertaking investment dependent on cost structure. Uncertainty, the coexistence of other market structures, and the behavior of the monetary system are also explored. In assessing the assumptions underlying the structure and coefficient values of the...
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