tag:blogger.com,1999:blog-6245381193993153721.post3243137184422813236..comments2024-03-17T00:23:24.896-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Was Hyman Minsky a Post Keynesian?Lord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-6245381193993153721.post-71066605464910275462012-07-23T05:27:56.975-07:002012-07-23T05:27:56.975-07:00Minsky cannot have been a neoclassical; that is im...Minsky cannot have been a neoclassical; that is impossible. His entire theory is predicated on the notion that money is not neutral and the future is uncertain. <br /><br />If he was content with using IS-LM models, then he was contradicting himself. IS-LM models presuppose Say's Law. Minsky's FIH accuses excessive credit creation of being the cause of depressions; economies with private credit, by definition, do not obey Say's Law, as aggregate demand, in a credit money system, is equal to income plus the change in debt.<br /><br />Minsky may not have <i>thought</i> he was a Post-Keynesian, but his work had all the hallmarks of it: non-neutral money, uncertainty about the future, dynamic modelling, institutions, etc.<br /><br />He actually said in <i>John Maynard Keynes</i> that it was absurd to try and understand his theory from a neoclassical, equilibrium perspective.<br /><br />What I am interested in knowing, on a somewhat related note, is how many percent of all Post-Keynesian economists explicitly reject Minsky.mojo.rhythmhttps://www.blogger.com/profile/14901306439675127615noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-62942118261788517822012-04-11T22:41:00.329-07:002012-04-11T22:41:00.329-07:00The quote from Davidson is astonishingly wide of t...The quote from Davidson is astonishingly wide of the mark. Has he read Minsky's book on Keynes? It should be cited ahead of the Minsky papers you cite.Taylorhttps://www.blogger.com/profile/00800355100440993552noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-64221072046089536682012-04-09T06:03:25.186-07:002012-04-09T06:03:25.186-07:00Thanks for your comment.
I have added an update a...Thanks for your comment.<br /><br />I have added an update above and linked to your excellent paper “The Return of Vulgar Economics: A Rejoinder to Colander, Holt and Rosser.” <br /><br />regardsLord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-14531147909587577912012-04-09T05:47:36.091-07:002012-04-09T05:47:36.091-07:00Had a similar debate with Colander, Holt and Rosse...Had a similar debate with Colander, Holt and Rosser. They suggest that Minsky was not an heterodox economist, but an author of what they refer to as the "edge of the mainstream." My reply here http://www.econ.utah.edu/activities/papers/2011_14.pdf I would agree with your assessment. He was an heterodox Keynesian (note that sometimes Post Keynesian is just that, not necessarily it means that you emphasize fundamental uncertainty as the main element in Keynes' theories).Matias Vernengohttps://www.blogger.com/profile/09521604894748538215noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-56051544641778864472012-04-06T06:27:44.141-07:002012-04-06T06:27:44.141-07:00I don't think that Dr. Brady is saying that Hy...I don't think that Dr. Brady is saying that Hyman Minsky didn't do a good job. I think Dr. Brady is saying that Minsky could have shown that J.M. Keynes had long ago proven (on theoretical terms) the special case of Subjective Expected Utility.Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-70226172510708138432012-04-06T06:16:56.360-07:002012-04-06T06:16:56.360-07:00From the preface & acknowledgements: Stabilizi...From the preface & acknowledgements: <i>Stabilizing an Unstable Economy</i> is in the post-Keynesian tradition, which I take to mean that Keynes provides us with the shoulders of a giant upon which we can stand in order to see far and deep into the essential character of advanced capitalist economies. However, being post-Keynesian does not mean being slavishly dependent on the works of the "Great Man." .."<br /><br />Making differentiations based on distinctions between such statements and whatever he said to Davidson, in light of the objective tenor and living influence of Minsky's work, is not all that useful, imho.Calgacushttps://www.blogger.com/profile/06031818010224747000noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-75634245106629311642012-04-06T06:13:14.317-07:002012-04-06T06:13:14.317-07:00Obviously there is an interesting story involving ...Obviously there is an interesting story involving how the TP relates to the GT.<br /><br />But I am not sure why Minsky needed an advanced understanding of the TP to do outstanding work on finance, credit and business cycles.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-13600453609373556342012-04-06T06:10:04.317-07:002012-04-06T06:10:04.317-07:00What did you make of it?What did you make of it?Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-77667686810861490502012-04-06T06:05:42.998-07:002012-04-06T06:05:42.998-07:00In case you haven't, I'll point the commen...In case you haven't, I'll point the comment out for you. Dr. Brady states he turned down the opportunity to have a graduate seminar with Hyman Minsky at UC Riverside.<br /><br /><i>Thanks for your comment. Unfortunately,the author deals with Bentham in only two paragraphs on two pages in his book .The same treatment is given with Adam Smith. The author, like yourself, is completely ignorant of the real clash between Keynes and Hayek, which is over the asset demand for money (speculative demand for money). If there are no M2 (M2=0) balances, given M = M1 +M2, where M is the total demand for money, M1 the Transactions demand for money and M2 the speculative demand for money, then there will be no involuntary unemployment. This is the same point made by Smith in his debate with Bentham. I never took Sherman's macro class because I had received grades of A- and A+ (A on my transcript as CGS had stopped issuing A+ grades) in the two semester macroeconomics PH.D sequence at Claremont Graduate School. I transferred to UC Riverside to write my dissertation on the connection between the TP and GT. I easily passed the doctoral exam in macroeconomics at UCR. <b>I have read Minsky's works. However,there are deficiencies in his work due to his inability to understand the TP(1921). This is why I did not attend Minsky's week long visit to UC Riverside in late 1982.</b></i>Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-47075371578169454102012-04-06T06:03:45.814-07:002012-04-06T06:03:45.814-07:00Yes, this remark:
"I transferred to UC River...Yes, this remark:<br /><br /><i>"I transferred to UC Riverside to write my dissertation on the connection between the TP and GT. I easily passed the doctoral exam in macroeconomics at UCR. I have read Minsky's works. However, there are deficiencies in his work due to his inability to understand the TP (1921). This is why I did not attend Minsky's week long visit to UCRiverside in late 1982.</i>Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-59310120062219850822012-04-06T05:43:51.596-07:002012-04-06T05:43:51.596-07:00Did you see the remark in which Dr. Brady refers t...Did you see the remark in which Dr. Brady refers to Hyman Minsky?Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-34675958893499478002012-04-06T05:42:02.063-07:002012-04-06T05:42:02.063-07:00They are all very interesting reviews.
I find it...They are all very interesting reviews. <br /><br />I find it somewhat strange to see this, however:<br /><br /><i>"<b>The increased government spending advocated by Keynes in the 1930's was public infrastructure spending alone.</b> It had nothing to do with tax cuts or discretionary demand management policies using changes in interest rates /tax rates. These are the ideas of Abba Lerner, Alvin Hanson, Walter Heller, James Meade and James Tobin ,not J M Keynes. Volume 27 of the Collected Writings of JMK has nearly 300 pages of exchanges between Keynes and the advocates of demand management. <b>Keynes is not a fiscalist".</b></i><br /><br />http://www.amazon.com/review/R3SYHVKESKHER1<br /><br />Since deficit-financed public works is designed to use fiscal policy to affect AD, it is perplexing to see someone say that Keynes was "not a fiscalist".Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-14604229742908691632012-04-06T05:35:01.086-07:002012-04-06T05:35:01.086-07:00Actually, I was wrong. It's on the first page ...Actually, I was wrong. It's on the first page of the comments, and Dr. Brady does refer to Minsky.Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-73836883526601484712012-04-06T05:28:18.966-07:002012-04-06T05:28:18.966-07:00Speaking of Hyman P. Minsky, have you ever read Dr...Speaking of Hyman P. Minsky, have you ever read Dr. Michael Emmett Brady's reviews of his three books?<br /><br />http://www.amazon.com/review/R34SWL4LIXU3O6/<br /><br />http://www.amazon.com/review/R263ZHZI949TZQ<br /><br />http://www.amazon.com/review/R2JR6TLJJ3Y6UY/<br /><br />Also, you might want to check the comments on his review of Nicholas Wapshott's book. Go to the second page of comments, for it reveals an interesting personal anecdote.<br /><br />http://www.amazon.com/review/R3SYHVKESKHER1Blue Auroranoreply@blogger.com