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Recent Posts

WHY MINSKY MATTERS: Part One | The Bagehot Post

WHY MINSKY MATTERS: Part One: My friend Steve Keen recently presented a “primer” on Hyman Minsky ; you can read it here: http://www.economonitor.com/blog/2012/03/a-primer-on- minsky / In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky . In particular Krugman's equilibrium approach and … dynamics was contrasted to Minsky's rich analysis. Finally, Krugman's model of debt deflation … [...]

Economics without a blind-spot on debt | The Bagehot Post

Ben Bernanke rejected Irving Fisher's “Debt Deflation ” explanation for the Great Depression on this basis; after noting that Fisher did influence Roosevelt's policies, Bernanke added that: 'Fisher's idea was less influential in academic circles, though, because of the … It also is the primary way in which speculation on asset prices is financed, as Minsky emphasised ( Minsky 1982, p. 24). The crisis we are in suddenly becomes entirely explicable—and predictable before … [...]

Correcting Robert Samuelson on Japan and Deflation

Samuelson gets some of the other aspects of this issue wrong. For example, he says that Japan's deflation is a problem in part because falling prices cause people to delay purchases since items will be cheaper in the [...]