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Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets. Minsky's economic theories were largely ignored for decades, until the subprime mortgage crisis of 2008 caused a renewed interest in them. Education A native of Chicago, Illinois, Minsky was born into a fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economics
Post-Keynesian economics is a school of economic thought with its origins in ''The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Alfred Eichner, Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keyne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abba Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist. Biography Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which emigrated to Great Britain when Lerner was three years old. Lerner grew up in London's East End and from age 16 worked as a machinist, a teacher in Hebrew schools, and as an entrepreneur. In 1929, Lerner entered the London School of Economics, where he studied under Friedrich Hayek. A six-month stay at Cambridge in 1934–1935 brought him into contact with John Maynard Keynes. In 1937, Lerner emigrated to the United States. While in the US, he befriended intellectual opponents Milton Friedman and Barry Goldwater. Lerner never stayed at one institution long, serving on the faculties of nearly a dozen universities and accepting over 20 visiting appointments. Lerner was 62 when he was given a professorship at the University of California, Berk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Americans
Americans are the Citizenship of the United States, citizens and United States nationality law, nationals of the United States, United States of America.; ; Although direct citizens and nationals make up the majority of Americans, many Multiple citizenship, dual citizens, expatriates, and green card, permanent residents could also legally claim American nationality. The United States is home to race and ethnicity in the United States, people of many racial and ethnic origins; consequently, culture of the United States, American culture and Law of the United States, law do not equate nationality with Race (human categorization), race or Ethnic group, ethnicity, but with citizenship and an Oath of Allegiance (United States), oath of permanent allegiance. Overview The majority of Americans or their ancestors Immigration to the United States, immigrated to the United States or are descended from people who were Trans Atlantic Slave Trade, brought as Slavery in the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minsky Moment
A Minsky moment is a sudden, major collapse of asset values which marks the end of the growth phase of a cycle in credit markets or business activity. Description According to the hypothesis, the rapid instability occurs because long periods of steady prosperity and investment gains encourage a diminished perception of overall market risk, which promotes the leveraged risk of investing borrowed money instead of cash. The debt-leveraged financing of speculative investments exposes investors to a potential cash flow crisis, which may begin with a short period of modestly declining asset prices. In the event of a decline, the cash generated by assets is no longer sufficient to pay off the debt used to acquire the assets. Losses on such speculative assets prompt lenders to call in their loans. This rapidly amplifies a small decline into a collapse of asset values, related to the degree of leverage in the market. Leveraged investors are also forced to sell less-speculative position ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Instability Hypothesis
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets. Minsky's economic theories were largely ignored for decades, until the subprime mortgage crisis of 2008 caused a renewed interest in them. Education A native of Chicago, Illinois, Minsky was born into a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mauro Gallegati
Mauro Gallegati (born 8 March 1958) is an Italian New-Keynesian economist, scholar of agent-based economics, and professor at Marche Polytechnic University in Ancona, Italy. Biography After having earned his PhD in economics in 1989 at Marche Polytechnic University with a thesis on financial fragility under the supervision of Hyman Minsky, Gallegati has held visiting positions, both as a scholar and as a professor at Washington University in St. Louis, University of Cambridge, Stanford University, Massachusetts Institute of Technology, Columbia University, Santa Fe Institute, Brookings Institution, University of Technology, Sydney, Kyoto University, and ETH Zurich.Curriculum accademico sul sito dell'Università Politecnica delle Marche. He currently teaches advanced [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ha-Joon Chang
Ha-Joon Chang (; ; born 7 October 1963) is a South Korean institutional economist, specialising in development economics. Chang is the author of several widely discussed policy books, most notably ''Kicking Away the Ladder: Development Strategy in Historical Perspective'' (2002). In 2013, ''Prospect'' magazine ranked Chang as one of the top 20 World Thinkers. He has served as a consultant to the World Bank, the Asian Development Bank, the European Investment Bank, as well as to Oxfam and various United Nations agencies. He is also a fellow at the Center for Economic and Policy Research in Washington, D.C. In addition, Chang serves on the advisory board of Academics Stand Against Poverty (ASAP). Biography After graduating from Seoul National University's Department of Economics, he studied at the University of Cambridge, earning an MPhil and a PhD for his thesis entitled ''The Political Economy of Industrial Policy – Reflections on the Role of State Intervention'' in 199 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lars Pålsson Syll
Lars Jörgen Pålsson Syll (born November 5, 1957) is a Swedish economist who is a Professor of Social Studies and Associate professor of Economic History at Malmö University College. Pålsson Syll has been a prominent contributor to the economic debate in Sweden over the global financial crisis that began in 2008. Biography Lars Jörgen Pålsson Syll (born in 1957) received a PhD in economic history in 1991 and a PhD in economics in 1997, both at Lund University. In 1995 he was appointed associate professor in economic history at Malmö University College. In 2004 he was appointed a professor of social studies at Malmö University College. He researches and teaches the history of economic theory and methodology. Other research areas include theories of distributive justice and critical realist social science. He also studied under Hyman Minsky as a young research stipendiate in the U.S. at the beginning of the 1980s. Lars Pålsson Syll has written several books and many articles ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniele Archibugi
Daniele Archibugi (born 17 July 1958 in Rome, Italy) is an Italian economic and political theorist. He works on the economics and policy of innovation and technological change, on the political theory of international relations and on political and technological globalisation. Biography Archibugi graduated with an Economics degree at the University of Rome "La Sapienza" with Federico Caffè, and obtained a D.Phil. degree at SPRU of the University of Sussex under the mentorship of Christopher Freeman and Keith Pavitt. He has worked and taught at the Universities of Sussex, Naples, Cambridge, Sapienza University of Rome, LUISS University of Rome, Ritsumeikan University, Kyoto and SWEFE University, Chengdu. He was Leverhulme Visiting Professor at the London School of Economics, and Lauro de Bosis Visiting Professor at Harvard University. In June 2006, Archibugi was appointed Honorary Professor at the University of Sussex. He currently works at the Italian National Research Coun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and later at Princeton University. He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds the title of Centennial Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephany Griffith-Jones
Stephany Griffith-Jones (born Stepanka Novy Kafka; June 5, 1947) is an economist specialising in international finance and development, with emphasis on reform of the international financial system, specifically in relation to financial regulation, global governance and international capital flows. She is currently member of the Governor Board at the Central Bank of Chile. She has been financial markets director at the Initiative for Policy Dialogue, based at Columbia University in New York and associate fellow at the Overseas Development Institute. Previously she was professorial fellow at the Institute of Development Studies at Sussex University. She has held the position of deputy director of International Finance at the Commonwealth Secretariat and has worked at the United Nations Department of Economic and Social Affairs and in the United Nations Economic Commission for Latin America and the Caribbean. She started her career in 1970 at the Central Bank of Chile. Before joini ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Keen
Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay. Hyman Minsky's financial instability hypothesis forms the main basis of his major contribution to economics which mainly concentrates on mathematical modelling and simulation of financial instability. He is a notable critic of the Australian property bubble, as he sees it. Keen was formerly an associate professor of economics at University of Western Sydney, until he applied for voluntary redundancy in 2013, due to the closure of the economics program at the university. In autumn 2014, he became a professor and Head of the School of Economics, History and Politics at Kingsto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
