Happy New Year 2012 and it is a nice opportunity for me to thank you much for visiting my blog.

(Card courtesy: Hallmark)

Hyman Minsky and Money

Did Hyman Minsky truly understand the endogenous nature of money?

The Levy Institute is one my favourite places in the world, but have been there only once :(. Here’s a picture of the nice garden at the institute I took.

Brings me to the main point of my post. The Institute has made an archive of Minsky’s works and you can reach the page by clicking the link below:

I came across a discussion on whether Minsky was really stuck with the loanable funds model of credit. I found an article he had written titled “Financial Institutions, Economic Policy and the Dynamic Behavior of the Economy” with two co-authors in 1994.

On page 10 (i.e., page 12 of the pdf document) the authors have this to say:

Further on page 12 (page 14 of the pdf):

Decide for yourself on the question posted earlier.

Update 22 January 2012: Withdrew a statement made on Sir Dennis Robertson