Date:14.05.2016, 16:44 Please visit the MR store for subscription options. Thank you very much. Eds. Correspondence Minskys Moment Aside from Keynes, no economist seems to have benefitted so much from the financial crisis of 2007-08 as the late Hyman Minsky. Minskys financial instability hypothesis explains how financial markets filled this hole and filled it for far longer than might reasonably have been expected. Viewed from this perspective, the mechanisms identified in Minskys financial instability hypothesis are critical to understanding. The interpretation placed on the crisis matters enormously for policy prescriptions in response to the crisis. If the crisis were a pure Minsky crisis, all that would be needed would be financial reregulation aimed at putting speculation and excessive. The basic Minsky cycle is present in every business cycle. It is complemented by the super-Minsky cycle that works over a period of several business cycles. This super-cycle is a process that transforms business institutions, decision-making conventions, and the. Indeed, paradoxically, financial reregulation could even slow growth because easy access to credit is a major engine of the neoliberal growth model. Taking away that engine while leaving the model unchanged, therefore promises even slower growth.
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