Stabilizing an Unstable Economy and over 2 million other books are available for Amazon Kindle . Learn more
  • RRP: £25.99
  • You Save: £7.30 (28%)
FREE Delivery in the UK.
Only 4 left in stock (more on the way).
Dispatched from and sold by Amazon.
Gift-wrap available.
Quantity:1
Stabilizing an Unstable E... has been added to your Basket
+ £2.80 UK delivery
Used: Very Good | Details
Sold by owlsmart_usa
Condition: Used: Very Good
Comment: Pages are clean and free of writing and or highlighting. Cover edges show some wear from reading and storage.
Trade in your item
Get a £6.67
Gift Card.
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

Stabilizing an Unstable Economy Hardcover – 1 May 2008

5 customer reviews

See all 3 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle Edition
"Please retry"
Hardcover
"Please retry"
£18.69
£14.20 £14.14
£18.69 FREE Delivery in the UK. Only 4 left in stock (more on the way). Dispatched from and sold by Amazon. Gift-wrap available.

Special Offers and Product Promotions

  • Win a £5,000 Amazon.co.uk Gift Card for your child's school by voting for their favourite book. Learn more.
  • Prepare for the summer with our pick of the best selection for children (ages 0 - 12) across Amazon.co.uk.

Frequently Bought Together

Stabilizing an Unstable Economy + John Maynard Keynes + Can "It" Happen Again?: Essays on Instability and Finance
Price For All Three: £64.42

Buy the selected items together


Win a £5,000 Amazon.co.uk Gift Card and 30 Kindle E-readers for your child or pupil's school.
Vote for your child or pupil(s) favourite book(s) here to be in with a chance to win.

Product details

  • Hardcover: 350 pages
  • Publisher: McGraw-Hill Professional (1 May 2008)
  • Language: English
  • ISBN-10: 0071592997
  • ISBN-13: 978-0071592994
  • Product Dimensions: 22.6 x 3.8 x 23.6 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Bestsellers Rank: 21,386 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, and more.

Product Description

From the Back Cover

Praise for the prescient work of Hyman P. Minsky

“Twenty-five years ago, when most economists were extolling the virtues of financial deregulation and innovation, a maverick named Hyman P. Minsky maintained a more negative view of Wall Street; in fact, he noted that bankers, traders, and other financiers periodically played the role of arsonists, setting the entire economy ablaze.”
--John Cassidy, The New Yorker

“The journey from subprime mortgages to a major credit crisis, a weak economy and broken business models in finance could all have been foreseen through Hyman Minsky’s perspectives. His work remains essential to understanding the ground beneath us and the path ahead.”
―-George Magnus, Senior Economic Adviser, UBS Investment Bank

“It is time to revive an old issue: Just how inherently unstable are economies? But instead of getting much guidance these days from contemporary economists, we need to turn to some of the giants from the past. The work of Hyman Minsky . . . is especially on the mark.”
--Jeff Madrick, The New York Times

“Hyman Minsky's work has never been more valuable. His financial instability hypothesis, complete with hedge, speculative and ponzi units, has played out to a T in the U.S. property and mortgage markets over the last half decade.”
--Paul McCulley, Managing Director, PIMCO

“As it happens, Minsky is enjoying something of a revival. Two of his books, John Maynard Keynes, and Stabilizing an Unstable Economy were just republished by McGraw-Hill, and his contention that stability is inherently unstable seems more relevant than ever in the aftermath of the period of low market volatility that ended in the current crisis.

"In the latter of those books, published in 1986, Minsky wrote, 'If the institutions responsible for the lender-of-last resort function stand aside and allow market forces to operate, then the decline in asset values relative to current output prices will be larger than with intervention; investment and debt financed consumption will fall by larger amounts; and the decline in income, employment and profits will be greater.' In other words, without government bailouts, there can be a downward spiral.”
--The New York Times

About the Author

Hyman P. Minsky, Ph.D., was an American economist who studied under Joseph Schumpeter and Wassily Leontief. He taught economics at Washington University, University of California--Berkeley, Brown University, and Harvard University. Minsky joined the Jerome Levy Economics Institute of Bard College as a distinguished scholar in 1990, where he continued his research and writing until a few months before his death in October, 1996. His two seminal books were Stabilizing an Unstable Economy and John Maynard Keynes.


Inside This Book

(Learn More)
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index
Search inside this book:

What Other Items Do Customers Buy After Viewing This Item?

Customer Reviews

5.0 out of 5 stars
5 star
5
4 star
0
3 star
0
2 star
0
1 star
0
See all 5 customer reviews
Share your thoughts with other customers

Most Helpful Customer Reviews

39 of 40 people found the following review helpful By William Podmore on 29 April 2009
Format: Hardcover
This classic work of political economy, first published in 1986, has valuable lessons for us today. Minsky studies the recessions of 1975 and 1982, economic theory, institutions, particularly banks, and finally presents an agenda for reform.

Financial traumas have led to ever-worse recessions, in 1970, 1975, 1979-80, 1982, 1987, 2002 and the present. As he notes, "the normal functioning of our economy leads to financial trauma and crises, inflation, currency depreciations, unemployment, and poverty in the midst of what could be virtually universal affluence - in short, .. financially complex capitalism is inherently flawed." Yet he believes, "the collapse of aggregate demand and profits, such as occasionally occurred and often threatened to occur in pre-1933 small government capitalism, is never a clear and present danger in a Big Government capitalism such as has ruled since World War Two." Life is disproving this hope.

What causes these recessions? Minsky writes, "the Wall Streets of the world are important; they generate destabilizing forces. ... This instability is not due to external shocks or to the incompetence or ignorance of policy makers. Instability is due to the internal processes of our type of economy. The dynamics of a capitalist economy which has complex, sophisticated, and evolving financial structures leads to the development of conditions conducive to incoherence - to runaway inflations or deep depressions." Strangely, capitalism can't handle capital: "capitalism is flawed precisely because it cannot readily assimilate productive processes that use large-scale capital assets."

What is to be done? He warns, "Meaningful reforms cannot be put over by an advisory and administrative elite that is itself the architect of the existing situation.
Read more ›
2 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
8 of 8 people found the following review helpful By Rolf Dobelli TOP 1000 REVIEWER on 20 Jan. 2012
Format: Hardcover
The late professor Hyman P. Minsky wrote this study of economic volatility in 1986, as an era of frequent economic crises was shaking investors' confidence. His treatise remains relevant today. Minsky doesn't mention dot-com bubbles or subprime mortgages, yet he manages to nail contemporary economic reality. As the economist who lent his name to "the Minsky Moment," that point in time when markets tip from prosperity to crisis, he often repeats his concerns about income inequality, seeming to predict the current debate about ever-increasing concentrations of wealth. But in case you consider labeling Minsky as just a tax-and-spend liberal, consider that he frowns on welfare and long-term unemployment benefits. He's no master stylist as a writer, but Minsky's prose is generally clear enough to reward readers who seek his insight. getAbstract recommends this classic analysis to readers seeking a skeptical perspective on free markets.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
16 of 17 people found the following review helpful By demola on 18 Mar. 2012
Format: Hardcover
One hundred and forty three reviews for Jo Nesbo's The Redbreast but just three for Minsky. We live in a world where economic forces are our first order of concern but people cannot be bothered to read about it. But they read asinine propaganda in their daily newspapers and on television and come away thinking macroeconomics is just like home economics. And politicians, who perhaps don't understand any better and anyway who have their mouths stuffed with bribery/campaign money, have a field day hoodwinking the electorate.

You need to come to Minsky after having read orthodox macroeconomic texts. The ones that start with Adam Smith ("the invisible hand" and all that malarkey), then move on to the American Depression of the 1930s (so we can understand why economics is important) before leading readers like sheep to the altar towards those ubiquitous demand and supply diagrams. In this world, constructed and presided over by our priests the neoclassical economists, prices are democratic and competition is perfect. Regulators always act quickly to set to rights any market inefficiencies and oligomonopolies are well behaved because they always sell where marginal cost equals marginal price.

What Minsky does is come in through the side door and upend this lie. Because, when we look at the real world (not the parallel universe imagined by neoclassical economists) things don't work as we've been brainwashed to believe. Minsky starts off explaining that profits can only be made when people are paid less than they produce. Those profits must be reinvested on investment or in higher wages. Add in government deficits and the human impulse to profit (leading to over-investment or excessive credit) and you get a virtuous cycle that leads to the boom before the bust.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
3 of 3 people found the following review helpful By Raoul Deuss on 14 Jan. 2013
Format: Hardcover Verified Purchase
If you read "Freefall" (Stiglitz), "23 Things They Don't Tell You About Capitalism" (Ha-Joon Chang), "Theory of Economic Development" (Schumpeter) or Krugman, or Keynes, even Hayek or Friedman, you still need to read this work: this book will give you a very good and clear inside in the macro-economic principles behind crises and how to bring the economic back in balance.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
6 of 8 people found the following review helpful By Clive M. Corcoran on 26 Sept. 2010
Format: Hardcover
This is well worth reading as an antidote to most mainstream books on macro-economics. Minsky makes the case that most behaviour within the financial world is de-stabilizing and that bubbles are an inevitable consequence of Ponzi financing.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again


Feedback