The work of Hyman Minsky represents an important link between Post Keynesians and Institutionalists. This essay begins with a brief summary of Minsky's early work, including his well-known financial instability hypothesis and his policy proposals designed to reform the financial system. It then...

The credit crunch of 1966 has long been recognized as the first significant postwar financial crisis, and it was the first verification of the ''financial instability hypothesis'' that Minsky had been developing since the late 1950s. In the midst of the robust post-war expansion, the Fed...

Most of the recent claims that Social Security faces major financial challenges in the years ahead rely on the recognition that the US population is aging. Indeed, the coming wave of baby-boomer retirements plays a continuing role in calls for 'reform' of the program. However, the general aging...

Modern Money Theory (MMT) has explained why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. It has provided institutional and theoretical insights about the workings of economies with monetarily sovereign and non-sovereign...