First paragraph: Hyman P. Minsky (1975; 1982a and 1986) presented his »financial instability hypothesis« (FIH) as a cyclical interpretation of The General Theory (TGT) which highlighted Keynes's most innovative insights. This paper compares Minsky's FIH with the 22nd Chapter of TGT, which Keynes...

Robert W. Clower has had a profound effect on the theory and practice of economics. The distinguished group of contributors to this book celebrates his seminal contribution to economic methodology and theory by providing key accounts of important themes in the area of money, markets and method.

Minsky was not the faithful interpreter of iThe General Theory/i that he supposed himself to be: he applied Keynes's economics to a system with upward instability, intrinsically prone to overindebtedness and overinvestment. From this perspective, Minsky had the indisputable merit of questioning...

The heterodoxy of Robert Clower, Axel Leijonhufvud and Hyman Minsky consisted in dispensing with the dominant assumption according to which the system spontaneously tends to a situation of full coordination. In analysing the effective disequilibrium behaviour of the system, all three came to the...