Since around 2000 the education premium and the level of employment in high-skill occupations has stagnated, if not actually begun to shrink. This brings into question the generally held view that in advanced countries, while potentially harmful for those who work with their hands, globalization...

This paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially stabilizing, not because it reduces the excessive volume of transactions, but because it can slow the speed with which...

In this paper our objective is to sketch out an alternative understanding of Minsky as an evolving research agenda.At the most general level we hold that a Minksyan way of looking at the world boils down to few basic propositions: (i) in a financial capitalist economy, credit is procyclical in...

The massive US stimulus that has just been enacted is liable to raise questions sooner or later about the viability of the dollar in financial markets. It is true that no currency today – or, in the foreseeable future - seems capable of providing a safer alternative to the dollar, but that...

The essay argues that a crisis of collective agency is at the root of the global economic crisis we face today. The secret of prosperous capitalism, the so-called golden age, was the ability of the state to uniformly impose welfare enhancing market restrictions that made it possible to husband...

The essential insight Minsky drew from Keynes was that optimistic expectations about the future create a margin, reflected in higher asset prices, which makes it possible for borrowers to access finance in the present. In other words, the capitalized expected future earnings work as the...