An Insider’s View on the Economics of Hyman Minsky
Chapter 8: Micro and macro in Minsky’s models
This chapter starts deepening Minsky’s contributions and, in particular, it considers the different solutions offered to the methodological problems arising from the presence of heterogeneous agents interacting within a dynamic system. The thesis put forward is that underlying this variety of proposals there are two unifying principles. First, macro dynamics are dominated by a complex set of forces that can generate instability along with a set of policies and institutions that can thwart it. Second, microeconomics tends to be macrofounded. The variety of approaches underlying the micro–macro relationships is a sign of richness in a research field where compromises are inevitable.
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