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Minsky’s Moment

An Insider’s View on the Economics of Hyman Minsky

Piero Ferri

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
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Chapter 12: Growth, technical change and unemployment

Piero Ferri


This chapter analyzes in more detail the role of technical change. In fact, it is important to deepen its role, above all in periods when it changes its intensity. In a world of globalization and an information technology revolution, it is vital to understand what technical change adds to the relationship between growth and unemployment studied in the previous chapter. To deepen the analysis, three methodological changes have been made. First, linearization of the model has been considered in order to deepen the sensitivity analysis of the model. Second, prices have been explicitly introduced. Finally, stochastic elements have been brought into the analysis. The subject of secular stagnation is also considered.

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