Handbook on the History of Economic Analysis Volume I
Show Less

Handbook on the History of Economic Analysis Volume I

Great Economists Since Petty and Boisguilbert

Edited by Gilbert Faccarello and Heinz D. Kurz

Volume I contains original biographical profiles of many of the most important and influential economists from the seventeenth century to the present day. These inform the reader about their lives, works and impact on the further development of the discipline. The emphasis is on their lasting contributions to our understanding of the complex system known as the economy. The entries also shed light on the means and ways in which the functioning of this system can be improved and its dysfunction reduced. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 112: Hyman Philip Minsky (1919–1996)

L. Randall Wray


Hyman P. Minsky (1919–1996) studied at the University of Chicago and, after a stint in World War II, earned his PhD at Harvard University. His biggest influences were the Chicago School’s intuitionalist tradition (especially Henry Simons, but he also worked with Oscar Lange, Paul Douglas and Frank Knight) and Harvard’s Joseph Schumpeter. He taught at Brown University, the University of California at Berkeley, and Washington University. When he retired from teaching in 1990, he moved to the Levy Economics Institute as Distinguished Scholar, where he remained until his death. While he served as Alvin Hansen’s teaching assistant at Harvard, he later remarked that the “mechanistic” approach of what Joan Robinson called the “Bastard Keynesians” did not appeal to him. Although J.M. Keynes clearly influenced him, he did not have much affinity with the post-war American “Keynesians”. From his earliest work, he was more interested in dynamic, evolutionary change with institutional constraints. Indeed, in one of his first papers he took Paul Samuelson’s linear-accelerator model and added institutional “ceilings and floors”. Minsky’s approach to banking drew heavily on Jack Gurley and E.S. Shaw while adapting Schumpeter’s theory of innovation to analysis of the financial sector. During the 1960s he was involved in major studies of monetary policy formation and banking regulation, doing research for the Federal Reserve’s (the Fed) Board of Governors and for the California state banking commission. Later, after moving to Washington University, he served on the board of a Missouri bank holding company, and he developed close...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.