Hyman Minsky's Monetary Production Economy

Abstract

The article introduces the articles collected in the present issue of the journal. It places the various contributions in perspective, critically summarizing the major economic developments since the publication of the last issue. It focuses in particular on Minsky's contribution and its relevance for understanding the current crisis, because this issue of the Review contains a hitherto unpublished work by Minsky. In the context of the present-day debate, the paper is important for its contribution towards establishing a link between the financial and the real sides of the economy. However, it is also a useful reminder to those who, in the present-day debate, reduce Minsky’s contribution to one solely related to a theory of financial fragility providing a financial-only explanation of the recent world crisis: in Minsky’s theory as well as in recent events, financial fragility interacts with increasing inequalities in income distribution.

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