The chaos of finance: the chaotic and Marxian foundations of Minsky's "Financial Instability Hypothesis"

Keen, Steve (1996) The chaos of finance: the chaotic and Marxian foundations of Minsky's "Financial Instability Hypothesis". Economies et Sociétés, 30(2-3), pp. 55-82. ISSN (print) 0013-0567

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Abstract

While Minsky's "Financial Instability Hypothesis" was developed as an interpretation of Keynes, it can be argued that its true foundations are the modern concept of chaos theory on the one hand, and an unconventional interpretation of Marx on the other. This paper outlines the thesis and presents a nonlinear model of it. It is shown that a key concept of the FIH, that there are two price levels in capitalism, exists in Marx's discussions of money. Unfortunately, these concepts have been ignored by Marx's 20th century followers.

Item Type: Article
Research Area: Economics and econometrics
Faculty, School or Research Centre: Faculty of Arts and Social Sciences (until 2017) > School of Economics (until November 2012)
Depositing User: Stephen Keen
Date Deposited: 03 Mar 2016 17:16
Last Modified: 03 Mar 2016 17:16
URI: http://eprints.kingston.ac.uk/id/eprint/30167

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