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

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.

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