This entry examines the approach of Hyman P. Minsky to financial crisis. Minsky famously developed an ‘investment theory of the cycle and a financial theory of investment'. His thesis was that, over the course of the cycle, behaviour changes in such a way that financial fragility develops....

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

Within "régulation" approach institutional forms are the specific expression of one or several basic social relations. They shape the short run process of economic adjustment (the "regulation" mode) as well as the growth regime. Long term transformations of capitalism are the main focus of this...

Institutions are usually defined as rules of the game. But if rules are dead letters without being enforced, then what is the role of destructive power in the genesis of institutions? This is the first question which will be addressed in the present paper. While the importance of incremental or...

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

The continual expansion of rational choice theory to a greater range of social phenomena — from markets to politics and institutions — is a testament to its success. Each further application, however, simultaneously forecloses a potential source of inefficiency in economic systems....

Johan Åkerman and Erik Dahmén’s structural theory of economic fluctuations is a constructive alternative to traditional macroeconomic approaches and also to modern business-cycle models based on micro economic concepts. There are similarities between Åkerman and Dahmén’s theory and...

This paper delivers some findings from the present-day cognitive sciences on man’s cognitive dispositions that support aspects of Veblen’s "nstinct of workmanship," which is an essential starting point of his evolutionary theory of institutional change. These cognitive dispositions partly...