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Cambridge Journal of Economics Advance Access originally published online on February 25, 2008
Cambridge Journal of Economics 2008 32(5):725-737; doi:10.1093/cje/bem059
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© The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Minsky's ‘induced investment and business cycles’

Jan Toporowski*

* Department of Economics, The School of Oriental and African Studies, University of London and the Centre for the History and Methodology of Economics, University of Amsterdam

Address for correspondence: jt29{at}soas.ac.uk

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some antecedents of Minsky's ideas in the work of Henry Simons, and highlights the Marshallian monetary analysis that he adopted. It is argued that this analysis is incompatible with the Kaleckian theory of profits that Minsky was later to adopt.

Key Words: Minsky • Kalecki • Schumpeter • Money • Microeconomics • Methodology

JEL classifications: B22, D2, E12, E50

Manuscript received November 6, 2006; final version received November 8, 2007.


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