---
product_id: 11261737
title: "John Maynard Keynes"
brand: "hyman minsky"
price: "7791 kr"
currency: ISK
in_stock: true
reviews_count: 9
url: https://www.desertcart.is/products/11261737-john-maynard-keynes
store_origin: IS
region: Iceland
---

# John Maynard Keynes

**Brand:** hyman minsky
**Price:** 7791 kr
**Availability:** ✅ In Stock

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- **What is this?** John Maynard Keynes by hyman minsky
- **How much does it cost?** 7791 kr with free shipping
- **Is it available?** Yes, in stock and ready to ship
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## Description

John Maynard Keynes

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## Customer Reviews

### ⭐⭐ 







  
  
    Really cryptic and confusing
  

*by A***S on Reviewed in the United States 🇺🇸 on August 31, 2012*

Minsky covers a couple of disjointed topics in the most confusing way.  The first one is how everyone so far got Keynes wrong.  He covers that in the first couple of chapters.  In doing so, Minsky criticizes a bunch of neo Keynesian models developed by eminent economists that invariably miss out on one or more of Keynes' key concepts.  Some of those include: 1) the concept of uncertainty associated with any complex economic systems that renders quantitative models futile; 2) the volatility of capital investments that by its nature leads to unstable and less than full employment; 3) wage rigidity is not the sole problem underlying excessive unemployment.  If wages were elastic, it would eventually exacerbate unemployment levels even more; and 4) a capitalist economy within an uncertain time vector left to its own resort is by its nature unstable and transits in unpredictable ways from one state to another (expantion, boom, crisis, depression, stagnation, recovery etc...).The second topic covered through most of the remainder of the book consists in the correct interpretation of Keynes according to Minsky and the integration of Minsky's own theory of crisis within Keynes' framework.  Minsky attempts to do both simultaneously.  And, he generates a rather awkward narrative.  Minsky acknowledges numerous times that Keynes did not advance a logical model of bubbles and crises.  He also adds that Keynes ignored the dynamics of the debt side of the balance sheet of households, companies, banks, and governments.  And, that's where Minsky's own brilliant theory comes in.  And, that is why he is one of the most praised economists in this post-housing crisis era.However, Minsky contradicts himself.  If Keynes ignored the dynamics of debt and its impact on bubble and crisis, how could Keynes be interpreted so as to include those concepts he so explicitly missed?  Yet, that is what Minsky is attempting to persuade the reader off.  In other words, he suggests that Keynes and him are essentially one.  If you had correctly interpreted Keynes you would have also deducted Minsky's crisis theory as part of the original Keynes foundation.  That's a very bizarre leap.It remains unclear what Minsky truly added to Irving Fisher's 
  
The Debt-Deflation Theory of Great Depressions







  
  
     written three decades before Minsky's first work on the topic.  Minsky is a brilliant economist on certain counts.  But, I find him a very ineffective writer (if this book is representative) especially relative to Irving Fisher.If you want to understand Minsky, instead of reading his own writings, I recommend the far clearer book written by Charles Kindleberger 
  
Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics)







  
  
    .  Minsky's basic concept is that the credit cycle exacerbates the business cycle because lenders lend excessively when collateral values go up and don't lend enough when they go down.  Lending and asset values (collateral) create a positive feedback loop causing both asset bubbles and crashes.  Although, this is a pretty straighforward concept (and a brilliant insight) Minsky is hardly able to articulate it clearly.  Fortunately, Kindleberger does an excellent job of it on his behalf.  It is almost like Minsky is a brilliant scientist who writes in a foreign language, he only knows.  And, Kindleberger is the brilliant translator who can make sense of it all and clearly explain it to the rest of us.

### ⭐⭐⭐⭐ 







  
  
    Worth some hard work
  

*by M***X on Reviewed in the United States 🇺🇸 on February 26, 2020*

I got this book from my local library in Kindle format.  I liked it but needed more time to read it thoroughly, so I bought a paperback book version from Amazon.  I recommend the paperback version because many of the equations in the Kindle version were unreadably small.This book is not easy reading.  Minsky's purpose was to clarify the Keynes's book, "The General Theory of Employment, Interest and Money."  Minsky's book does clarify that book somewhat but you'll have to work hard to understand Minsky's explanation.  The book does not contain a glossary and many words and phrases are unfamiliar to a non-economist so I spent a lot of time online looking for explanations of those phrases.Minsky isn't always consistent in his use of those phrases, either.  For instance, on pages 97 - 100 he uses the phrases "capitalization ratio,"  "capitalization factor," and "capitalization rate," all to refer (apparently) to the same thing.In some cases Minsky introduces new variables in equations without describing them.  Eventually, through patience, I was able to dig out the meaning of each variable.So far, this is the best book I've found to explain the work of J.M. Keynes.

### ⭐⭐⭐⭐⭐ 







  
  
    A Book on Financial Instability
  

*by J***R on Reviewed in the United States 🇺🇸 on April 21, 2008*

This is a great book.  But it is a book about the views of Minsky, and not really on Keynes.  The first chapter examines the way in which Keynes' 1936 book was received and interpreted, and Minsky's explanation is for the most part correct, namely, that Keynes' work represents more a revolution than an extension of "classical" economics.  However, as is argued throughout Minsky's book, The General Theory contained only "the seeds for a deep intellectual revolution in economics and in the economists' view of society."  According to Minsky, the Keynesian revolution was aborted and the seeds were prevented from reaching their full fruition due to the "bastardization" of Keynes' seminal message.  Minsky sets himself the task in this book to bring these ideas back to life.Chapter two explores the more orthodox (conventional) view of Keynesian economics.  Chapter three is very good, as it spells out the concepts that are to be used later in Minsky's analysis of capitalism: the recurrence of the business cycle, uncertainty, and investment and disequilibrium.Chapters 4 - 7 develop Minsky's theory of capitalism.  Minsky argues that booms are inevitably followed by crises and debt deflation not because of certain institutional weaknesses, but because of the fundamental nature of capitalism.  In other words, "Keynes visualized [the imperfections of the financial system] as systemic rather than accidental or perhaps incidental attributes of capitalism."  Minsky explores the way investments are made, and examines how they are financed.  Central to Minsky's analysis is the importance of uncertainty.  Financing and liability structures cannot insulate themselves from danger (excessive risk) precisely because the future is uncertain.  Another important element in Minsky's book is the importance of money, which he describes as as "insurance policy."  This is consistent with Keynes' definition of liquidity.  In the event that sales proceeds cannot meet existing liabilities, the possession of money becomes essential due to the frequent revaluations of capital assets making their quick sale at certain prices nearly impossible.I really enjoy Minsky's work, but this book gives me the impression that Minsky was more concerned with fitting Keynes in his (minsky's) own analysis than in explicating very clearly and honestly Keynes' own economic views.  This can best be seen in the last two chapters on social policy.  Nevertheless, Minsky is the most important expositor of the "Financial Instability Hypothesis" and this book is a great place to begin.

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*Last updated: 2026-02-21*