Heterodox Economists, Part 3: Hyman Minsky

In this episode of "Ones and Tooze," Cameron Abadi and Adam Tooze continue their mini-series on heterodox economists, focusing on Hyman Minsky. They discuss Minsky's biography and how his exposure to various economic schools of thought, including Keynesianism, Marxist economics, and Schumpeter's business cycle theories, shaped his unique perspective on financial crises. Tooze explains Minsky's intellectual journey, his focus on financial markets, and his theory of how stability can breed instability through the progression of finance from healthy investment to speculative "Ponzi" schemes. They explore Minsky's views on government intervention and financial stability, contrasting them with those of Kalecki and Robinson, and consider Minsky's shift towards a more pragmatic stabilization strategy in the face of limited radical reform. The conversation also touches on the role of monetarism and the American context of financial instability that influenced Minsky's work.