economic globalisation

John Wilson wilson at
Wed Aug 23 11:04:05 MDT 1995

Dear John, Rakesh, and Steve:
I find the relationship between Marx and Minsky to be very interesting.
Could you suggest specific readings. I would also like to read your
writings on this.

On Wed, 23 Aug 1995 P8475423 at wrote:

> John Ernst recently commented on my quick reply to Rakesh on Minsky
> that:
> |we find almost no reference to the process of production itself.
> True--but that reflects more a "division of labor" within Post
> Keynsian economics than a strict oversight. That said, I don't find
> most Post Keynesian models of production appealing, but you will
> find significant work in that literature emphasising the cyclical
> nature of production. Kalecki is of course the father of such work,
> with Goodwin the most technically proficient developer.
> In my own work, I am attempting to build models of capitalism which
> start with an adequate theory of production and have Minsky's
> financial concepts overlain on top. I also argue that an
> equivalent to Minsky's theory of financial instability can be
> directly derived from Marx--so I see Minsky's theories, not
> as part of "traditional theory", but as a refinement of
> Marx's nascent work on credit.
> Also, of course, Post Keynesians are not part of traditional
> theory--which is neoclassical economics. The latter has, as John
> comments, never come to grips with economic growth (though it
> pretends to now in what is known as new growth theory).
> Cheers,
> Steve Keen
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