H.P. Minsky and policies to countervail crises

Giuseppe Mastromatteo

Risultato della ricerca: Working paper


The paper examines Minsky’s reflections on policies designed to act as a countervailing force against crises by fostering “responsible” Big Government, in which the role of the State is profoundly revised and directed towards full and stable non-inflationary employment, and also enabled to sustain consumption and economic growth over time. The aim of this study is to assess the effectiveness of State-established structural direct job creation programs, enacted during severe recessions as a means of achieving full employment without disruptive consequences such as price instability, inefficiency of the public apparatus, unsustainable public and foreign debts. In-depth investigation of Minsky’s perspective highlights that well-focused full employment programs are important to counter inadequacy of effective demand; but if they are to be feasible and financially sustainable they must also improve the productivity of individuals and economic systems in the medium term.
Lingua originaleEnglish
Numero di pagine41
Stato di pubblicazionePubblicato - 2011


  • crises, policies, Big Government, ELR programs


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