Russian Journal of Economics 1 (2015) 419–438

Available online at www.sciencedirect.com

www.rujec.org

*National Research University Higher School of Economics, St. Petersburg, Russia

Abstract

1. Introduction

Voprosy Ekonomiki

E-mail address

420

2. Minsky’s view on Keynes’s theoretical legacy and on money,

1

2

3

1

(2008). 2

3

421

4

heavy debt burden for investors during a recession.instability

5

6

General Theory

4

5

General Theory of Employment, Interest and Money. See in

6 John Maynard Keynes Stabilizing an Unstable Economy

422

General Theory

8

two price levels.

rower risk.9

8

9

General Theory.

423

10 is

11

hedge

12

increase the amount of debt

10

11

12

424

in-

more and more fragile

maintaining monetary proceeds

13

13

425

Minsky paradox.

the share of consumption labor intensive.

14

15

16

14

15

16

426

This Time Is Different,

18

18

428

19

19

429

20

20

Fig. 1.

430

Fig. 2.

431

21

21

Fig. 3. .

432

22

22

Fig. 4.

433

Interest expense

434

Fig. 5.

435

Fig. 6.

436

7. Conclusion

23

Acknowledgements

23

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