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本文首先分析明斯基的金融危机理论 ,概述金融危机的基本模型 ;然后根据这个模型 ,分析历史上第一个经济泡沫 ;最后对明斯基的理论和劳的实践作简要的评述。本文认为明斯基对主流经济理论的批评是尖刻的 ,也是偏激的 ,但是 ,我们在比较系统地考察历史上多次金融危机 (尤其是由资产价格急剧波动所引发的危机 )后发现 ,所有的危机都伴随了债务和信用的扩张 ;因此 ,明斯基的理论确实具有深刻的洞察力和“很好的解释能力”。
This article first analyzes Minsky’s theory of financial crisis, outlines the basic model of the financial crisis, then analyzes the first economic bubble in history according to this model, and finally gives a brief review of Minsky’s theory and practice of labor. This paper argues that Minsky’s critique of the mainstream economic theory is both sharp and radical. However, after a systematic review of the many financial crises in history, especially those triggered by sharp fluctuations in asset prices, we find that all The crises are accompanied by the expansion of debt and credit; therefore, Minsky’s theory does have profound insight and “good explanatory power.”