In light of the recent ecomic crisis and in keeping with Hyman Minsky's analysis of financial instability, this book considers the important interaction between cycles and growth, via the interplay between demand, supply and real-world financial issues. Piero Ferri presents a macroecomic study of a monetary production ecomy within a dynamic paradigm, where instability phemena and inhibitive policy measures interact, and where the forces that self-regulate markets cant prevent the occurrence of instability problems. Underpinning this paradigm is the idea that such volatility is the result of endogeus forces; shocks can trigger instability but cant explain its persistence. As endogeus instability has multiple causes and mechanisms of transmission, the author adopts various perspectives - both analytical and by means of simulation - in order to explore and characterize the phemen of growth cycles and instability. This challenging book will prove a thought-provoking read for students and scholars of macroecomics, heterodox ecomics, labour markets and money, finance and banking.
Piero Ferri, Emeritus Professor of Economics, University of Bergamo, Italy