Minsky’s Legacy: Two Strands

This review article assesses the legacy of Hyman Minsky on the occasion of two newly published books. It identifies two strands of research building on Minsky’s ideas and his research practice, which was eclectic. These two strands draw inspiration from, respectively, a ‘Money View Minsky’ and a ‘Model Minsky’. They represent different ways of doing economics and they highlight, respectively, the microeconomic and macroeconomic dimensions of the Minskian analysis. Their compatibility hinges on the contested issue of aggregation in the financial instability hypothesis. This paper presents reviews of the books and it highlights the diversity and the tensions in interpretations of Minsky’s work.