Abstract

TOOZE, Adam. Kindleberger, Mehrling and that Nobel Prize. Rev.econ.inst. [online]. 2023, vol.25, n.48, pp.61-73.  Epub Mar 18, 2023. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v25n48.05.

This paper argues that this year's "Nobel" prize in economics celebrates one of the weakest aspects of modern macroeconomic thinking: its limited ability to understand the macro-financial instability of modern capitalism. Instead of challenging the stubborn refusal to take seriously thinkers who confront the essential importance of finance and its dangers for the modern world, such as Hyman Minsky or Hyun Song Shin, it flaunts the tendency to ignore them. And it argues that if the Prize Committee had wanted to reward those who seek to understand the dynamics of the modern global financial system and its interconnections with the real economy, it should have given it to the BIS team, which dates back to the time of William White, and to academic economists associated with the BIS such as Hyun Song Shin.

JEL: B3, E32, E44, E5, G1, N1

Keywords : financial system; financial instability; Great Depression; "Nobel" Prize; Ben Bernanke; Hyman Minsky; Charles P. Kindleberger; BIS.

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