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本文阐述了明斯基金融不稳假说的基本观点,即资本主义经济运行在本质上是内在不稳定的,不稳定的根源在于追逐利润的投资、融资等市场行为的不稳定;政府的干预和救助,例如第二次世界大战后形成的赤字财政刺激经济政策以及美联储的最终贷款人政策,虽然能够在一定的阶段、一定的程度上帮助维护经济稳定,但这些措施都只能带来暂时和表面的稳定,实际上是为更大的危机创造条件。本文还用美国战后经济危机实例及政府救助的效果验证了明斯基思想的正确性,介绍了明斯基各不同时期作品的主要贡献及其稳定经济的政策措施,文章的最后将明斯基的分析扩展到当前美国经济面临的挑战。
This article expounds the basic view of Minsky’s financial instability hypothesis that the capitalist economic operation is intrinsically unstable. The causes of instability lie in the instability of market behaviors such as investment chasing profit, financing and so on. The government intervention and Bailouts, such as the deficit fiscal stimulus and the lender’s final lender policy that emerged after the Second World War, helped to maintain economic stability to some extent and to a certain extent, but these measures only provided temporary and The superficial stability is actually creating conditions for a bigger crisis. This article also verifies the correctness of Minsky’s thought by using the example of the post-war economic crisis in the United States and the effect of government aid. It also introduces the main contributions of Minsky’s works in different periods and the policy measures for stabilizing the economy. In the end, Analysis extends to the current challenges facing the U.S. economy.