2019 is Hyman Minsky, the late American economist Hyman Minsky，1919.9.23-1996.10.24) The 100th anniversary of the birthday。As one of the most original economists in the 20th century，Minskin is from the traditional way of thinking、Ahead of the era and most of the time spent in obscurity，did not have a substantial impact on the mainstream economics at that time。Until 20 years after his death，For the outbreak of the global financial crisis in 2008，Minski was re -discovered by people，and being regarded as the most prestigious thinker for this crisis journey。For such a fate ups and downs、Maverick economist，How should we commemorate today?

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In order to better restore and understand the essence of Minsky，Must be distinguished from "Minsky Economics" and "Minsky Moment"。His research results are not only applicable to the time of economic crisis，After the end of the crisis, "Shouzheng Ji Ji"，Instead, it aims to analyze the internal dynamics of the capitalist economy from the actual capitalist system framework。Crisis is just such a temporary stage of a periodic macroeconomic instability and dynamic dynamics。In the process of exploring the macro instability dynamics of capitalism，Minski organically combines the traditional entity department and the financial sector together，Perspective from the balance of cash flow，Analyze the economic operation of Bet365 lotto review micro and macro levels，This breaks the long -standing diaphragm between the mainstream Western paradigm between macroeconomics and finance。It is in this inquiry process，Minski insiders the instability of the capitalist economy。During the periodic expansion process of the capitalist economy，Optimistic estimation of expected profit chase in the future will accelerate capital accumulation。Increase in investment, while increasing profit cash inflows，It is also inevitable that the accumulation of debt financing and the increase in payment cash outflow of payment cash outflow，generated cash inflow -the matching pressure between flowing。This leads to the vulnerability of the micro -level enterprise，and the instability of the economy at the macro level，even cause crisis and recession。As Minsky said，"Stable and Bringing Stable"，This "Minsky Dynamic" described by the famous financial instability hypothesis，The result of the inherent operation and evolution of the capitalist economy，It is the natural product of "rational" decision -making and action under the uncertainty of the general conditions of the economic subject of social reproduction。This macro instability dynamic for market operation，Can't let go of self -flow or cause catastrophic consequences。On the contrary，You can use a series of Bet365 lotto review Institutional arrangements such as "Great Government" and "Big Bank"，Come "Stable and Stable Economy"。But these systems will not only produce side effects，and it is impossible to have a role once for all。Minsky thinks，With the long -term evolution Bet365 app download of the capitalist system，The corresponding institutional arrangement should also keep pace with the times。

　　Drawing on Minsky’s unique insights and ideas

Minski's ideological insights and theoretical frameworks are suitable for a debt financing in my country to some extent、Socialist market economy driven by investment，Therefore, it can provide important reference for understanding and exploring various economic issues in my country's current and future reform and transformation process。In the past ten years，my country's debt scale continues to increase、Macro financial risks are constantly accumulated。From the perspective of Minsky，This is the spontaneous phenomenon of cyclical effects of the market economy's internal stability force，Economic stability and expansion will inevitably bred the accumulation of macro instability and risk。Therefore，We need to face up to the "Minsky Dynamic" that has a long -standing market economy，Adhering to Minski's idea recognition、Research this dynamic instability behind the specific driver and breeding mechanism，Involved in corporate investment debt financing、The expansion of the local government financing platform and the expansion of the shadow banking system。Based on this，Drawing on the way and framework of the "Great Government" role of the Mingsky system，Activity of alleviating the intensification of "Minsky"，Prevent and resolve macro financial risks。The most critical of which is，From the aspects of stock and traffic，Grasp the connection and correspondence of the private sector and the government department Bet365 app download in accounting and accounting，Hold their differences and consequences of their budget constraints。From this，By constructing and improving the macro -control system，Increase with deficit and debt of the public sector，"hedge" or "eliminating" deficit and debt expansion of the private sector，Therefore, at the macroeconomic level "stable and unstable economy"。The close related to it is the reform and opening up of my country's financial field。According to Minsky's financial instability hypothesis，Once the finance is left by the market,，It will cause macro instability and disaster。Latin American Finance Opening, especially the historical lessons of the opening of capital projects, still vividly vividly。We must be in the field of virtual economy such as finance，Ensure macro -control at the national level，Combined with the national conditions of the country，Significantly promotes financial reform and transformation in an orderly manner，Improve the configuration efficiency and stability efficiency of the financial system。Fite from a long -term focus，The way out of my country's financial risks is to change the economic development mode，Resolutely implement the requirements of General Secretary Xi Jinping's recent inspection of Henan，Firmly promote industrial transformation and upgrade，Strengthen independent innovation，Develop high -end manufacturing、Smart Manufacturing，Make my country's manufacturing and real economy，Promote my country's economy from large to quality，A solid realization of the "two hundred years" goal。

　　Develop Minsky's ideological picture and theory

Bet365 app download Perfect and develop Minsky's ideological picture，First of all, you should recognize the limitations of Minsky's so -called "Wall Street Map"。Although this kind of view is essentially a "currency production economy" that integrates the real production department (investment) and the currency financial department (financing)，and presented with its unique cash flow angle，Danielki when the macro instability dynamics of this picture scene is specific，It mainly focuses on the financial department，Relatively ignore the autonomous changes of the entity department。In fact，Although the financial department is a typical department that produces instability，But it is not the only department，When the physical department faces changes in profits, it may also lead to macro instability。So，We need to be in the overall picture of the "currency production economy"，The process and mechanism of specific analysis of economic instability，and organically combined with institutional analysis。On the one hand，When the current monetary financial system in my country is not yet sound，Follow the currency creation and operation mechanism，and typical dynamics of debt; on the other hand，Fully consider my country's unique national conditions，Analyze the investment dynamics and efficiency of various investment entities。On the basis of comprehensive two aspects，Only to better identify and understand the unique market dynamics and processes that cause my country's economic instability。According to Minsky’s logic，In addition to examining this endogenous instability，Bet365 lotto review Institutional arrangements that need to study and inhibit endogenous instability，Especially various policy interventions。For this，We need to understand the "big government" and "big bank" system under the socialist market economy system with Chinese characteristics，In -depth study of their effects and mechanisms that act on the economy，Including both positive effects to suppress instability，It also involves the negative effect of breeding new instability。Around the above entity and finance、The interaction between the market and the government，From the two levels of map and technology，Taking China as "laboratory" and "inspection field"，In -depth inspection of "Minsky Dynamics" unique to China，Not only can we improve the understanding and solution of my country's real economic problems，It also helps to expand and enrich Minsky’s thoughts and theories。

In short，On the 100th anniversary of the birthday of Minski，Understanding、Application and development of its economic thought is the best commemorative for him。Especially in the current mainstream economics in the West, it is still in the current reflection and disputes，Absorption and reference to the beneficial ingredients of the edge -based genre by the mainstream economics in the West，To persist in Marxism、Enrich the socialist economic theory with Chinese characteristics to provide ideological nutrients。

　　(This article is the Study of the Minsky Economic Stability in the State Social Science Foundation of the National Social Science Fund "Research on Economic Stability of Economic Stability in Perspective" (18cjl004) phase results)

(Author Unit: School of Economics, Renmin University of China)