The Theory of Investment

  • Hyman P. Minsky
Part of the Keynesian Studies book series (KST)


Keynes characterized his contribution as “a theory of why output and employment are so liable to fluctuation” (QJE, p. 221). In the “pure” theory, where government and foreign demand are ignored, employment depends upon consumption and investment demand. Consumption demand is passive, as it “depends mainly on the level of income” (QJE, p. 219), that is, on the sum of consumption and investment demand.


Interest Rate Cash Flow Money Supply Capital Asset Capitalization Rate 
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Copyright information

© Columbia University Press 1975

Authors and Affiliations

  • Hyman P. Minsky
    • 1
  1. 1.Washington UniversitySt. LouisUSA

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