Wednesday Academic Dialogue Subject-1430-06

Hyman Minsky:
What Can Muslim Economists Benefit from His Ideas?

Dr. Ahmed Belouafi
Islamic Economics Research Center
 King Abdulaziz University, Jeddah, Saudi Arabia

Abstract. This paper sheds light on the ideas of the American economist Hyman Minsky with regard the financial instability that the capitalist system suffers from. While mainstream axiom bases its analysis on Efficient Market and Rational Expectations hypotheses, Minsky, on the other hand bases his analysis upon the Financial Instability Hypothesis (FIH). So, what does this hypothesis imply? What are the dimensions that this hypothesis adds to the prevailing analysis? What can Muslim Economists benefit from his analysis?

  To accomplish the above task the paper has been organized as follows: short biography about Hyman Minsky, the weight of his analysis in financial crises, what are his main ideas, with particular attention given to FIH, what can Muslim Economists benefit from his analysis?, and Finally concluding remarks are drawn from the analysis.

Key words: Hyman Minsky, Financial Instability Hypothesis, Financial fragility, Islamic Economics, Islamic Finance.
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