Marco Passarella

The Paradox of Tranquility Revisited. A Lotka-Volterra Model of the Financial Instability

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Abstract

The aim of this paper is to describe by means of a simple Lotka-Volterra model the financial vulnerability of corporate sector. This should allow us to soften Lavoie's criticism of Minsky's «Financial Instability Hypothesis» which is based on the so-called «paradox of debt».

Keywords

  • heterodox approaches
  • post-keynesian economics
  • financial instability hypothesis

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