{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":29,"pdf_page":67,"physical_index":67,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"c67a6210bce268e9ac672fd2558859949b921c39be10e977ba841a8fa30d0422"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"金融不稳定性假说使我们能够将这些投机动力纳入对经济周期的理解中。明斯基的出发点是认识到资本主义经济会经历加速和通货膨胀时期，以及陷入通货紧缩螺旋时期，债务变得不可持续。20世纪60年代和70年代对应第一种动力，而30年代（典型地）对应第二种动力，符合经济学家欧文·费舍尔（IrvingFischer）在1933年的描述。当经济参与者为了按期偿还债务而被迫以折扣价出售手中的资产时，就会出现后一种动力。这带来了价格的普遍下行和收入的减少，最终导致债务相对于收入的比重增加。这反过来又引发了一种自我维持的萧条运动，只有国家干预才能打断这种运动。\n\n明斯基认为，这种周期的交替不能仅用实际宏观经济关系的作用来解释。后凯恩斯主义传统沿袭了米哈尔·卡莱茨基（Michael Kalecki）的观点，认为在宏观经济层面上，公司的利润来自它自身的投资决策（“资本家花多少钱，就要赚多少钱”)。明斯基本人也采纳了这一假设，但他认为必须将金融关系考虑在内，使之复杂化（Minsky，1993)。过去、现在和未来不仅通过积累的资本和劳动能力联系在一起，还通过信贷联系在一起：\n\n第二章 金融的不稳定性\n\n29","previous_page":28,"next_page":30}