paper. The author also would like to thank Phillip Arestis and the participants of the “Minsky sessions ” at the San Diego ASSA meeting, 2004. I take full responsibility, however, for any errors and omissions in this paper. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad
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