This site is pretty weird.
It’s just some Post Keynesian/Neo Marxian who’s plagiarizing the works of Hyman Minsky (Minsky plagiarized the works of the Austrian’s, but decided to throw away logical consistency in order to support his fetish for big government).
It’s essentially the ABCT, but without a capital theory, and it focuses solely on the accumulation of private debt which leads to excess leverage, overproduction, and eventually a systemic collapse (also uses Schumpeterian “long waves”). The remedy? Government needs to accumulate enormous deficits (debt) in order to save the private sector (private debt = bad; public debt = good). It’s funny how no one takes Austrian theory seriously until some moron comes along (Minsky), rips off the ideas, but adds a statist twist to it.
Essentially, he needs to pick up Bohm-Bawerk and move on with his life.
What evidence exists that suggests that Minsky plagiarized the Austrians in terms of business cycles? Is there any hard proof of this?
When I first read Minsky (before I knew anything about his background), I thought his theory was compatible with the Austrians. That was until I read his solution, government intervention, then I knew for sure it was not Austrian friendly.
It’s just speculation really. The two frameworks are rather similar and the post Keynesian school basically adopted Austrian monetary theory (from Wicksell, Schumpeter, ect). They don’t believe that the money supply is an exogenous policy variable, but they still lack a capital theory.
“It’s just speculation really.”
I concur with your speculation.