The Achilles' heel of the mainstream explanations of the crisis and a post Keynesian alternative

摘要

This paper presents the main interpretations of the crisis that have been built within the mainstream general framework. Three theses are examined: the "money glut," the "saving glut," and "information asymmetry" a la Stiglitz. It is argued that the mainstream explanations suffer logical inconsistencies because of the restricted definition of uncertainty, while the explanation drawn from Keynes's and Minsky's ideas proves to be coherent thanks to their views on fundamental uncertainty.