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May 30, 2008



No time to chat now, I'm running out to find a used "Minsky" to take to Maui! Thanks for reminding me.


Happy Fourth, Dave. I hope all is well.

mahendra barde

What’s the way out from current financial turmoil? This is a tsunami created by few human being out of shear selfishness and overwiseness in order to control power and wealth! But nevertheless, a Universal Fraud against the whole mankind. Future will never excuse those who commenced, neglected even after detection and allowed to grow to such a levels.

Socialism was murdered in USSR. But current poison will bring sure Death to the capitalization on the earth. Now is the toll of Capitalism in USA.

Only ray of hope is left is 17centuries old Indian systems like Vedic Financial Systems.

Kautilya, a 4th century B.C.E. economist, recognized the importance of accounting methods in economic enterprises. He realized that a proper measurement of economic performance was absolutely essential for efficient allocation of resources, which was considered an important source of economic development.

He viewed philosophy and political science as separate disciplines but considered accounting an integral part of economics. He specified a very broad scope for accounting and considered explanation and prediction as its proper objectives. Kautilya developed bookkeeping rules to record and classify economic data, emphasized the critical role of independent periodic audits and proposed the establishment of two important but separate offices--the Treasurer and Comptroller-Auditor, to increase accountability, specialization, and above all to reduce the scope for conflicts of interest. He also linked the successful enforcement of rules and regulations to their clarity, consistency and completeness. Kautilya believed that such measures were necessary but not sufficient to eliminate fraudulent accounting. He also emphasized the role of ethics, considering ethical values as the glue which binds society and promotes economic development.

Chuck Willer

Certainly read John Maynard Keynes by Minsky. The 2008 edition has an Introduction by Dimitri Papadimitriou and Randall Wray that is excellent. Minsky explains how essential, important features of Keynes' General Theory were discarded and lost in the post-war period. At 165 pages it is not a long read and Minsky is at his brilliant best.

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