Abstract

This paper aims at two targets: firstly, showing the striking similarities between the New-Keynesian picture of the economy and the economics developed both by H.P. Minsky in the seventies and eighties and by M. Kalecki earlier in the century; secondly, securing adeguate "microfoundations" to Minsky's theory of investment. Borrower's and lender's principles of increasing risk are revised so to consider situations of asymmetric information both "ex-ante" and "ex-post". The revision moves from individual maximizing behavior.