Abstract: Hyman Minsky is inextricably linked to Karl Marx, both in terms of their family origins and academic backgrounds. However, what is baffling is that Minsky rarely cited and referred to Marx's works. This comparative study reveals that although Minsky and Marx have many commonalities and similarities in their economic visions and methodological frameworks, especially concerning that they both find the essential defect of endogenous instability of the capitalist economy from its process of capital accumulation, they diverge on the understanding of finance, and thus on the judgment and analysis of the specific causes of the instability and crisis. Perhaps it is these differences that lead to the misunderstanding of Marx by Minsky, who mistakenly believes that Marx regards finance as the external “manifestation” of the “essence” of real economy and thus ignores him. Some Marxists also misunderstand Minsky, mistakenly conceiving that Minsky's “financial instability hypothesis” is just a pure theory of finance on the dynamics of capitalist instability,and therefore dismiss him. However, in fact, the differences between the two can be reconciled and complemented. Understanding the instability of capitalism requires an organic combination of both of their conceptions on real economy and finance, and the absorption and development of Minskys ideas about finance and financialization within the theoretical framework of Marx.

Key words: Hyman Minsky, Karl Marx, real economy, finance, instability

摘要： 无论从家庭出身还是学术培养而言，明斯基与马克思均有着千丝万缕的渊源。不过令人困惑的是，明斯基在其研究中却鲜少引用参考马克思的洞见。通过比较研究发现，尽管明斯基和马克思在经济图景和方法论上存在着许多共性和相似之处，特别是，他们都从资本积累过程当中发现资本主义经济存在内生不稳定性的根本缺陷；但他们却在对金融的理解上，从而对这种不稳定性和危机产生的具体根源的判断和分析上有所不同。或许正是这方面的歧见导致明斯基对马克思产生误解，误以为马克思只是将金融作为实体“本质”的外在“表现”而对其予以忽视。而一些马克思主义者则同样对明斯基存在误解，误以为明斯基的“金融不稳定性假说”只是关于资本主义不稳定性动态的纯粹“金融”理论而加以贬斥。然而，事实上二者之间的分歧是可以调和和互补的，理解资本主义的不稳定性需要将二者有关实体与金融的洞见有机结合起来，在马克思理论框架下吸收和发展明斯基有关金融及金融化的思想。

关键词:  , 明斯基；马克思；实体；金融；不稳定性