Although Minsky’s interpretation of Keynes’s macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical evaluation of Minsky’s Financial Instability Hypothesis from the perspective of the alternative Austro-Wicksellian paradigm. Although some of the similarities and/or analogies between Minsky’s approach and that of the Austrian School suggest a more than merely superficial affinity between the two theoretical frameworks (...) and although some scope for cross-fertilization between both approaches can be found, both theoretically and empirically, at a fundamental conceptual level both theories remain incompatible and difficult if not impossible to reconcile, in particular in terms of fundamental causality and in terms of policy conclusions and prescriptions. Despite the fact that Minsky’s policy conclusions are multifaceted and somewhat eclectic, they manifest a lack of familiarity with the conclusions of the Austrian analysis of the problems of central planning by Big Players such as Big Bank and Big Government. Both approaches also offer contrasting interpretations of the historical experience of the Global Financial Crisis. (shrink)

Dullest book by a major scientist I have ever read. I suppose if you know almost nothing about cognition or AI research you might find this book useful. For anyone else it is a horrific bore. There are hundreds of books in cog sci, robotics, AI, evolutionary psychology and philosophy offering far more info and insight on cognition than this one. Minsky is a top rate senior scientist but it barely shows here. He has alot of good references but (...) they are seldom discussed in any depth and there is lots more left out than included on the subject of AI, cognition and the mind. -/- Those wishing a comprehensive up to date framework for human behavior from the modern two systems view may consult my book ‘The Logical Structure of Philosophy, Psychology, Mind and Language in Ludwig Wittgenstein and John Searle’ 2nd ed (2019). Those interested in more of my writings may see ‘Talking Monkeys--Philosophy, Psychology, Science, Religion and Politics on a Doomed Planet--Articles and Reviews 2006-2019 3rd ed (2019), The Logical Structure of Human Behavior (2019), and Suicidal Utopian Delusions in the 21st Century 4th ed (2019). (shrink)

The work done in the philosophy of modeling by Vaihinger (1876), Craik (1943), Rosenblueth and Wiener (1945), Apostel (1960), Minsky (1965), Klaus (1966) and Stachowiak (1973) is still almost completely neglected in the mainstream literature. However, this work seems to contain original ideas worth to be discussed. For example, the idea that diverse functions of models can be better structured as follows: in fact, models perform only a single function – they are replacing their target systems, but for different (...) purposes. Another example: the idea that all of cognition is cognition in models or by means of models. Even perception, reflexes and instincts (animal and human) can be best analyzed as modeling. The paper presents an analysis of the above-mentioned work. (shrink)

The following looks at several problems and questions concerning our understanding of the word ‘intelligence’ and the phrase ‘artificial intelligence’ (AI), including: how to define these terms; whether intelligence can exist in AI; if artificial intelligence in AI is identifiable; and what (if any) kind of intelligence is important to AI.