konseptialbumin

Konseptialbumin is a term that emerged in discussions surrounding the economic theories of Hyman Minsky. It refers to a hypothetical, or conceptual, albumin that would serve as a universal unit of account and store of value in a modified financial system designed to promote stability. The idea is rooted in Minsky's broader work on financial instability, where he argued that inherent contradictions within capitalism lead to cycles of boom and bust.

In Minsky's view, the conventional financial system, reliant on fiat currencies and often prone to speculative bubbles, is inherently unstable. Konseptialbumin was proposed as a potential solution to mitigate these instabilities. It was envisioned as a unit of account that would be insulated from the inflationary and deflationary pressures that plague traditional money. By providing a stable anchor, it was hoped that konseptialbumin could reduce uncertainty and discourage excessive speculation.

The concept also touches upon the idea of a "natural unit of account," a term used by some economists to describe a unit that reflects real economic activity rather than being a product of government decree or market sentiment. While konseptialbumin was a theoretical construct within Minsky's framework, it highlights the ongoing debate about the optimal design of monetary and financial systems to achieve greater economic stability. It is not a widely adopted or implemented concept in practice, but rather a thought experiment within heterodox economic circles.