Minsky’s Financial Instability Hypothesis and Modern Economics
Keynes, the British economist, had discovered in his work that economies are not machines. They have souls, emotions, and feelings. Keynes called them “animal spirits.”
Morgan Housel • Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life
Hyman Minsky was a 20th-century economist whose ‘financial instability hypothesis’ is probably the best-known explanation for the boom and bust cycles that characterize public financial markets.