An Insider’s View on the Economics of Hyman Minsky
Chapter 3: A synoptic view of the financial instability hypothesis
This chapter analyzes the analytical consequences of the fact that the question mark present in one of Minsky’s most famous books, Can “It” Happen Again?, which was published in 1982, can be dropped. The fact that the Great Recession did happen has had a great impact on the post-Keynesian world and has challenged the mainstream view which refers to “rare events”, “black swans” and other odd statistical distributions. The crisis was endogenous, it linked monetary to real aspects and it manifested itself in a dynamic setting. Furthermore, it could be countered by thwarting forces that grapple with the endogenous destabilizing market processes.
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