Hyman Minsky was an American economist who developed the financial instability hypothesis, arguing that capitalist financial systems move endogenously from stable, hedge financing toward speculative and eventually Ponzi financing during periods of calm, so that stability itself is destabilizing. Largely outside the mainstream during his lifetime at Washington University in St. Louis, his work was widely revisited after the 2008 financial crisis, when commentators coined the term 'Minsky moment' to describe the sudden collapse of confidence his theory had long predicted.
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Source Stabilizing an Unstable EconomyHyman Minsky
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Source Stabilizing an Unstable EconomyHyman Minsky
Influenced By
Additional Source Hyman Minsky (Wikipedia)Article text
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1. Stabilizing an Unstable Economy
Hyman Minsky, Yale University Press, 1986Associated With: Business Cycle, Chapter 8Quote, Associated With: Business Cycle, Chapter 8
Minsky's financial instability hypothesis in Stabilizing an Unstable Economy argues that stability in the business cycle itself breeds the risk-taking that produces the next crisis.
2. Wikipedia
Wikimedia Foundation
Hyman Minsky (Wikipedia)
Lead section, birth date
(September 23, 1919
Lead section, death date
October 24, 1996) was an
Influenced By: John Maynard Keynes, Article text
It was at the University of California, Berkeley, that seminars attended by Bank of America executives helped him to develop his theories about lending and economic activity, views he laid out in two books, John Maynard Keynes (1975), a classic study of the economist and his contributions, and Stabilizing an Unstable Economy (1986), and more than a hundred professional articles.
In Group: Keynesian and Post-Keynesian Macroeconomists, Lead
Minsky is often described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets.
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