Stability is destabilising (BBC 4 Radio)

Why Minsky Matters. “Hy was a big thinker… And today everything has got so technical and so mathematical you have little thinkers…We need more big thinkers who are willing to buck the consensus”. (Laurence Meyer). The epitaph for economics: small thinkers unable to explain the world.

Minsky’s point being that finance introduces instability in the overall economy, while the consensus was that finance was merely the plumbing of the real economy, and has no effect on it.

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