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Have a "Minsky Moment"

I haven't paid much attention to relatively obscure economist, Hyman Minsky.  Minsky spent his life (he died about ten years ago) studying things for which there are no corporate paychecks, like the economics of poverty.  The Boston Globe has a good article by University of Georgia history professor, Peter Mihm, reviewing some of the reasons economists are now taking another look at Minsky's work.  Minsky, who studied under Joseph Schumpeter (of creative destruction fame) at Harvard, wrote that capitalism's greatest flaw was its instability and that it was doomed to repeated collapses.  He didn't argue that the collapses would be fatal, just that they would be recurring.  You may have heard the term "a Minsky moment".  When people refer to that, they are referring to an economic collapse

Minsky once said that there wasn't anything wrong with macroeconomics that another depression wouldn't fix.  .

Minsky was an intriguing economist.  He seems to have been at the same time very much Austrian school and somewhat a socialist.  He also was a serious student of Keynes' writings, looking far beyond the misappropriated government stimulus that is all many associate with Keynes today.

The article is a good read here