Did Hyman Minsky find the secret behind financial crashes?

I think it has been a major mistake of the profession to ignore writings of Minsky and his key ideas. Why the profession has ignored it is obvious as he said things which are just not going to be accepted by the mainstream profession.

BBC has this article on five lessons from Minsky:

 

  • Stability is destabilising
  • Three stages of debt
  • Minsky moments
  • Finance matters
  • Preferring words to maths and models

As I said, it is obvious that the profession will ignore the works of Minsky…Just look at those five lessons. Barring fourth lesson of finance matters, I guess the profession will discard everything. Even in finance matters Minsky is more worried over the consequences of financial explosion and not really the benefits of finance as we understand these days..

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