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During a boom, the expansion of debt-financed investment spending causes initial “robust” financial structures to evolve into “fragile” financial structures, and it is this evolution that ultimately brings the expansion to an end.
Tags » Minsky
One of the most important, yet perhaps still under-appreciated lessons of the global financial crisis of 2007-09 concerns the role that academic economics plays in today’s society and politics. 45 more words
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“Suffering has been stronger than all other teaching, and has taught me to understand what your heart used to be. I have been bent and broken, but – I hope – into a better shape.”