Some tentative conclusions suggested by the blog so far.
A summary of this section of the blog.
How Minsky got it right – his financial instability hypothesis and its relevance today.
In mathematics, risk and uncertainty are different things. Models to predict asset prices treat the uncertainty of investment decisions as if they were quantifiable risks, and hence these models keep making disastrous predictions.
Last week I pointed out the fundamental, systemic flaw in our current monetary system: The money supply can only expand through an increase in private…