Hyman Minsky
Economist Hyman Minsky was an economist who theorized that markets are inherently unstable and susceptible to excess speculation during market expansion. This excess speculation, Minsky wrote, eventually results in a market meltdown, an occurrence which is today referred to as a "Minsky moment." Today, many economists believe that Minsky's theories apply to the economic crisis felt around the globe in 2007 and 2008.
Fast Facts
- Born: September 23, 1919 in Chicago, Illinois
- School: Harvard University, M.A., Ph.D.
- Stressed the need for the Federal Reserve
- Opposed by economists who believed market was inherently efficient
- Theorized that unstable boom and bust cycles were natural part of capitalist economy
- Died in 1996
Key Dates and Works
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