Hyman Minsky famous quotes

Last updated: Sep 5, 2024

Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.
-- Hyman Minsky

#Unstable #Stability #Crisis
In a world of businessmen and financial intermediaries who aggressively seek profit, innovators will always outpace regulators; the authorities cannot prevent changes in the structure of portfolios from occurring. What they can do is keep the asset-equity ratio of banks within bounds by setting equity-absorption ratios for various types of assets. If the authorities constrain banks and are aware of the activities of fringe banks and other financial institutions, they are in a better position to attenuate the disruptive expansionary tendencies of our economy.
-- Hyman Minsky

#World #Ratios #Portfolios
Success breeds a disregard of the possibility of failure.
-- Hyman Minsky

#Possibility #Disregard
Unless we understand what it is that leads to economic and financial instability, we cannot prescribe -- make policy -- to modify or eliminate it. Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.
-- Hyman Minsky

#Giving #Normal #Needs

All stable processes we shall predict. All unstable processes we shall control.
God is the ultimate source of all power. All human power is therefore derived, limited, unstable and transient.
Peace is an unstable equilibrium, which can be preserved only by acknowledged supremacy or equal power.
It is the greenback which is unstable, and not bullion.
We don't want to change. Every change is a menace to stability.
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
Don't look to the approval of others for your mental stability
There is energy and power in a crisis.
Financial crises are an unfortunate but necessary consequence of modern capitalism.
Everyone has a worst time in their life. There's always a worse time. We are all either in a crisis, coming to one or coming out of one.

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