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The Economics Book by

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RG

IN CONTEXT

FOCUS

Banking and finance

KEY THINKER

Hyman Minsky (1919–96)

BEFORE

1933 American economist Irving Fisher shows how debt can cause depression.

1936 British economist John Maynard Keynes claims the financial markets have a larger role in the functioning of the economy than was previously thought.

AFTER

2007 Lebanese-American risk theorist Nassim Nicholas Taleb publishes The Black Swan, which criticizes the risk-management procedures of financial markets.

2009 Paul McCulley, former managing director of a large US investment fund, coins the term “Minsky moment” for the point at which booms bust.

The instability of economic systems has been debated ...

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