Publications

In the Media | May 2016

Book Review: Why Minsky Matters

Reviewed by William J. Bernstein
Seeking Alpha, May 5, 2016. All Rights Reserved.

A few decades ago, Paul Samuelson wrote a letter to Robert Shiller and John Campbell, in which he discussed the notion that while the stock market was “micro efficient,” it was also “macro inefficient,” by which he meant that although profitable security choices were swiftly arbitraged away, the stock market as a whole irrationally swung between extremes of valuation.

Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable….

Read more: http://seekingalpha.com/article/3971589-book-review-minsky-matters 

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One-Pager No. 53
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Author(s): Flavia Dantas, L. Randall Wray
February 2017

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