American economist Hyman Minsky died in 1996, but his theories offer one of the most compelling explanations of the 2008 financial crisis. His key idea is simple enough to be a t-shirt slogan: “Stability is destabilising”.
BBC Radio 4’s Analysis program has an episode on Minsky and looks at topics such as:
- In the aftermath of the financial crisis, why did Minsky die an outsider?
- What do his ideas say about the response to the 2008 crisis and current policies like Help to Buy?
- And has mainstream economics done enough to respond to its own failure to predict the crisis and the challenge posed by Minsky’s ideas?