Quote from Dec 200, Nobel Prize winner Robert Lucas "Its central problem of depression-prevention has been solved, for all practical purposes, and is in fact solved for many decades" 4 years later the claim fell apart. Hyman Minsky a bit different.
Read this book!" —Yanis Varoufakis, former Finance Minister of Greece "In this compelling essay, Steve Keen shows that the "Great Moderation" was in fact a great delusion and documents, to brutal effect, the foolish complacency of mainstream macroeconomists ... Can we avoid another financial crisis? is a brief (140 page, 25,000 word) explanation for the lay reader of how the 2008 crisis was caused by factors that mainstream economics ignores—fundamentally, the levels of private debt and credit-based demand—and why other countries that avoided a crisis in 2008 are likely to suffer a similar crisis in the near future. Minsky pointed out a profound and sublime truth that, to answer the question of whether another financial crisis is possible: it is necessary to have an economic theory which makes great depressions one of the possible states in which our type of capitalist economy can find itself. Share - Can We Avoid Another Financial Crisis? by S. Keen (Paperback, 2017) Can We Avoid Another Financial Crisis? by S.