Hyman Minsky

"Stability is destabilizing."

"The economy is not a machine, it is an evolving complex system."

"In a world of uncertainty and changing institutions, the forward-looking behavior of economic units depends on the state of long-term expectations."

"Capitalism is a flawed system, but it is the system we have."

"Success bred a disregard for the possibility of failure."

"The financial system is inherently unstable."

"We must build institutions that can handle the uncertainty of the future."

"The present is determined by past decisions."

"In economics, the past is not a reliable guide to the future."

"Uncertainty is not just about lack of information, it is about the inherent unpredictability of human behavior."

"The business cycle is not a mechanical phenomenon."

"Financial fragility is a feature, not a bug, of capitalism."

"Expectations about the future shape present economic behavior."

"The economy is driven by animal spirits, not rational calculation."

"Markets have a tendency toward instability if left unchecked."

"Innovation creates the conditions for financial crises."

"Debt is the lifeblood of modern capitalism."

"The more stable things become, the more unstable they are likely to be."

"Profit-seeking behavior leads to financial excesses."

"The future is open-ended and not predetermined."

"Risk and uncertainty are not the same thing."

"Investment decisions are based on uncertain expectations."

"Banks are inherently fragile institutions."

"The nature of capitalism is to create boom and bust cycles."

"Economic theory must account for the passage of time."

"Human behavior is not always rational in economic matters."

"The institutional structure of capitalism shapes its outcomes."

"Prices do not always reflect underlying fundamentals."

"The financial system needs constant monitoring and regulation."

"Conventional wisdom is often wrong about economic matters."