Hyman Minsky

"Wall Street and Main Street operate according to different logics."

"Financial markets amplify rather than dampen economic fluctuations."

"The belief in self-correcting markets is a dangerous illusion."

"Capitalism without regulation produces recurring financial crises."

"Investment spending depends on entrepreneurial optimism, not rational calculation."

"The financial sector grows faster than the real economy, creating instability."

"Keynesian economics applies in a world of uncertainty and unknown unknowns."

"Profit expectations drive investment, employment, and ultimately economic growth."

"The stock market is a barometer of capitalist confidence, not fundamental value."

"Private banks create money through lending, not governments or central banks."

"Unemployment is a feature of capitalism, not a bug to be eliminated."

"Minskian finance creates a world prone to ever-larger and more frequent crises."

"The Federal Reserve cannot control the economy; it can only manage crises."

"Inflation and unemployment are not rigidly correlated in capitalist economies."

"Asset bubbles are inevitable products of capitalist financial systems."

"The Great Moderation was a prelude to the Great Recession."

"Financial fragility builds gradually during economic expansions."

"Capitalism thrives on uncertainty and the fear of failure."

"Debt service ratios matter more than aggregate debt levels."

"The economy moves from finance-constrained to inflation-constrained regimes."

"Speculation is not irrational; it's rational given uncertainty."

"The distribution of income determines the stability of the economic system."

"Government deficits during recessions are not problems but solutions."

"The financial system is not a veil over the real economy but its foundation."

"Expectations are not based on past data but on narratives and stories."

"The business cycle reflects the fundamental instability of capitalism."

"To regulate finance, we must understand its inherent instability."

"The financial system is not inherently stable; it is prone to booms and busts that destabilize the entire economy."

"Capitalism operates on the principle that debts must be paid, but this creates fragility when income streams disappoint."

"The most dangerous moment in any financial cycle is when stability itself breeds excessive risk-taking."