Hyman Minsky

"Debt accumulation during good times is the seed of crisis in bad times."

"The belief that markets self-correct is comforting but empirically false."

"Finance is fundamentally about power—who controls credit controls the economy."

"Post-Keynesian economics maintains that history matters and uncertainty is irreducible."

"The corporation was designed to separate ownership from control, creating new forms of instability."

"Inflation and deflation are not symmetric phenomena; deflation is far more destructive to economic systems."

"The financial sector has captured policy-making, turning regulators into defenders of their clients' interests."

"Economic growth is not guaranteed; it requires sustained investment and conditions conducive to innovation."

"The assumption of rational agents is a convenience of theory, not a description of reality."

"Bubbles form because participants believe they have found a new paradigm that justifies higher valuations."

"Inequality is not an accident of capitalism; it is embedded in how financial systems distribute claims on output."

"Asset prices collapse suddenly because they rest on expectations that can shift dramatically."

"The economy needs continuous stability and stimulus because its natural state is not equilibrium."

"Monopoly power emerges naturally from financial markets, creating barriers that protect incumbents."

"The distinction between money and credit is crucial; credit creation drives the boom-bust cycle."

"Purchasing power is not equally distributed, making Say's Law invalid in practice."

"Financial regulations are eroded not through debate but through the quiet work of industry lawyers."