Hyman Minsky

"Money is the most important institution in modern capitalism."

"The past constrains but does not determine the future."

"Uncertainty creates both opportunity and danger."

"The economy is fundamentally unstable without proper management."

"Capitalism thrives on the expectation of future profit."

"History is important for understanding economic behavior."

"The business cycle reflects underlying structural changes."

"Confidence and animal spirits drive economic activity."

"The financial system operates on the basis of trust."

"Economic stability itself creates the conditions for instability."

"We must understand the historical context of economic decisions."

"Asset prices are driven by expectations of future prices."

"The pursuit of profit can lead to financial excess."

"Economic institutions are created by human beings and can be changed."

"Risk assessment is always imperfect and contingent."

"The economy reflects the values and institutions of society."

"Debt relationships are central to modern capitalism."

"Technological change disrupts existing economic arrangements."

"The future cannot be predicted with certainty."

"Economic forecasting is an art, not a science."

"Financial crises are not aberrations but features of the system."

"The economy requires both stability and the ability to adapt."

"Human expectations shape economic reality."

"Markets are social institutions, not natural phenomena."

"The control of money is a form of power."

"Economic activity is embedded in social relationships."

"Change is constant in the modern economy."

"The financial sector has grown out of proportion to its utility."

"Rational actors can create irrational outcomes."

"The economy is not a closed system but an open one."