Can It Happen Again?
In the winter of 1933, the American financial and economic system collapsed. Since then economists, policymakers, and financial analysts throughout the world have been haunted by the question of whether it can happen again. Can It Happen Again deals with microeconomic theory, the evolution of monetary institutions, and Federal Reserve policy. It argues that any economic theory which separates what economists call the real economy from the financial system is bound to fail.
Praise for Can It Happen Again???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
"There are few better places to begin the serious study of financial questions than with Can "It" Happen Again? – the work of the most insightful observer of finance in the economics profession today."
— Robert Pollin, Monthly Review
"It is time to revive an old issue: Just how inherently unstable are economies? But instead of getting much guidance these days from contemporary economists, we need to turn to some of the giants from the past. The work of Hyman Minsky...is especially on the mark."
— The New York Times
"Today, his views are reverberating from New York to Hong Kong as economists and traders try to understand what's happening in the markets... Indeed, the Minsky moment has become a fashionable catchphrasecon Wall Street."
— The Wall Street Journal
"Minsky's essays are creative, sophisticated, and wise. He has an important message for economists and a wider public."
— Journal of Economic Issues