Radical Uncertainty - Mervyn King
The Joe Walker Podcast
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The Mechanistic Causal Relationship Between Stability and Instability
A lot of finance types lack to sagely quote Heimann Minsky that stability leads to instability do you agree with that insight? I just don't think the world is like that all attempts to identify cycles and economic activity if you look backwards you can always apparently identify a cyclical pattern which seems to be a regular one because for any given set of data from the past there is some relationship that will fit it. When you come then to predict in real time for the future the whole thing breaks down this is not a stable relationship but something that just happened to be a pattern for that period in the past. There is certainly a key element of menski in the sense that beliefs and
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