The work of the late economist Hyman Minsky has become increasingly relevant in recent years, as his understanding of the fragility of financial markets and their role in bubbles and busts was both deep and prescient. Other economists generally viewed financial markets as playing not much more than an intermediary function, passively allocating excess savings… Read more
With further references to popular music! Over at PostEverything. Btw, this analysis, to which I link in my WaPo post, resonated.
The US economy expanded at a nice clip of 3.5% in the third quarter, according to this AM’s report from the BEA. That’s their advance guesstimate based on incomplete data so future revisions may wiggle about some, but it’s pretty consistent with what we expected. It’s also an annualized quarterly rate, whereas my readers know… Read more