There has been a lot of back and forth in the financial and economics blogosphere about the centrality of financial institutions and their facilitation of private debt accumulation leading up to the Great Financial Crisis. Some people like Paul Krugman are apparently still of the view that banks don't really matter when you model an economy despite the financial crisis. He also says:
So, first of all, my basic reaction to discussions about What Minsky Really Meant — and, similarly, to dis...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.