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Krugman speaks, the final act: “I was into Minsky before Minsky was cool.”

By Tom Streithorst  

Hyman Minsky: if Krugman is Springsteen,

“Most of what we have been doing in macro for the past 30 years has been spectacularly useless,” pronounced The Professor in his third and final lecture at the LSE last night, entitled: “The Night they Reread Minsky.” “If you’ve got a model where everyone is rational it would be hard to get the abrupt collapse of the world financial system,” he admitted.

Economics, everyone but economists knows, is bunk. The dominant neoclassical synthesis…

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