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Thursday, September 17, 2009

Economic primer

The Boston Globe ran a piece earlier this week on Hyman Minsky a late economist and apparently interesting character. Minsky, it seems, was a known economist, but not as renowned as others. His work, according to the pieces author, a historian from Georgia, has largely been ignored until recently, when it seems everything in the economy seemed to fall apart in ways remarkably consistent with his long ago predictions.

And so Minsky is now become sort of an economist celebre. His books are being reprinted and theories studied and applauded.

Like me, you may have little or no interest in economic models or intellectual discussions of finance. That's what makes the piece just the right one for you. It lays out in very basic terms Minsky's take on capitalism and its faults. Good stuff and well written by Stephen Mihm.

So go have a read and have a laugh at all the blowhards who insisted they knew best and yet did worse than Minsky. And if you are so qualified--hell, even if you're not--join the blowhards you encounter in a heady discussion and wonder when it was that they saw the light on Hyman Minsky's view of capitalism.

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