Publications

A few decades ago, Paul Samuelson wrote a letter to Robert Shiller and John Campbell, in which he discussed the notion that while the stock market was “micro efficient,” it was also “macro inefficient,” by which he meant that although profitable security choices were swiftly arbitraged away, the stock market as a whole irrationally swung between extremes of valuation.

Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable….

Read more: http://seekingalpha.com/article/3971589-book-review-minsky-matters