A Quote by Hyman Minsky
Unless we understand what it is that leads to economic and financial instability, we cannot prescribe -- make policy -- to modify or eliminate it. Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.
Related Quotes
The instability in the region is not a result of Israel and the Palestinians. That was never the cause of this instability. Instead, the disfunctionality of many of these societies that have failed to modernize.
There's something profoundly liberating about giving, yet we don't do it often enough. It begs the question: why not? For some of us, our demanding schedules overtake our time to volunteer. For others, our fear of economic instability manifests a mindset dominated by pernicious lies like, "You can't afford to give" and "If you give, you won't have enough". However, truth of the matter is we simply cannot afford to not give back!
Everybody wants to see Ukraine - one of the largest countries in Europe - stable with a stable economic situation, because instability in Ukraine can bring instability in the whole region.
There's the instability of my attitude as an artist, the instability of our perception of the world, and the idea that with this mix, you never know exactly what's the point of view of the filmmaker. This breaks the stability of the belief that a filmmaker is somebody who has a logical relationship with his own material. These elements create this atmosphere that I find more interesting than a normal atmosphere, based only on the characters.
As discomfiting as it is to both market optimists and policy activists, a certain amount of instability is inherent to the economy.
I think one of the reasons that we are able to actually keep making music that we want to make, and that we're inspired by, is because there is a certain amount of instability constantly, and I think that mirrors the instability of any given life.
Health care is one-sixth of our economy. If the government can control that, they can control just about everything. We need to understand what is going on, because there are much more economic models that can be used to give us good health care than what we have now.
If we have major geographic areas within our continent that have a tremendous lack of economic opportunity, we found that that is going to produce instability _ economic, political and social.
If we have major geographic areas within our continent that have a tremendous lack of economic opportunity, we found that that is going to produce instability economic, political and social.
Fear is a normal human emotion. It is not in itself a killer. We can learn to be aware when fear grips us, and can train to operate through and in spite of our fear. If, on the other hand, we don't understand that fear is normal and has to be controlled and overcome, it will paralyze us and stop us in our tracks. We will no longer think clearly or analyze rationally. We prepare for it and control it; we never let it control us. It if does, we cannot lead.
If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has to look at cognition itself, something we have never done before in economics.
Only by transforming our own economy to one of peace can we make possible economic democracy in the Third World or our own country. The present economy generates wars to protect its profits and its short-term interests, while squandering the future. Unless we transform the economy, we cannot end war.
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
The priorities for the new Palestinian government is the economy. If Hamas cannot pay salaries when they form the government, there will be a collapse. People cannot afford to have that happen; there is nothing for people to fall back on. If people go hungry, there will be chaos - not just instability, but a breakdown. And there will be violence with a spillover effect. This is crucial to understand.
We simply cannot afford any further delay in providing the IMF with the resources it requires to help contain the threat of further financial and political instability around the world.
The phenomenon of emergence takes place at critical points of instability that arise from fluctuations in the environment, amplified by feedback loops. Emergence results in the creation of novelty, and this novelty is often qualitatively different from the phenomenon out of which it emerged.
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