Minsky on the BBC

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Authors:L. Randall Wray

In case you have not listened to it, this program on Minsky is actually quite good. Pay attention to the clips from Minsky’s own talks at Levy, and also to the praise coming from Larry Meyer–former colleague of Minsky at WashU (I was Meyer’s TA; he also funded our softball team, which was pretty good so far as a team made up of economists goes; and he went on to the Fed’s BOG). Minsky helped to hire Meyer and while Meyer was always supportive I don’t think he really “got it” until the crisis.

As readers of this blog probably already know, I think that it is a bit misleading to call this crisis the “Minsky moment” or the “Minsky crisis”. It was the culmination of the “Minsky half-century” during which Wall Street (re)-financialized the economy, creating Money Manager Capitalism. I gave background to the reporter for this story, but the BBC chose to focus on the somewhat more conventional interpretation. Still, this is very worthwhile listening:

Did Hyman Minsky find the secret behind financial crashes?

http://www.bbc.com/news/magazine-26680993

Analysis: Why Minsky Matters is broadcast on BBC Radio 4 at 20:30 GMT, 24 March 2014

http://www.bbc.co.uk/programmes/b03yn83s

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