Can We Avoid Another Financial Crisis? Quotes

“A period of tranquil growth thus leads to rising expectations, and a tendency to increase leverage: as Minsky put it in his most famous sentence, ‘Stability – or tranquility – in a world with a cyclical past and capitalist financial institutions is destabilizing’ (1978, p. 10).”
― Steve Keen, Can We Avoid Another Financial Crisis?

“... capitalism encourages risk-taking and optimism, which in turn leads to innovation that transforms both production and society itself... However, innovation and growth generate a milieu of pervasive uncertainty: since the process of innovation itself transforms the future, there is no capacity for a rational anticipation of it.”
― Steve Keen, Can We Avoid Another Financial Crisis?

“As an example, shifting your pencil from one side of your desk to the other today could change the gravitational forces on Jupiter enough to shift its position from one side of the Sun to the other a billion years from now. The unpredictability of the solar system over very long times is of course ironic since this was the prototypical system that inspired Laplacian determinism. (Tremaine, 2011)”
― Steve Keen, Can We Avoid Another Financial Crisis?