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Markets rise, and markets fall. This much, at least, is well-known. But why do market cycles occur? What causes the pendulum to swing from euphoria to crisis and back? Hyman Minsky was a 20th-century economist whose ‘financial instability hypothesis’ is probably the best-known explanation for the boom and bust cycles that characterize public financial markets. But there’s far less examination in fact, there's almost none of how Minsky dynamics apply to

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