As I walked out of a seminar where I had presented my Hyman Minsky-inspired models of economic crises for the first time to my new colleagues at the University of Western Sydney, one of them put his arm around my shoulders and said: “Steve, the difference between you and me is that I believe that people learn from their mistakes.”

“Yes, Andrew,” I replied, “and the other difference between you and me is that I believe people forget, and die.”

I’ve had occasion to reflect on that exchange many times since. It encapsulated the difference between the majority of the economics profession, which ...


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