Hyman Minsky

Hyman Minsky was a very smart man who studied how economies work. He came up with an idea called "financial instability hypothesis" which means that there will be times when the economy is stable and things are going well, but then something will happen that will cause problems. This could be something like people losing their jobs, companies going bankrupt, or banks running out of money.

Minsky said that these problems happen because people get too confident and take too many risks. They might borrow too much money or invest in things that are too risky. When things are going well, they think they can keep doing this forever, but eventually something goes wrong and all of the risks they've taken catch up with them.

Minsky also talked about something called "Ponzi finance" which is when people or companies borrow money to pay off their debts, rather than using their actual income or profits. This can be dangerous because eventually they have to pay back all of the money they've borrowed, and if they can't, things can get really bad.

So, to summarize, Hyman Minsky was a smart guy who studied how economies work. He said that sometimes things go wrong because people take too many risks and get too confident. He also talked about "Ponzi finance" which is when people or companies borrow too much money and can't pay it back.