Hyman Minsky

financial instability hypothesis (foundational, posthumous influence)

Minsky spent much of his academic career at Washington University in St. Louis and later at the Levy Economics Institute of Bard College. His Financial Instability Hypothesis categorises borrowers as hedge, speculative, or Ponzi, tracing how debt structures deteriorate during booms. Largely overlooked in his lifetime, the framework gained canonical status after the 2008 financial crisis, cementing the term 'Minsky moment' in mainstream discourse.