A fairy gives an ugly prince named Ricky the gift of conferring wit upon the one he loves the best. Prince Ricky of the Tuft comes to a kingdom with two princesses. The elder one is beautiful but unintelligent and the younger one is intelligent but ugly. The elder princess is saddened that her ugly but smart sister receives more attention than her. One day as the elder princess was going for a walk in the forest to ease her sorrow, she is approached by Ricky who had fallen in love with her after seeing portraits of her that circulated. Ricky asks how a person so beautiful as she can be so sad, to which she responds that she is sad because she is beautiful but lacks intelligence. Ricky then bestows the gift of intelligence on the elder princess for a promise of marriage. A year later, Ricky comes to marry her. She refuses on grounds that he cannot hold her to a promise made before she gained her wisdom. The princess then tells him that she was gifted at birth with the power to transform her lover into a beautiful person by the same fairy who helped him. The princess thinks of all the Prince's good qualities and at once the prince is transformed. The king has his daughter married to the prince who has already made preparations for the wedding.
I am a beginner in economics but reading Positive Money book 'Modernising Money' by Ben Dyson and Andrew Jackson. My interest grew in the work of Minsky and encouraged me to read more about Keynes. Keynes economics promote the view that in the long run economics system converge into an equilibrium with the support of the government. Nevertheless you cannot help the role of banks in the system and wonder after reading the following quote: “But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.” (Keynes, 1923) This imply that economists did not comprehend why we had a financial crisis and collapse. Minsky with his model 'Financial Instability Hypothesis' strive to answer this question. The idea in Minsky's work in a 'simplistic summary is that in very
Comments
Post a Comment