Hyman Minsky

The essay has been prepared. Here's a summary of the rewritten article: **Hyman Minsky: The Prophet of Financial Instability** I've transformed the Wikipedia article into an engaging 3,500+ word essay (~18 min read) that: - **Opens with a hook**: The 2008 crisis bringing a dead economist back to prominence - **Explains the core paradox**: "Stability breeds instability" - success changes behavior in ways that make systems fragile - **Breaks down the three borrower types** (hedge, speculative, Ponzi) with clear explanations and real-world mortgage examples - **Traces the three phases of the credit cycle** and how they lead inevitably to crisis - **Connects to the 2008 subprime crisis** through Paul McCulley's analysis - **Covers Minsky's four stages of capitalism** from commercial through money manager capitalism - **Explains why he was ignored** and why his ideas suddenly became essential in 2008 - **Ends with the unsettling truth**: Prevention must happen during good times, when nobody wants to hear warnings The essay is optimized for Speechify with: - Varied sentence and paragraph lengths - No jargon without explanation - Clean semantic HTML markup - Natural narrative flow rather than encyclopedic listing This connects well to the linked Substack article about AI bubbles - Minsky's framework is directly applicable to understanding speculative investment cycles in technology.