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To understand the financial services industry at the time of the financial crisis, you were well placed if you’d read Hyman Minsky. Minsky himself was ten years in his grave by then but his theories linking financial markets and the broader economy served a useful model of what was going on.
Today, that economist is Ronald Coase. If you want to know what’s going on in financial services today, he’s the man to study.
Coase was active from the 1930s all the way up to his death, aged 102, in 2013. Like Minsky, he had a practical streak – both men challenged the idea…