Summary: Is history a cycle? Sine wave. Source: Constructonomics The philosopher George Santayana said that those who cannot remember history are condemned to repeat it. Mark Twain quipped that history doesn’t repeat itself, but it does rhyme. Since the financial crisis, economist Marvin Minsky’s view has become quite popular, that stability leads to excessive risk-taking, which sows the seeds for the next crisis. But this theory requires that people act against their own interest – that they become […]
