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The Minsky Moment As The Revenge Of Entropy

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  • Rosser, J. Barkley

Abstract

Considering macroeconomies as systems subject to stochastic forms of entropic equilibria, we shall consider how deviations driven by positive feedbacks as in a speculative bubble can drive such an economy into an anti-entropic state that can suddenly collapse back into an entropic state, with such a collapse taking the form of a Minsky moment. This can manifest itself as shifts in the boundary between the portion of the income distribution that is best modeled as Boltzmann–Gibbs and that best modeled as a Paretian power law.

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  • Rosser, J. Barkley, 2020. "The Minsky Moment As The Revenge Of Entropy," Macroeconomic Dynamics, Cambridge University Press, vol. 24(1), pages 7-23, January.
    • Handle: RePEc:cup:macdyn:v:24:y:2020:i:1:p:7-23_2
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