I like this small gallery - see Design Real .
The title came into my mind, when I read about and in The Future Of Finance of the London School of Economics.
I am not an economist and it is hard for me to digest, but reads as fascinating stuff. I think it is important to understand systemic risk and create theories that help to detect bubble forming.
And yes the Minsky Hypothesis (the danger of unbalanced hedge-, speculative-, Ponzi-borrowers) is brilliant, and the future isn't like the past.
I confess, I easier read things in the language of mathematics ... like Asset Price Bubbles .
Is it just the understanding of systemic risk and regulatory consequences?
I find we still have home work to do on the microlevel.
In short, putting numbers on good ideas to make them more precise, testable, actionable, improvable and interpretable, and avoid traps that make them more impressive, powerful and dangerous.
I have often pointed out that each single task in quant finance bears the danger of fundamental mistakes that become horrible in interplay. But there is hope to avoid them.
Let us combine forces to get new fresh ideas ... for a young future avoiding a new Risky Horror Show