Hyman Minsky, an American economist who died in 1996, said that the financial cycle led to economic volatility.
The brains behind the original machine is Marvin Minsky, a professor emeritus at the Massachusetts Institute of Technology.
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The feedback mechanism described by Hyman Minsky, an American economist, seems pretty clear.
Those versions used little doll hands to flip the switch, Mr. Minsky says.
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The force of gravity is a "basic physical constant, " Mr. Minsky, 85, explains.
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The tension between the Minsky and Licklider visions has certainly been amplified in the age of so-called big data.
Mr. Minsky today is a renowned authority on artificial intelligence and robotics.
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Thus, says Minsky, the longer the period of stability, the higher the potential risk for even greater instability when market participants must change their behavior.
Minsky's reputation has soared since the start of the credit crunch.
Eventually, Mr. Minsky and Mr. Shannon moved on to bigger things.
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Hyman Minsky developed a theory of financial instability in the 1970s.
Since Kasparov and Deep Blue squared off, we have seen numerous examples of man-computer symbiosis, while A.I. relying solely on computers as Minsky theorized it remains tantalizing, yet distant.
Hyman Minsky, an American economist who has become more fashionable since his death in 1996, argued that these debt crises were both inherent in the capitalist system and cyclical.
On a lark, Mr. Minsky spent some time "inventing useless things, " he says, such as a "gravity machine, " a device that would ring a bell if the force of gravity changed.
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Mr. Minsky's job there was nebulous, he says today.
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"Anyone who wouldn't be pleased would be mad - I'm honoured and delighted, " said the star of such films as Trouble in Store (1953), Just My Luck (1957) and The Night They Raided Minsky's (1968).
In the 1960s, while Don Draper was making a fortune at Sterling Cooper, John McCarthy, Marvin Minsky, Nils Nilsson and other visionaries of Artificial Intelligence at Stanford and MIT were imagining a world where computers could think faster and better than people.
It dates back to Keynes, one of the few economists whose reputation has been burnished by the crisis. (Another is Hyman Minsky, whose main insight was that stability leads to too much debt, and then to collapse.) Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst, said Mr Krugman.
Among the luminaries who waltzed on stage for conversation were artificial intelligence godfather Marvin Minsky, Boston Scientific founder and billionaire John Abele, Oxbridgian longevity messiah Aubrey De Grey (who's got 536 friends on Facebook), Tesla Motors founder Martin Eberhard, sculptor Chuck Hoberman, Sims creator Will Wright, genomics pundit Juan Enriquez and computer scientist Sandy Pentland from the Massachusetts Institute of Technology.
Among the luminaries who waltzed on stage for conversation were artificial intelligence godfather Marvin Minsky, Boston Scientific (nyse: BSX - news - people ) founder and billionaire John Abele, Oxbridgian longevity messiah Aubrey De Grey (who's got 536 friends on Facebook), Tesla Motors founder Martin Eberhard, sculptor Chuck Hoberman, Sims creator Will Wright, genomics pundit Juan Enriquez and computer scientist Sandy Pentland from the Massachusetts Institute of Technology.
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