Saving, Asset-Price Inflation, and Debt-Induced Deflation by Dr. Michael Hudson

The Roving Cavaliers of Credit - Steve Keen

In the model economy shown here, that willingness directly relates to the perceived possibilities for profitable investment—and since these are limited, so also is the uptake of debt. But in the real world—and in my models of Minsky’s Financial Instability Hypothesis—there is an additional reason why the public will take on debt: the perception of possibilities for private gain from leveraged speculation on asset prices.