By the 1970’s, the neoclassical general-equilibrium school captured Keynesian economics through real-sector models that assumed that “finance is a veil,” thereby becoming blind to financial markets’ destabilizing effects. Economists like Hyman Minsky, who tried to correct this, were largely ignored as Milton Friedman and others led the profession’s push for free markets and minimal government intervention.
到了1970年代，新古典主义总体均衡学派通过一个假设“金融只是一张包装纸”的实体部门模型说服了凯恩斯主义者，并因此令他们对金融市场的不稳定作用一无所知。海曼·明斯基（Hyman Minsky）这样的经济学家尝试去纠正这一错误，但当时领导经济学界的是米尔顿·弗里德曼等自由市场和最小政府的鼓吹者，于是明斯基之辈也只能默默无闻了。