Let us step back in time and recount what had happened during the inflation era of the 1970s. Amidst repeated supply shocks from oil prices in 1973 and 1979-80 and 4  weather-related food shocks, countries were mired in stagflation with double digit inflation accompanying a rise in unemployment. 10. The experience of the 1970s significantly changed the course of  macroeconomic thinking.
Hyman Minsky laboured in relative obscurity from the start of his academic career in the 1950s until 1996, when he died.1 His research about financial crises and their causes attracted little mainstream attention back then.