As Dan Alesch has pointed out, we designate disasters by their triggering events, but we recognize them by their impacts. Thus, we know Katrina and Sandy by the devastation they created; had they exhausted their energies over the Atlantic, their names would be forgotten. In years to come, COVID-19 will cause all of us to shudder, even though we’ve experienced many decades of influenza outbreaks.
But why were these disasters so impactful? And, for all of them, why were there such great disparities in those impacts, even among neighboring countries (Taiwan vs China) and even communities? My answer – Minsky Moments.