##  [May's Instability in Large Economies - José Moran, Jean-Philippe Bouchaud](https://arxiv.org/abs/1901.09629)

- how economies are pushed to marginal stability

system's size increases -> May's instability
mark-ups increase - firms seeking profit
connectivity increases
substitutability

## liquidity and marginal stability

Turbulence and liquidity cascade - Obizhaeva
Marginal stability and liquidity cascade - Bouchaud
Inelastic market hypothesis and liquidity cascade - Bouchaud - index inflow multiplier