Re: Why Heterodox are subject to be losers.

["Forstater, Mathew" <ForstaterM@xxxxxxxx>]

Minsky used to say that Keynes's theory was a Special theory, not a
General Theory--a theory of capitalism, "one in which private ownership
of the means of production results in incomes to owners that in each
case depends upon how a particular set of capital assets, organized in
firms, performs in some markets."  For Minsky, Keynes's theory was even
more specific than this, because it also reflected the particular type
of capitalism that ruled at Keynes's time, i.e., "a small government
economy with a sophisticated and evolving financial structure that had
Central Banks that were reluctant to intervene" as opposed to
"today's...big government economies with even more sophisticated
evolution prone financial structures which have Central Banks that are
willing to intervene." (H. P. Minsky, "The Endogeneity of Money," in
Nicholas Kaldor and Mainstream Economics, ed. by Nell and Semmler,
1991.)