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“Today, Mr. Minsky's view [of economics] is more relevant than ever.”- The New York Times
“Indeed, the Minsky moment has become a fashionable catch phrase on Wall Street.”-The Wall Street Journal
John Maynard Keynes offers a timely reconsideration of the work of the revered economics icon. Hyman Minsky argues that what most economists consider Keynesian economics is at odds with the major points of Keynes's The General Theory of Employment, Interest, and Money. Keynes and Minsky refuse to ignore pervasive uncertainty. Once uncertainty is given center stage, recurring episodes of financial system crises are all but inescapable. As Robert Barbera notes in a new preface, “Benign economic circumstances…invite increasingly aggressive financial market wagers. Innovation in finance is a signature development in a capitalist economy. Once leveraged wagers are in place, small disappointments can have exaggerated consequences.” Thus for Minsky economic calm on Main Street engenders financial system fragility which, in turn, ensures a perpetuation of boom and bust cycles.
Minsky colleagues Dimitri B. Papadimitriou and L. Randall Wray write in a new introduction, “We offer this new edition, in the hope that it will contribute to the reformation of economic theory so that it can address the world in which we actually live-the world that was always the topic of Minsky's analysis.”
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Keynes' thinking largely broke free of the conventional wisdom, that wrecking the trade unions would make the market work again. But he didn't leave behind all conventional free trade thinking.
Minsky writes, "the missing step in the standard Keynesian theory was the explicit consideration of capitalist finance within a cyclical and speculative context." Minsky shows that private investment is the constant source of speculation, instability, slumps and mass unemployment.
Minsky shows the conflict at the centre of capitalism: "the boom is critical; it builds an ever-more-demanding liability structure on the base of a cash-flow foundation consisting of the prospective yields of capital assets, which are, because of technology and the limited ability to squeeze workers' real wages, at best constrained ultimately to grow at a steady rate in real terms. The debt base, which grows at an accelerating rate during a boom, is not so constrained. Thus, debts require increased servicing as they grow and as financing charges increase."
He observes, "In Keynes' own view his theory implied that the existing order should be replaced by a much more egalitarian economy, based upon a dominance of social control over investment. As the private, profit-motivated decisions to invest cannot guarantee a reasonable approximation to full employment, `a somewhat comprehensive socialization of investment' (GT, p. 378) will prove necessary." But Keynes breezed over the politics needed to do this. How could we socialise investment without taking power from the capitalist class?
Minsky notes, "Keynes also believed that `if nations can learn to provide themselves with full employment by their domestic policy ... there need be no important economic forces calculated to set the interest of one country against that of its neighbours.'" But if capitalism could do this, it wouldn't be capitalism. Capitalist economies are basically flawed - unstable and unequal, unworkable and unjust.
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