And in the world of economics, the new school of Modern Monetary Theory -- which says governments usually have more room to spend in times of low inflation -- has gained traction by advocating bold fiscally-financed programs like a Green New Deal.It all points toward the revamp of economic management that should have happened after the financial crisis a decade ago, according to Paul McCulley, former chief economist at bond giant Pacific Investment Management Co. Back then, politicians balked at the size of deficits and debt, he told Bloomberg’s Odd Lots podcast. Now he thinks the coronavirus has completed the regime-change.“Any pretense is over," he said. “We’re clearly living in a fiscal-policy dominated world."...
For the record. Appears at the end of the article.
The next big shift in economics takes shape under coronavirus shadow
Alaa Shahine , Bloomberg
1 comment:
The pretense is over... the Green New Deal is dead.
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