Bill Mitchell — What exactly is a rout?

Its Wednesday and just a few items today. I have a fair number of commitments today and some writing deadlines. But I thought a brief comment on a Financial Times article last week (April 30, 2021) highlights how paradigm shift creates wedges in those devoted to the degenerative paradigm. Some embrace change more than others. Some hang on to any thread to maintain their credibility. We might write something about Modern Monetary Theory (MMT) and power tomorrow. That should appeal, eh!...

Power is the crux of economics, owing to the pervasiveness of asymmetry. Conventional economics ;ays it lip service but doesn't include it in its modeling. As a result the outcome is not only biased, but just plain wrong. Power determines distribution.

Bill Mitchell – billy blog
What exactly is a rout?
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia