Voodoo Economics gets a run

​The post-GFC period has witnessed the emergence of a new 'school' of heterodox macroeconomic thinking known as Modern Monetary Theory, or 'MMT'. While conventional macroeconomics has focused on refining existing policy frameworks to better account for recent experience and contemporary conditions, MMT purports to overturn the conventional wisdom altogether. While it offers a seemingly irresistible intuitive appeal, MMT unfortunately has little to offer that is new or helpful to policy-makers and much that is harmful.

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