/cloudfront-us-east-2.images.arcpublishing.com/reuters/B7MDIEOQW5LLJJZMJAAMQ6Q3DU.jpg "Breakingviews – A flawed but useful economic model for a bleak age")
Breakingviews - A flawed but useful economic model for a bleak age,Economic theories become fashionable when their ideas meet the needs of the age. John Maynard Keynes’s “General Theory of Employment, Interest and Money” offered an escape from the 1930s depression. Hyman Minsky’s financial instability hypothesis became popular after Lehman Brothers filed for bankruptcy. Modern Monetary Theory, which endorses unlimited government spending, was all the rage during the years of ultra-low interest rates. Having given the magic money tree a good shake, governments are now grappling with inflation and swollen debts. A more sombre age calls for a more serious approach to economics. John Cochrane’s fiscal theory fits the bill.
Breakingviews – A flawed but useful economic model for a bleak age
Economic theories become fashionable when their ideas meet the needs of the age. John Maynard Keynes’s “General Theory of Employment, Interest and Money” offered an escape from the 1930s depression. Hyman Minsky’s financial instability hypothesis became popular after Lehman Brothers filed for bankruptcy. Modern Monetary Theory, which endorses unlimited government spending, was all the rage during the years of ultra-low interest rates. Having given the magic money tree a good shake, governments are now grappling with inflation and swollen debts. A more sombre age calls for a more serious approach to economics. John Cochrane’s fiscal theory fits the bill.
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