The dawn of a new economic paradigm?

There’s an epic battle going on right now in economics between the proponents of Modern Monetary Theory (MMT), and the adherents of vintage, small-batch monetary theory. How did we go from a ‘debts and deficits disaster’ to splashing money about like a drunken uncle? How does it affect the decisions we make about public spending? How does it affect the outlook for asset prices?

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