 "A picture illustration shows Mexican pesos and U.S. dollars banknotes in Mexico City (Reuters)")
Economists did not predict the financial crisis of 2007, nor did we predict that advent of secular stagnation that has followed. Those events have shaken the economic and political world. Our theories need work. Maybe a lot of work.
But those events, and the failings of economists, have given a bunch of cranks the chutzpah to claim that they do know the answers – and that they knew them all along.
These folks sometimes refer to themselves as “heterodox economists”, “neo-chartalists”, or proponents of “modern monetary theory”.
Support has even made it to the UK Labour Party, with Jeremy Corbyn’s
