A cause for celebration – A paradigm shift in macroeconomics is underway

The pandemic has revealed an economic system on life-support – rampant inequality, low economic resilience, and central banks with nowhere left to go with monetary policy. Yet one cause for optimism is that we might finally jettison the mainstream economics fictions about government deficits and debt that have hampered prosperity over several decades. An alternative economic framework, Modern Monetary Theory has been gaining traction because it more accurately reflects the economic world we live in – and it just might be the change we need to revitalise society.