Economics
How Coronavirus Has Upended Economics in Just a Few Weeks
- Big tilt toward government spending will be tough to unwind
- In the post-virus world, MMT and debt monetisation loom large
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In the heat of a global crisis more sudden and severe than anything in living memory, economic orthodoxies are getting tossed aside at a furious pace. Some of them may be gone for good.
Public debt, for example, has often been seen as a drag on economies -- but right now it’s their lifeline. The coronavirus has shut down swaths of private business. In the U.S. alone, it threw about 3 million people out of work in just a week.