What we now need is a revival of Aristotelian ethics. We need to find the new Golden Mean.
The challenge we face is as philosophically basic as that.
And what would that mean look like?
It would search for economic truth based on observation, not abstract theory.
Sure. So, monetisation of fiscal policy has failed in Venezuela, Zimbabwe, Hungary, Germany and everywhere else it has been tried with any vigour.
No, not because it cannot, in theory, be balanced by taxation to offset the inflation. But because democratic political incentives mean that it never is.
Excellent, that’s the abstract theory of MMT killed off by observation then.
Or is that not what the Senior Lecturer means?