Economists with unconventional views are taking over

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For the past 12 years, central banks of several countries have been printing currency at a pace like never before. Their aim: generate inflation. Reason: compel the rich to do something useful with their money.

Crazy? Not at all! In fact, the governments have fairly succeeded in the unconventional mission.

How come? Well, the economies the world over have shown strange trends in the present century. They tend to nullify classical theories around economics. For instance, printing money in large quantities no longer triggers inflation necessarily. Nor do wages dip owing to rising joblessness.

This means a definite edge for heterodox economics. This branch of thought challenging the classical and neoclassical approach to the subject has a history of 150 years, yet the time from the 1990s is proving to be the best for economists with unconventional views.

The trend gains a particular focus in Britain. It’s one country where public debate has most starkly contrasted with economic reality. A famed remark by Theresa May in the 2017 snap election was a reaffirming marker to it.

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