Can Governments Measure Spare Capacity?

Merryn Somerset Webb speaks with Panmure Liberum Chief Economist Simon French to unpack Modern Monetary Theory—the idea that governments issuing their own currency can spend freely, constrained only by inflation. They explore whether the pandemic offered a real-world test of MMT, why fiscal policy may be too blunt a tool to control inflation and what the theory could mean for UK politics, bond markets and capital allocation.

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