I’ve a brief musing that I wish to impart on the state of the economics profession using the history of astronomy as a comparison.
Up until perhaps five years ago, the economics profession was at the point where the Catholic Church ordered Galileo not to say that the Earth went round the sun and placed him under house arrest. Today, thanks to the growing popularity of macroeconomic reality promoted by MMT, the profession has reached the point in astronomy’s history where many people, including the Catholic Church began to accept the notion that the Earth did, in fact, go around the sun. However, the point shifted from the question of which body is at the centre, to one of how the Earth went around the sun – the Catholic Church declaring that angels beat their wings furiously and therefore, with great impetus, pushed the Earth around. That explanation is the equivalent to orthodox economics saying, “Ok, look. I’m willing to concede that the US Government issues currency, but I refuse to part with the notion that the US Government prints money.” The Catholic Church fought bravely to keep the supernatural somehow in the mix and the economics profession fights tooth and nail to keep ridiculous paranormal “private sector supremacy” notions alive in the face of glaring evidence to the contrary.
So, though progress is being made, we obviously have a ways to go before the economics profession will allow anything even remotely resembling reason to trump ideology.
In summary, it is important that you, the general public, understand that most of what you hear concerning economics in schools, on TV and from politicians is mysticism. Or, more precisely, pure nonsense. All that you’ve read and heard about economics is the product of a collective disordered mind called, the economics “profession”; specifically “mainstream economics”.
Should one day “common knowledge” be that national governments who issue currency cannot go broke, they do not tax to fund spending, they do not borrow and national debts for these nations aren’t any concern, then you will know that the economics profession has made “one giant leap for mankind”.