[Modern monetary theory or Keynesian economic policies...] I'm not a macroeconomist but... those kinds of macroeconomic thinking will become more influential. I wouldn't say dominant because... the current macroeconomic approach [is] a weird mixture of... fiscal conservatives and monetary abandon ...dominant because it serves the powerful interests, so I don't know whether ...the rise of Keynesianism or the monetary theory—which is... certain—will be sufficient to replace the existing [system]... [It is] not just in terms of macroeconomic policy I mentioned that is going to see change. ...[W]e are going to see big changes in the way that we... manage the welfare state, which has implications for taxation policy. ...We are going to see big changes in the structure of production, which will has ramifications for industrial policy and trade policy. So... it will be in all kinds of areas and hopefully... it will also spill into our approach to fighting climate change. So... it's not just going to be in the macroeconomic area that the conventional wisdom and prevailing orthodoxy are being hit. It's across all areas, reflecting partly the all-encompassing nature about this crisis. So... there will be significant changes, but... whether one economic theory becomes dominant, or at least widely accepted, is in big part a political question. So a lot will depend on how things unfold and how the political elite respond to this.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "[Modern monetary theory or Keynesian economic policies...] I'm not a macroeconomist but... those kinds of macroeconomic thinking will become more influential. I wouldn't say dominant because... the current macroeconomic approach [is] a weird mixture of... fiscal conservatives and monetary abandon ...dominant because it serves the powerful interests, so I don't know whether ...the rise of Keynesianism or the monetary theory—which is... certain—will be sufficient to replace the existing [system]... [It is] not just in terms of macroeconomic policy I mentioned that is going to see change. ...[W]e are going to see big changes in the way that we... manage the welfare state, which has implications for taxation policy. ...We are going to see big changes in the structure of production, which will has ramifications for industrial policy and trade policy. So... it will be in all kinds of areas and hopefully... it will also spill into our approach to fighting climate change. So... it's not just going to be in the macroeconomic area that the conventional wisdom and prevailing orthodoxy are being hit. It's across all areas, reflecting partly the all-encompassing nature about this crisis. So... there will be significant changes, but... whether one economic theory becomes dominant, or at least widely accepted, is in big part a political question. So a lot will depend on how things unfold and how the political elite respond to this." in the context of "Answer to the Question: You mentioned that this crisis has revealed the shortcomings of market fundamentalism and that the state is likely to increasingly intervene in and steer markets in the future. Do you think MMT or Keynesian economic policies will dominate in the post-CORONA years to come?" to mean that wisdom is timeless.