Richard Murphy predicts MMT adoption during future economic crises

Richard Murphy predicted that politicians will adopt Modern Monetary Theory when they require an alternative to economic ideas that have failed them. Murphy noted that protests are currently occurring in Spain and France, but stated that more is needed to drive major economic shifts. He suggested that history shows significant changes in economic thinking often follow crises, such as the influence of Keynesian economics after the Great Depression.

The prediction relates to the potential shift in governmental fiscal policy during future economic downturns. Murphy argues that major economic changes are historically tied to crises, suggesting a potential move away from current economic models if they fail to address societal needs.