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Modern monetary theory: Keynesianism in another name

In a public lecture, W.D Lakshman, the then governor of the central bank appointed to the role in November 2019, said he doesn't see any relationship between money and inflation. Facing a large budget deficit due to a sweeping tax cut in early 2020 followed by a slowing economy due to Covid, Sri Lanka resorted to printing money. Since the then governor of the central bank no longer believed printing money would lead to inflation, the printing presses worked over time.

Its proponents, including governor Lakshman, suggested that modern monetary theory (MMT) was the magic bullet to fund infrastructure, provide social safety nets and usher in a new era of prosperity. MMT is another way to describe printing money, eschewed by classical economists due to its inflationary impact. MMT was Keynesianism in different drab.

Sri Lanka’s inflation has now spiralled out of control. After the departure of governor Lakshman, the central bank increased interest rates to record levels. Economists who were part of Echelon’s Reboot Everything Festival suggest that taming inflation and navigating the economy to growth won’t be as straightforward as raising interest rates.

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