Whither the age of ‘magic money’?

As the Covid-19 pandemic continues to damage life and livelihood around the world, a huge debate is taking place on what the post-pandemic economy will look like. There is a growing consensus that economic policy after the 2008 global financial crisis failed to correct many of the underlying ills of social inequality. Many worry that after central bankers discovered their seemingly unlimited powers to print money without inflation, politicians and ministries of finance would not take the painful