Much ado about Modern Monetary Theory

AS governments worldwide dig deep to fund Covid-19 support, the alternative macroeconomic approach known as "modern monetary theory" (MMT) has captured the public imagination - particularly in economies such as the United States.

In its most beguiling form, the theory suggests governments can increase money supply and manage the resulting risk of inflation through other means such as taxation.

In the spirit of challenging orthodoxies, not least after last year's record fiscal spending, one might be forgiven for asking: Can Singapore draw any inspiration from this idea?