The pressing need for a new perspective

Today's piece by Prof. Deepak Nayyar in the Livemint (12.06.2015) clearly summarizes the problem with neoliberal economics - although the work neoliberal was never mentioned.  At the core of neoliberalism is inflation targeting and its consequent implications for control of the fiscal deficit. These policies are strangling not just India but even countries like Greece which are unable to come out of depression.  Prof. Nayyar has highlighted the need for "to question and get away from a blind belief in any idea, for ideologies that turn into faith are dangerous."  Who can disagree?  But critiquing economics has always been countered with the question; what is the alternative?  I think here we need to turn to post-Keynesian economics ... and Modern Money Theory in particular.

Here's the link to Prof. Nayyar's article:

http://www.livemint.com/Opinion/DubsmSzgYLBp3Swu8TqPII/The-interest-rate-conundrum.html