MNB funds schools to replace 'neoliberal economics'

Telco

In an effort to create a new generation of Hungarian economists who do not hew to “obsolete doctrines and mistakes of the neoliberal economics school”, the Hungarian National Bank (MNB) is contributing HUF 200 bln to four foundations established to support instruction in economics and finance, central bank governor György Matolcsy was reported as saying yesterday.

Matolcsy, who has boasted of the success of his "unorthodox economics" when he was Hungary's minister of economics in 2010-2013, said the endowment will not cost taxpayers anything, because it is taken from the profits that the MNB realized while cutting the base rate over the last two years – and also from the central bank's "money creation" according to reports.

Matolcsy was reported as saying that the money would go to a faculty of economics and finances in Kecskemét; a faculty of finances in Targu Mures, in the section of Romania with a large ethnic Hungarian population; a doctorate school in the Buda Castle and a training center in Pest.

Weekly HVG notes that the HUF 200 bln endowment is one-and-a-half times the annual amount that the state spends on higher education.

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