The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy

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Public Affairs, 2020 - 336 pages
The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society.0 0Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country.0 0Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis.0 0MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

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User Review  - fionaanne - LibraryThing

This book is way longer than it needed to be based on the amount of information that is being presented. Much repetition of concepts and arguments, like readers aren't going to get it when it's really ... Read full review

LibraryThing Review

User Review  - LynnB - LibraryThing

Like Mark Carney's recent book, Value(s), this book argues for measuring what matters; in this case, outcomes. Basically, the author is asking: “How can the economy morph into a system that optimizes ... Read full review

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