The Deficit Myth: Modern Monetary Theory and the Birth of the People's EconomyA New York Times Bestseller 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. Stephanie 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. Kelton 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. MMT, 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. |
From inside the book
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... come together to pass another relief package before the November election. The consequences, without renewed support from Congress, were clear: a wave of additional job losses, bankruptcies , and foreclosures could easily kick the leg out.
... come together to pass another relief package before the November election. The consequences, without renewed support from Congress, were clear: a wave of additional job losses, bankruptcies , and foreclosures could easily kick the leg out.
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... come together aggressively to put money in the hands of people who have lost their jobs and to support small businesses so that we don't have this continuing wave of bankruptcies across the economy . ' " 20 Like the powerful chairman of ...
... come together aggressively to put money in the hands of people who have lost their jobs and to support small businesses so that we don't have this continuing wave of bankruptcies across the economy . ' " 20 Like the powerful chairman of ...
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... comes from and how it works - we can begin to address the intersecting crises that are bearing down on us : economic , health , climate , and housing . In every crisis lies an opportunity . We can choose what comes next . We can pick up ...
... comes from and how it works - we can begin to address the intersecting crises that are bearing down on us : economic , health , climate , and housing . In every crisis lies an opportunity . We can choose what comes next . We can pick up ...
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... come to believe that our government is flat broke and that its budget is unable to tackle the most important issues of our time . Whether the policy debate is health care , infrastructure , education , or climate change , the same ...
... come to believe that our government is flat broke and that its budget is unable to tackle the most important issues of our time . Whether the policy debate is health care , infrastructure , education , or climate change , the same ...
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... comes to increasing our public well-being, we have far more options than we realize, but we desperately need to see ... come from people like us. MMT radically changes our understanding by recognizing that it is the currency issuer ...
... comes to increasing our public well-being, we have far more options than we realize, but we desperately need to see ... come from people like us. MMT radically changes our understanding by recognizing that it is the currency issuer ...
Contents
Think of Inflation | |
The National Debt That Isnt | |
Their Red Ink Is Our Black | |
Winning at Trade | |
Youre Entitled | |
The Deficits That Matter | |
Building an Economy for the People | |
Acknowledgments | |
Other editions - View all
The Deficit Myth: Modern Monetary Theory and how to Build a Better Economy Stephanie Kelton No preview available - 2020 |
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy STEPHANIE. KELTON No preview available - 2021 |
The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy Stephanie Kelton No preview available - 2020 |
Common terms and phrases
afford Americans Bard College benefits Bernie Sanders bill borrowing bucket businesses central bank China Congress costs created crisis currency issuer currency user currency-issuing deficit myth Democrats developing countries economy entitlement eurozone exchange rate federal budget federal government federal job guarantee Federal Reserve fiat currency fiscal deficits full employment Fullwiler global Godley government bonds government deficits government spending government's green dollars Greenspan household housing income increase inflation infrastructure interest rate investment investors Japan Kelton labor lawmakers look Medicare million MMT economist monetary sovereignty Mosler NAIRU national debt nongovernment Obama PAYGO payments percent political primary dealers private sector problem quantitative easing Randall Wray real resources recession retirement rising savings Senate Social Security stabilizer surplus sustainable Tcherneva there's things trade deficit Treasuries trillion Trump trust funds Uncle Uncle Sam unemployed wage workers