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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... mean there aren't real limits to what the government can (and should) do. Every economy has its own internal speed limit, regulated by the availability of our real productive resources—the state of technology and the quantity and ...
... mean there aren't real limits to what the government can (and should) do. Every economy has its own internal speed limit, regulated by the availability of our real productive resources—the state of technology and the quantity and ...
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... means.” That's a mistake. It is true that a deficit is recorded on the government's books whenever it spends more than it taxes. But that's only half the story. MMT paints the rest of the picture using some simple accounting logic. are ...
... means.” That's a mistake. It is true that a deficit is recorded on the government's books whenever it spends more than it taxes. But that's only half the story. MMT paints the rest of the picture using some simple accounting logic. are ...
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... mean taking money out of their pockets. It is possible for the government to spend too much. Deficits can be too big. But evidence of overspending is inflation, and most of the time deficits are too small, not too big. The third myth is ...
... mean taking money out of their pockets. It is possible for the government to spend too much. Deficits can be too big. But evidence of overspending is inflation, and most of the time deficits are too small, not too big. The third myth is ...
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... means to budget our resources responsibly. Our misconceptions about the deficit leave us with so much waste and untapped potential within our current economy. MMT gives us the power to imagine a new politics and a new economy. It ...
... means to budget our resources responsibly. Our misconceptions about the deficit leave us with so much waste and untapped potential within our current economy. MMT gives us the power to imagine a new politics and a new economy. It ...
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... means and arrange our finances so that we aren't spending more than we bring in. We know we need to set aside some savings for the future and that we should be extra careful when it comes to borrowing money. Taking on too much debt can ...
... means and arrange our finances so that we aren't spending more than we bring in. We know we need to set aside some savings for the future and that we should be extra careful when it comes to borrowing money. Taking on too much debt can ...
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 | |
About the Author | |
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 asking balance bank become benefits bill bonds borrowing bucket budget businesses central bank Chapter China comes Congress costs countries created crisis currency cuts debt deficit developing dollars economists economy entitlement example families federal government Federal Reserve fiscal fiscal deficits full employment funds future global government’s happen higher household housing important income increase inflation interest interest rate investment issue It’s job guarantee keep leave limit live look means million monetary myth never paid payments percent political problem productive projected raise reason rest retirement rising savings sector Senate shows simply Social Security spending supply sustainable there’s things trade Treasuries trillion Uncle unemployment United wage workers York