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Deficit Myth Modern Monetary Theory & the Birth of the Peoples Economy

by Stephanie Kelton
Deficit Myth Modern Monetary Theory & the Birth of the Peoples Economy

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ISBN13: 9781541736191
ISBN10: 1541736192



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Synopses & Reviews

Publisher Comments

A 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.

Review

"Clear and vigorously written book." Foreign Affairs

Review

"Kelton writes clearly and directly, and does well to keep the lay reader in mind throughout. This comprehensive, lucid explanation of a much-buzzed about economic theory will resonate with progressives." Publishers Weekly

Review

"In a world of epic, overlapping crises, Stephanie Kelton is an indispensable source of moral clarity. Whether you're all in for MMT, or merely MMT-curious, the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all. Read it--then put it to use." Naomi Klein, author of On Fire: The Burning Case for a Green New Deal

About the Author

Stephanie Kelton, professor of economics and public policy at the State University of New York at Stony Brook and Bloomberg contributing columnist, has been called a “prophetic economist” and a “Rock Star” of progressive economics. Stephanie is the founder and of the top-rated economic blog New Economic Perspectives, and a member of the TopWonks network of the nation’s best thinkers. In 2016, Politico recognized her as one of the fifty people across the country most influencing the political debate.

Kelton was chief economist on the U.S. Senate Budget Committee (minority staff) and an advisor to the Bernie 2016 presidential campaign. Kelton is a regular commentator on national radio and television and speaks across the world at large gatherings of people interested in global finance, political economy and public policy. She has superb connections in all areas of print and broadcast national media. Her op-eds have appeared in The New York Times, The Washington Post, The Los Angeles Times and Bloomberg.

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Doug Korty , December 04, 2020 (view all comments by Doug Korty)
This book has earned wide praise and modern monetary theory is quite popular in many circles. There is some good in the theory but there is a basic problem and this book is a good example of the problem. From 1980 to 2009 the top 5% of income receivers in the US got $15 trillion extra due to the tax cuts given to them by Reagan and the two Bush Presidents. This was just about equal to the increase in federal deficits in that period. There was nothing necessary or useful about that. It was simply a transfer of government money to the wealthy and it increased government indebtedness. There is no mention of that in this book. (96.3% of federal deficits in the 1950-2009 period occurred in Republican administrations mostly Reagan and two Bush.)We don't need for the government to use deficit spending to routinely finance economic policies. It can be used sometimes with good effect but if we had a fair tax policy, we would not need to run large deficits. We would be taxing the rich to pay for government programs. MMT theorists don't seem to understand this, and it is odd since they are all left leaning people. The book is well written and intelligent otherwise but this problem makes the book a C or C- in my opinion.

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Product Details

Author:
Stephanie Kelton
ISBN:
9781541736191
Binding:
Trade Paperback
Publication date:
03/09/2021
Publisher:
PUBLICAFFAIRS
Pages:
352
Height:
1.10IN
Width:
5.50IN

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