I looked for ways to help the committee without reinforcing myths and misunderstandings about our nation’s finances.

When I met with the members of the committee for the first time, no one was rude, but I could sense that there was reticence about expanding the deficit aviary. Most of the senators on the committee had never heard of MMT. Read this excerpt with an open mind, and you may just begin to doubt the “common sense” of fiscal prudence.Īs word spread that I would be heading to the nation’s capital to advise the Democrats, journalists fired off articles with headlines like “Sanders Hires Deficit Owl.” I had coined that term in 2010, as a way to distinguish the views held by modern monetary theory (MMT) economists like me from those of the more deficit-anxious birds. Indeed, while the terminology is different, one can make the case that MMT builds on fundamental precepts of Keynesian economics seasoned with a dash of Milton Friedman’s provocations. But as Stephanie Kelton, an economics professor at the State University of New York at Stony Brook and the most visible (and persuasive) advocate of MMT, makes strikingly clear in The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, much of what underpins the theory is widely accepted by mainstream economists - if not mainstream politicians and the public. It’s certainly been used that way by the political left, much as supply-side economics has been used by the right to justify tax cuts for the one percent. Everything that we've been led to believe about deficits and the role of money and government spending is wrong.If you think Modern Monetary Theory is a rationale for ignoring federal budget deficits and spending whatever’s necessary to fund an ambitious progressive agenda - everything from tuition-free college to Medicare-for-All - you’re correct, in part. Supporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: how can we pay for it all? Leading economic thinker Stephanie Kelton, shows how misguided that question is, and how a radical new approach can maximise our potential as a society. 'Convincingly overturns conventional wisdom' New York Times

'This book is going to be influential' Financial Times the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all' Naomi Klein

'Stephanie Kelton is an indispensable source of moral clarity. 'Kelton has succeeded in instigating a round of heretical questioning, essential for a post-Covid-19 world, where the pantheon of economic gods will have to be reconfigured' Guardian The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy Stephanie Kelton € 15.99 This item arrived at both our stores within the past 8 weeks If not in stock, the expected delivery time to our store for this item will be 3-5 working days.

Stephanie kelton the deficit myth