The Deficit Myth
Modern Monetary Theory and How to Build a Better Economy
Published on 9. June 2020
Book
Hardback
336 pages
978-1-5293-5252-8 (ISBN)
Description
THE SUNDAY TIMES BESTSELLER
'The tools we desperately need to build a safe future for all. Read it' Naomi Klein
'This book is going to be influential' Financial Times
'A rock star in her field' The Times
'Convincingly overturns conventional wisdom' New York Times
Supporting the economy, paying for healthcare, creating new jobs, preventing the a climate apocalypse - vital challenges which inevitably raise the question: how can we pay for it?
Stephanie Kelton shows how misguided this question really is by using the bold ideas of modern monetary theory (MMT), the radically different approach to using our resources to maximize our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger our long-term prosperity.
Rather than asking the self-defeating question of how to pay for the crucial improvements our society needs, Kelton guides us to ask: which deficits actually matter?
What is the best way to balance the risk of inflation against the benefits of a society that is more broadly prosperous, safer, cleaner, and secure?
Kelton is the leading thinker and most visible public advocate of MMT - the most important idea about economics in decades - and delivers a fundamentally different, bold, new understanding for how to build a just and prosperous society.
'Game-changing ... Read it!' Mariana Mazzucato
'Essential for a post-COVID-19 world' Guardian
'The best book on rethinking economics that anyone will find right now' Richard Murphy, Political Economist and author of The Joy of Tax
'A remarkable book both in content and timing. A 'must read' that is sure to influence many aspects of policymaking going forward' Mohamed El-Erian, chief economic advisor at Allianz
'The tools we desperately need to build a safe future for all. Read it' Naomi Klein
'This book is going to be influential' Financial Times
'A rock star in her field' The Times
'Convincingly overturns conventional wisdom' New York Times
Supporting the economy, paying for healthcare, creating new jobs, preventing the a climate apocalypse - vital challenges which inevitably raise the question: how can we pay for it?
Stephanie Kelton shows how misguided this question really is by using the bold ideas of modern monetary theory (MMT), the radically different approach to using our resources to maximize our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger our long-term prosperity.
Rather than asking the self-defeating question of how to pay for the crucial improvements our society needs, Kelton guides us to ask: which deficits actually matter?
What is the best way to balance the risk of inflation against the benefits of a society that is more broadly prosperous, safer, cleaner, and secure?
Kelton is the leading thinker and most visible public advocate of MMT - the most important idea about economics in decades - and delivers a fundamentally different, bold, new understanding for how to build a just and prosperous society.
'Game-changing ... Read it!' Mariana Mazzucato
'Essential for a post-COVID-19 world' Guardian
'The best book on rethinking economics that anyone will find right now' Richard Murphy, Political Economist and author of The Joy of Tax
'A remarkable book both in content and timing. A 'must read' that is sure to influence many aspects of policymaking going forward' Mohamed El-Erian, chief economic advisor at Allianz
Reviews / Votes
Kelton is to modern monetary theory what Milton Friedman was to American conservatives for a half century - conversational, fierce, relentless. * Financial Times * Kelton's game-changing book on the myths around government deficits is both theoretically rigorous and empirically entertaining. It reminds us that money is not limited, only our imagination of what to do with it. After you read it you will never think of the public purse as a household economy again. Read it! -- Mariana Mazzucato, author of The Value of Everything: Making and Taking in the Global Economy In a world of epic, overlapping crises, Stephanie Kelton is an indispensable source of moral clarity ... 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 The best book on rethinking economics that anyone will find right now. * Richard Murphy * In the wake of the financial impact of the coronavirus, she's having a moment ... she's become a rock star in her field. -- Ben Hoyle * The Times * Kelton is a razor-sharp writer ... smashing shibboleths of conventional economic wisdom. * The Irish Times * This book is going to be influential. -- Martin Wolf * Financial Times * One of the most important and accessible books ever written about money * The National * Kelton's book achieves a revolution in political economy. * LSE Review of Books * A leading light in modern monetary theory. * Financial Times * [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. * The Guardian * Convincingly overturns the conventional wisdom that federal budget deficits are somehow bad * New York Times * The most talked about economics book of 2020 * Spears Magazine * A remarkable book both in content and timing. A 'must read' that is sure to influence many aspects of policymaking going forward -- Mohamed El-Erian, chief economic advisor at AllianzMore details
Language
English
Place of publication
United Kingdom
Publishing group
John Murray Press
Target group
College/higher education
Professional and scholarly
Dimensions
Height: 236 mm
Width: 162 mm
Thickness: 34 mm
Weight
540 gr
ISBN-13
978-1-5293-5252-8 (9781529352528)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
E-Book
06/2020
1st Edition
John Murray
€5.49
Available for download
Person
Stephanie Kelton is Professor of Economics and Public Policy at Stony Brook University. She was formerly Chief Economist on the U.S. Senate Budget Committee (Democratic staff). In addition to her many academic publications, she has been a contributor at Bloomberg Opinion and has written for the New York Times, the Los Angeles Times, U.S. News & World Reports, CNN, and others.