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The Deficit Myth

Modern Monetary Theory and the Birth of the People's Economy

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The Deficit Myth

Written by: Stephanie Kelton
Narrated by: Stephanie Kelton
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About this listen

A New York Times Bestseller

A bold and compelling case for modern monetary theory and how it can help us build a more prosperous society, from the leading expert on the subject.

“Conversational, fierce, relentless.” —Financial Times

Myths about deficits have long hobbled us as a country. Expanding healthcare coverage, creating new jobs, combatting climate change, building resilient infrastructure: How can we pay for it all? Leading economic thinker Stephanie Kelton shows how misguided that mindset is. Rather than asking self-defeating questions like how to pay for the crucial improvements our society needs, Kelton guides us to ask: Which deficits actually matter?

Stephanie Kelton’s brilliant exploration of modern monetary theory dramatically redefines how we can responsibly use our resources, giving us the power to move from a narrative of scarcity to one of opportunity and maximizing our potential as a society.

 Economic Conditions Economics Politics & Government Public Policy Theory Modern Economic Theory
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Critic Reviews

"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
"Stephanie Kelton convincingly overturns the conventional wisdom that federal budget deficits are somehow bad for the nation. ...Kelton argues that our government's inability to provide for citizens isn't due to a lack for money; instead, our leaders lack political will."—Farhad Manjoo, The New York Times
"Clear and vigorously written book."—Foreign Affairs
"She 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
"Kelton and her colleagues have brought a great many non-economists into the economic conversation in a way that no other contemporary branch of heterodox economics has been able to....[Sh]e's dead right about a central political fact of our times: A large, active public sector is more needed today than ever, and unfounded fears of public debt are a big reason we haven't gotten it. Which means her eloquent, accessible book is performing an important public service."—The American Prospect
"A robust, well-reasoned, and highly readable walk through many common misunderstandings. A 'must-read' for anyone who wants to understand how government financing really works, and how it interplays with economic policy."
—Frank Newman, former deputy secretary of the Treasury
"Kelton certainly offers food for thought at a time when governments are spending eye-watering sums to mitigate damage from the coronavirus pandemic."
—Spear's Magazine
"Stephanie Kelton is among the most prominent of the dozen or so economists associated with MMT. Her new book The Deficit Myth is intended to bring MMT to a broader audience. In addition to an impassioned call for a bigger, more active public sector, The Deficit Myth contains a number of distinct economic arguments."
—The American Prospect
"The big thing she gets right is in the way she structures her book around our current beliefs. In addressing our current understanding of how the world works - interpretations she identifies as myths - Kelton leads us step-by-step towards a new understanding of how federal spending works."—Inside Higher Education
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