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The Deficit Myth

Modern Monetary Theory and How to Build a Better Economy

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The Deficit Myth

Von: Stephanie Kelton
Gesprochen von: Stephanie Kelton
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Über diesen Titel

 'Game-changing ... Read it!' - Mariana Mazzucato

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 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.

Any ambitious proposal - ranging from fixing crumbling infrastructure to Medicare for all or preventing the coming climate apocalypse - inevitably sparks questions: how can we afford it? How can we pay for it? Stephanie Kelton points out how misguided those questions really are by using the bold ideas of modern monetary theory (MMT), a fundamentally different approach to using our resources to maximize our potential as a society.

We've been thinking about government spending in the wrong ways, Kelton argues, on both sides of the political aisle. Everything that both liberal/progressives and conservatives believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger long-term prosperity.

Through illuminating insights about government debt, deficits, inflation, taxes, the financial system, and financial constraints on the federal budget, Kelton dramatically changes our understanding of how to best deal with important issues ranging from poverty and inequality to creating jobs and building infrastructure. 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?

With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT busts myths that prevent us from taking action because we can't get beyond the question of how to pay for it.


'The best book on rethinking economics that anyone will find right now.' - Richard Murphy, Political Economist and author of The Joy of Tax


(P)2020 Hachette Audio©2020 Stephanie Kelton Ökonomie

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Kritikerstimmen

Kelton is to modern monetary theory what Milton Friedman was to American conservatives for a half century - conversational, fierce, relentless.
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.
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)
Kelton is a razor-sharp writer ... smashing shibboleths of conventional economic wisdom.
This book is going to be influential. (Martin Wolf)
One of the most important and accessible books ever written about money
Kelton's book achieves a revolution in political economy.
A leading light in modern monetary theory.
[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.
Convincingly overturns the conventional wisdom that federal budget deficits are somehow bad
The most talked about economics book of 2020
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)
Alle Sterne
Am relevantesten
A worldview shattering book, explained in simple everyday terms. A must read for any citizen who cares deeply about public policy. Read it, re-read it, and then share it with everyone you know.

Must read, 10/10

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Wichtiges Thema gut verständlich und überzeugend erklärt. Durch das Buch habe ich viel gelernt und ich werde das Wissen weitergeben wo immer ich kann. Sehr befreiend war die Erkenntnis dass Vollbeschäftigung und eine gute Grundversorgung für alle auch über Konjunkturzyklen hinweg aufrecht erhalten werden können und wie man trotzdem genug Möglichkeiten hat eine Inflation zu vermeiden.

Wünsche diesem Buch eine weite Verbreitung

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This is an excellent read. The theory is rich on detail and clearly articulated. Examples and cases are accurate and relevant (as well as illustrative). The voice quality is outstanding (no wonder, as the book is read by Prof. Kelton herself). I wish there was a bit more information about how MMT could apply to EU countries, for instance to Germany.

Exhilarating and thought-provoking

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Thought provoking and eye opening. Mrs Kelton presented a clear and incredible argument. A must listen.

What a book!

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Speaker is okay.

For the rest it seems to me like wishful thinking. Nice sounding goals but in the end it comes down to:
Government can issue currency as it likes and buy everything that's for sale for it's policies.

Often mentioned to keep Inflation in check and how Inflation can be measured differently. Has anybody tried to buy a house recently ? For me asset price inflation is inflation since it is part of the stuff I want to own.

Talking about environment: We are just limited by Ressourcen Not Money supply. so if you use all ressources to the fullest, some might argue if this environmental friendly.

A big problem might be how to enable people to do stuff that is valuable while at the same time not destroying businesses that key is this stuff.
And if it is really of value, then the market economy has incentives to do business in these niches.



Biggest contra argument in my opinion:
It all runs under the assumption, that the people will continue to use the issued currency. I view the ability to inflate the money supply as the option to defecate in all people's purses holding the issued currency as the dilution takes place. Maybe people won't sell for fiat currency any longer, if this gets too extreme. Have you heard of these decentralized so called crsptocurrencies lately?
I try to hold the least amount of cash and bonds possible and comvert fiat to stuff I view as assets the fastest way I can (mostly stocks, even though priced historically high, but at the moment more trustworthy to me than most Crypto) since I don't want to hold it when another quintillion is created over night.


In case of Moslers kid's: if dad makes requests all to silly, do other stuff for your neighbor and earn other currency, that buys you other privileges.
If not possible And dad gets overly crazy with his requests, they could leave home as soon as old enough. Old enough may be dependent on the "pain caused by misallocation", the madness level of dads wishes to earn his cards.

I view myself as austrian school type and think people like Milton's Friedman got it mostly right. Basic income by negative income tax proposed by him doesn't sound that bad either, doesn't it?

Another good read:
Basic Economics by Thomas Sowell ("Enjoy the scarce ressources that have alternative uses" Mantra)

and
Economics by Mankiw &Taylor



Best wishes from Europe, no financial advice

I don't buy it

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