The Deficit Myth

Modern Monetary Theory and How to Build a Better Economy

By: Stephanie Kelton

Narrated by: Stephanie Kelton

Length: 10 hrs and 52 mins

Publisher's summary

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 maximise 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.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2020 Stephanie Kelton (P)2020 Hodder & Stoughton Limited

Critic reviews

"The best book on rethinking economics that anyone will find right now." (Richard Murphy, political economist and author of The Joy of Tax)

Changes the way you think about public money

An excellent summary of MMT and really makes you question how we could run government fiscal policy.

Phenomenal!!

In my opinion, this book, and the teachings behind it, should be studied in every economics class beginning in high school. An educated populace is a healthy populace, and this is transformative information for our global society.

MMT - what is it? Find out here - worth a listen

A well written book on a topic I did not know much about. Good thought provoking concepts presented in a very easy to listen way. Felt it went away from the basic MMT theory for some of the later chapters and became more of a wish list. It is - by design- mostly focused on the position of MMT for large nations / reserve currency issues etc. Would have been interested in how effective MMT could be for small nations that have to pay in another currency for needed items they can not produce - but understand this may be beyond the scope of this book. Overall a very useful listen - I don’t necessarily agree with everything- but very glad I listened to it. Enjoy

Great take on MMT

The book is well written and presented in a way that generalists can easily follow. It is entertaining and easy to read. The content is well researched.

Absolutely amazing!

The most revolutionary economics book written since Das Kapital. Mind blowing stuff that needs much more attention and time in the spotlight.