The Deficit Myth

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

De: Stephanie Kelton

Narrado por: Stephanie Kelton

A New York Times Bestseller

A “clear and vigorously written book” (Foreign Affairs), from the leading thinker of modern monetary theory, that delivers a bold new understanding for how to build a prosperous society

Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country.

Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis.

MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Reseñas de la Crítica

"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

you won't be the same

1. taxes don't fund the government
2. taxes are used to control inflation
3. a progressive tax is used to diminish influence
4. a jobs program would provide billions of hours toward the public good
This would solve most of our current problems

Enlightening economic knowledge.

I listened to the Audible version and was pleased to admit that the author made it crystal clear. This is a turning point for our time.

Understanding of how a fiat currency should work.

Stephanie Kelton clearly shows how a fiat currency is supposed to work and how it does work in the United States when it comes to supporting wars, corporations, big business etc. but sadly the people's America has not woken up to force Congress to think of the needs of the people in the same way.

A must read book

It will change your view of the eco and your bet in the stock market.
The financial world will be totally different after you finish this book.

MMT, an idea whose time has come (hopefully!)

Effort is required to hear, understand, and accept the monetary approach presented here.

BUT, when the light goes on, it powerfully illuminates both the outmoded, imprisoning, effects of traditional thinking about money and deficits, AND the liberating, humane alternative.
Highly recommend!

Wow..very powerful arguments

Purchased this book because I wanted to hear the antithesis of the Keynesian model. I was very skeptical due to my education. However, I was pleasantly surprised. Well done. I do not agree 100% with all assertions, but 80% is pretty solid.

Love the Tabs vs stab. Great way to explain a complex system in a simple and logical way.

This book is a Copernican moment.

Refocusing our fiscal policy on its effects on inflation and the demands put on our real resources is groundbreaking. The idea that we could be at this point in our history and these fundamental concepts would be in some way controversial is dispiriting.

Radical/promising view of monetary + fiscal policy

Dispels the myths that hold us back as society. This is the start to exposing the poltical economy that limits our potential for a real “democratic” system where poltics and economy can be harmonized. All boats can truly rise together.

Great book if a little too long

I loved the first half. Really mind expanding and educational. The second half felt like it was really just nailing home the same point again and again.

Heartily recommend though. I learned a lot about money and the economy. Definitely makes me look at the debt ceiling theatre through a new lens.

Must Read. Must Listen. Must Implement.

If you interact with the modern economy, this is a necessary download, especially if you’ve been allures by the sugary bullshit that is Reaganomics.