Deficit Myth: Modern Monetary Theory and How to Build a Better Economy

Stephanie Kelton's book "The Deficit Myth" challenges conventional wisdom about deficits and government spending, arguing that it is misguided to ask how to pay for improvements, and that we should ask which deficits matter.

Format: Paperback / softback
Length: 352 pages
Publication date: 13 May 2021
Publisher: John Murray Press

Stephanie Kelton, a renowned economist, has achieved a significant milestone with her book "The Deficit Myth." By challenging prevailing economic beliefs and advocating for a fresh perspective, Kelton has sparked a crucial debate that is essential for shaping a post-COVID-19 world. In this new era, the traditional economic gods will require reconfiguration, and Kelton's insights offer a valuable roadmap for navigating this transformative landscape.

One of the most compelling aspects of "The Deficit Myth" is its ability to provide moral clarity in a complex and often confusing economic landscape. Kelton's teachings on money, debt, and deficits offer a clear and concise framework for understanding the underlying issues that contribute to economic inequality and instability. Through her straightforward and accessible language, Kelton empowers readers to gain a deeper understanding of the financial system and to make informed decisions about their own financial well-being.

Kelton's book has garnered widespread acclaim from esteemed figures in the field of economics and beyond. Naomi Klein, renowned author and activist, praises Kelton's work as "game-changing," highlighting its ability to challenge conventional wisdom and offer a more progressive and equitable economic vision. Mariana Mazzucato, a prominent economist and author, describes Kelton as a "rock star in her field," emphasizing her influential role in shaping economic discourse.

The Times, one of the UK's leading newspapers, also recognizes the significance of "The Deficit Myth." In a review, the paper describes the book as "convincingly overturning conventional wisdom," highlighting Kelton's ability to challenge long-held beliefs and provide a fresh perspective on economic policy. The Financial Times similarly praises Kelton's work, stating that it "convincingly overturns conventional wisdom," and offering a valuable contribution to the ongoing debate about economic sustainability and growth.

In addition to its academic and intellectual merits, "The Deficit Myth" has also gained widespread popularity among the general public. The New York Times praises the book as "supporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: how can we pay for it all?" The paper recognizes the urgent need for a radical new approach to addressing these complex challenges and praises Kelton for providing a compelling and practical solution.

One of the key insights offered by Kelton in "The Deficit Myth" is that the traditional question of how to pay for crucial improvements in society is misguided. Instead of focusing on the mere cost of these improvements, Kelton encourages us to ask which deficits actually matter. By examining the impact of different types of deficits on economic growth, social welfare, and environmental sustainability, Kelton shows how a radical shift in our economic thinking can maximize our potential as a society.

Kelton argues that deficits can be a valuable tool for promoting economic growth and addressing social and environmental challenges. For example, she advocates for investing in infrastructure and education, which can create new jobs, stimulate economic activity, and improve social well-being. By financing these investments through deficit spending, Kelton suggests that we can create a more sustainable and equitable economy that benefits everyone.

However, Kelton also recognizes the importance of managing deficits responsibly. She emphasizes the need for fiscal discipline and transparency, as well as the importance of addressing structural issues such as income inequality and poverty. By addressing these underlying issues, Kelton believes that we can create a more stable and resilient economy that is better equipped to face future challenges.

In conclusion, "The Deficit Myth" by Stephanie Kelton is a groundbreaking book that has the potential to transform our understanding of economics and economic policy. By challenging prevailing beliefs and advocating for a fresh perspective, Kelton has sparked a crucial debate that is essential for shaping a post-COVID-19 world. Through her clear and accessible language, Kelton empowers readers to gain a deeper understanding of the financial system and to make informed decisions about their own financial well-being.

The book has garnered widespread acclaim from esteemed figures in the field of economics and beyond, and its popularity among the general public reflects the urgent need for a radical new approach to addressing complex economic challenges. By examining the impact of different types of deficits on economic growth, social welfare, and environmental sustainability, Kelton shows how a radical shift in our economic thinking can maximize our potential as a society.

As we navigate the uncertain and challenging economic landscape of the post-COVID-19 era, "The Deficit Myth" offers a valuable roadmap for building a more sustainable and equitable economy. By embracing Kelton's insights and applying them to our own lives and communities, we can work towards creating a brighter future for ourselves and future generations.

Weight: 248g
Dimension: 197 x 128 x 26 (mm)
ISBN-13: 9781529352566