The Deficit Myth
Modern Monetary Theory and the Birth of the People's Economy
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The Deficit Myth
Acheter pour 32,62 $
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Narrateur(s):
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Stephanie Kelton
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Auteur(s):
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Stephanie Kelton
À propos de cet audio
A New York Times best seller
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.
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.
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 PublicAffairsCe que les critiques en disent
"Kelton's mission in this powerful book is to free us from defunct orthodox thinking about fiscal deficits rooted in the bygone era of the gold standard. Her theoretical canvas is modern monetary theory. At its core MMT offers a simple proposition: In a fiat currency world, the finances of we the people ain't the same as a summing up of our individual budget constraints, because we the people can't go broke, only deficit-spend our collective self into inflationary excesses. In the prevailing era of too-low inflation, the macro policy implication should be obvious: We the people presently have far more fiscal space than the deficit scold, pay-for crowd preaches. Kelton is a gifted writer and teacher and I confidently predict that The Deficit Myth, brilliantly written and argued, will become the defining book on what MMT is - and what it is not." (Paul Allen McCulley, retired managing director and chief economist, PIMCO, and senior fellow, Cornell University Law School)
"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)
"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, Allianz)
I was first resistant to the notion that government deficits don’t really matter (given the government is the sole owner of the currency), and how deficit spending should be used to drive the economy. This is a really hot topic these days during the CV19 pandemic. It all makes a lot of sense, question then is; why don’t law makers adopt that approach?
Simple, as the author points out, government deficits are no fiscal problem, but a political tool both sides of the spectrum use to stoke fiscal fear and to garner for votes. It’s a powerful and effective tool, no wonder most politicians don’t want to surrender that.
Really should be a must read in high school and university courses.
Great read about government finances
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Brilliant
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A good read
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A blueprint for communism
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worth the read!
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Fantastic book - Recommend to Everyone
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Should be required reading
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Great addition to mental map
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Important Book
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I was skeptical of MMT the first I've heard of it, but after reading Ray Dalio's 'Big Debt Crises' books I started realising that traditional views on money, debt, and inflation are all outdated with the current economic framework, and that policies that were once thought of as unaffordable are now you can't not afford to do.
Of course, I have a few criticisms. Stephanie argues that the best way to use MMT from a policy making standpoint is to create automatic stabilisers that adjust funding based on current economic conditions (jobs guarantee/Medicare). While I agree with this viewpoint I still find it very difficult to put trust into politicians hands that they won't create a runaway inflation problem down the road because of all the good it can do (think Venezuela). I also am not completely convinced with a Job Guarantee program because she doesn't really create a solid argument for what those jobs are going to be. Yes, she mentions that we should have a job guarantee focused around a "care-centered economy" but ignores the capability of the government to actually act as an employer competing against the private sector. Say you're a manufacturer or an IT technician, under a job guarantee you'd likely either a) have to be retrained because the gov doesn't manufacturer anything or b) probably not do much work at all if the total capacity of labor for a particular field is already satisfied. However, her explanation of how the job guarantee is a public option in the labor market is very convincing so perhaps it deserves more attention from the experts.
One thing I was disappointed to not hear in this book was any reference to Universal Basic Income, something I think some MMT economists would agree with. UBI has a lot of better arguments for it than a jobs guarantee in my opinion, and is extended to a greater sum of the population. It also actively redistributes wealth and allows greater labor market flexibility than the jobs guarantee relying more on the private sector efficiency than the government. But perhaps there's plenty of other topics out there.
All in all, I enjoyed listening this audiobook, and I think everyone would too. Now more than ever, monetary and fiscal policymakers must work together to ensure we advance our economy to the next stage and we must stop asking silly questions like how are we going to pay for it. Investment in our education, health, infrastructure and industry will more than itself pay for it in the long run.
An excellent introduction for a complicated topic.
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