The Deficit Myth cover art

The Deficit Myth

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

 Preview

Audible Standard 30-day free trial

Try Standard free
Select 1 audiobook a month from our entire collection of 900K+ titles.
Listen to your selected audiobooks as long as you're a member.
Get unlimited access to bingeable podcasts.
Standard auto-renews for $8.99/mo + applicable taxes after 30 days. Cancel anytime.

The Deficit Myth

Written by: Stephanie Kelton
Narrated by: Stephanie Kelton
Try Standard free

$8.99 a month after 30 days. Cancel anytime.

Buy Now for $34.39

Buy Now for $34.39

About this listen

 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

Myths about deficits have long hobbled us as a country. Supporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: How can we pay for it all? Leading economic thinker Stephanie Kelton, shows how misguided that question is. 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?

Stephanie Kelton’s brilliant exploration of modern monetary theory (MMT) dramatically redefines how we can responsibly use our resources, giving us the power to move from a narrative of scarcity to one of opportunity and maximizing our potential as a society. Deficit Economics Politics & Government Public Policy Taxation Government Socialism Capitalism Mythology US Economy Economic disparity Business Economic Inequality Economic Policy Banking Great Recession Money Deflation Modern Economic Theory

What the critics say

"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
All stars
Most Relevant
This is a great read and the presented ideas go contrary to what politicians on both side of the spectrum want us to believe.
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

Something went wrong. Please try again in a few minutes.
Everyone should take this book to heart. Tell your friends. The process outlined may be our only hope of fixing our broken democracy.

Brilliant

Something went wrong. Please try again in a few minutes.
I recommend this to anyone who has ever questioned "how are you going to pay for it?" when talking about fiscal policy. This can be a wonderful gift for your friends and families, even if they are not particularly fond of economics. While I highly recommend this book to any audience, students of political science and economics may find it truly eye-opening. I find MMT is not well discussed in Canada - I hope this book facilitates more conversations on MMT here. I love her narration! It was as though I was listening to her lecture at a conference.

Fantastic book - Recommend to Everyone

Something went wrong. Please try again in a few minutes.
This is basically required reading for those of us on the left who are always asked "where is the money going to come from?" when we suggest that social programs are a good thing. It gives you all the answers.

Should be required reading

Something went wrong. Please try again in a few minutes.
Very helpful for understanding what the fed is thinking as part of their medium term strategy. Adds bounding constraints mainly MMT requires congress to be full effective. Without congress impact is quite lobsided and results in asset inflation.

Great addition to mental map

Something went wrong. Please try again in a few minutes.
See more reviews