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The Deficit Myth
- Modern Monetary Theory and the Birth of the People's Economy
- Narrated by: Stephanie Kelton
- Length: 10 hrs and 52 mins
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Publisher's Summary
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.
What the critics say
"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)
What listeners say about The Deficit Myth
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
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- wind_stopper
- 2020-06-17
Great read about government finances
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.
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- Anonymous User
- 2021-05-05
Brilliant
Everyone should take this book to heart. Tell your friends. The process outlined may be our only hope of fixing our broken democracy.
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- Mleoppky
- 2020-09-01
A good read
This book presented clear, concise ideas in an easy to understand format. I will explore the content more as it strikes me as a controversial thesis, as appealing as it is.
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- Cliff Clavin
- 2022-09-08
A blueprint for communism
I have listened to a number of books on economics and monetary Theory and this is by far the craziest one I've encountered
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- R. McNally
- 2020-10-21
worth the read!
What a fascinating read; changes the way you look at the world. Read it and challenge the myths that trap us all.
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- S. Parent
- 2021-06-01
paradigm shift
loved the book, puts sovereign wealth in a new light. The book seems well measured and thought out, with the exception of chapter 7, where everyone is treated to a lecture on the environment. It seems implausible that someone was unaware of the environmental issues and a dramatic speech would change that. It's a great book otherwise, worth your time.
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- Mark
- 2021-09-01
A fresh take on federal policy.
Very interesting and lays out a great case for a different view of economics. I would very much have liked to have learned more of the pitfalls and avoiding them, or generalised global context being from a different country.
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- Peter S
- 2023-03-04
Blueprint for communism
MMT = Modern Marxist Theory
Good to know what the Davis crowd thinks but unfortunately communism has failed in every country, on every continent, in every culture. When we have deficits and or print money in excess of GDP or productivity, we always have inflation. Look at what’s happening now?
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- Amanda Mary
- 2020-06-09
Fantastic book - Recommend to Everyone
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.
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- Anonymous User
- 2020-12-25
Should be required reading
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.
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