The Deficit Myth

Kelton 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' Guardian 'Stephanie Kelton is an indispensable source of moral clarity ... the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all' Naomi Klein 'A rock star in her field' The Times 'This book is going to be influential' Financial Times Supporting the economy, paying for healthcare, creating new jobs, preventing the a climate apocalypse - vital challenges which inevitably raise the question: how can we pay for it? Stephanie Kelton shows how misguided this question really is by using the bold ideas of modern monetary theory (MMT), the radically different approach to using our resources to maximize our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger our long-term prosperity. 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? What is the best way to balance the risk of inflation against the benefits of a society that is more broadly prosperous, safer, cleaner, and secure? Kelton is the leading thinker and most visible public advocate of MMT - the most important idea about economics in decades - and delivers a fundamentally different, bold, new understanding for how to build a just and prosperous society. 'Game-changing ... Read it!' Mariana Mazzucato 'The best book on rethinking economics that anyone will find right now' Richard Murphy, Political Economist and author of The Joy of Tax '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 at Allianz