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The Deficit Myth
- Modern Monetary Theory and How to Build a Better Economy
- Narrated by: Stephanie Kelton
- Length: 10 hrs and 52 mins
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The Deficit Myth
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Summary
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.
Any ambitious proposal - ranging from fixing crumbling infrastructure to Medicare for all or preventing the coming climate apocalypse - inevitably sparks questions: how can we afford it? How can we pay for it? Stephanie Kelton points out how misguided those questions really are by using the bold ideas of modern monetary theory (MMT), a fundamentally different approach to using our resources to maximise our potential as a society.
We've been thinking about government spending in the wrong ways, Kelton argues, on both sides of the political aisle. Everything that both liberal/progressives and conservatives believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger long-term prosperity.
Through illuminating insights about government debt, deficits, inflation, taxes, the financial system and financial constraints on the federal budget, Kelton dramatically changes our understanding of how to best deal with important issues ranging from poverty and inequality to creating jobs and building infrastructure. 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?
With its important new ways of understanding money, taxes and the critical role of deficit spending, MMT busts myths that prevent us from taking action because we can't get beyond the question of how to pay for it.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
Critic reviews
"The best book on rethinking economics that anyone will find right now." (Richard Murphy, political economist and author of The Joy of Tax)
What listeners say about The Deficit Myth
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Anonymous User
- 19-02-22
essential reading
A central bankers view of the economy which renders the neoliberalism paradigm/debate of small state, low taxes v interventionist state, high taxes, as irrelevant. Every politico should read.
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Overall5 out of 5 stars
- Denzil Murray
- 29-07-21
A must read for everyone.
If you've ever had a problem with government spending this is a must read. MMT gives us a lens with which to view economics, and through it, we clearly see that we need to change the way we feel about an economic deficit.
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1 person found this helpful
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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- Mr
- 11-08-21
Excellent powerful and eye opening
After reading this book I feel enlightened, very well written delivering powerful points on central banking and money printing myths, allowing the non economists clarity, Its a shame that the content is tarnished by opinions on another myth involving human influence in climate change, best stick to your own unique expertise in economics, thank you.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- A Peel-White
- 10-03-21
learned a lot
read this , share this, Debunking a thousand gaslights!!! worth your time and money! so that's how it ( doesn't) work and how it could?! why don't the people in positions to make a difference choose to educate themselves?
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Overall5 out of 5 stars
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- OldDrWhoFan
- 03-11-20
Well worth reading
This is a very interesting book and helped me to see the economy from a completely different perspective. Once you’ve got your head around it, it makes a lot of sense.
If you’d like a little optimism do read it.
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- Savale
- 02-08-20
An important book
We all know the economy is not made of money. It is made of people and things. This important book considers what we can achieve if we get past the illusion that money is a resource, and we use it for what it really is - a tool.
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Overall4 out of 5 stars
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Performance2 out of 5 stars
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- Yerlan
- 05-07-21
Mixed impression
Overall it was interesting introduction to MMT. The book gives a perspective I had never seen.
On the other hand there are few chapters (probably half of the book) not about MMT, but rather inequalities, social justice, etc. Which is orthogonal to the topic. And the author has strong opinion on these topic.
I wanted only MMT related information, but get a lot of unrelated information.
So I would say: topic - 10/10, implementation 6/10
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- Jane R.
- 03-09-20
really engaging
I was sad when this book ended as I think it's a book that I'll struggle to replace. A refreshing approach to the subject and optimistic. I would have liked a little more on non sovereign currencies , which isn't really a criticism . I would recommend this book.
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- Alex DAnna
- 03-01-22
Outstanding Must Read if you like Public Policy
This was a fantastic read with a great explanation and examples as to why the Republican Party and the wealthy manipulate the public into believing that we can not afford basic things like free/affordable strong education, we can’t support the poor, or can’t improve our infrastructure but there is ALWAYS ability to allow tax cuts for the rich or endless war and defence budget.
Absolutely excellent book. Required reading for anyone in public policy. Loved it
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- jerome
- 08-05-22
Insightful
Excellent presentation of a very complex topic. It has really lifted my conceptual framework about the government’s potential in managing our lives.
Thanks!
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