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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
Categories: Non-fiction, Economics
5 out of 5 stars (12 ratings)

Non-member price: $30.38

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Publisher's 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 reference material will be available in your Library section along with the audio on our desktop site.

©2020 Stephanie Kelton (P)2020 Hodder & Stoughton Limited

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)

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Essential reading/listening

I am so shocked at my own ignorance. Thank you for enlightening me on how our government’s finances really works. I now understand that government funding isn’t from taxes but is created by the government itself, and the government’s “deficits” are just how much extra money is left in the economy after taxes. It’s ridiculous this wasn’t something i learned while studying economics at Uni in the 90’s. I can only hope this book changes the way we discuss government spending moving forward. Thank you again.

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This changes everything

A truly mind-bending 180 on what we all thought were the constraints on government spending. The opportunity costs we’re currently missing out on are unfathomable.

We need every person to listen to listen this message and pressure our lawmakers to do better.

Please listen to this book and pass it on .

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An eye opener

I was surprised to learn the concepts fleshed out in this book and what they meant for the future if implemented. It was surprisingly relevant for my country, Australia, even though the book centres around American politics. This is for anyone who currently believes that a government should handle its budget like a household.

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  • Amazon Customer
  • 27-06-2020

Happening whether you like it or not

A great explanation of money printing and its possibilities. The public job creation proposals are nebulous, but there's no doubt that mmt can be used to rebuild a Sovereign issuing economy. but what about non Sovereign economies? And doesn't this just reinforce the Dollar milkshake effect?

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  • Andrew Levi
  • 18-06-2020

Compelling and exceptionally clear

This is a compelling and exceptionally clear explanation of the disastrous effects of the financial myths which distort the management of the economies of the US and other countries. Governments which issue their own currency can’t run out of money. They can always pay for anything they decide to, in that currency. As long as they don’t stoke inflation. Due to the myth that currency issuing governments must budget - and fear bankruptcy- like households, nearly all major economies are run chronically well under their capacity. So, for countries with abundant real resources, and their own currency, the inflation risk is unlikely to be a major constraint. By attempting, inappropriately, to balance budgets, or run surpluses, governments are destroying value in their economies, and failing their societies. JFK, John Maynard Keynes, Alan Greenspan, Ben Bernanke and others have all understood this, and said it. Now we should all do the same.

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  • Kindle Customer
  • 14-06-2020

A very important book

This book may redefine public discourse on economics in the years to come. God knows it's long overdue! Kelton's narrative is compelling and written in lucid, easily accessible language that will leave many reassessing the grotesque austerity of the past decade. A rare book in that having read it I suspect many will conclude: "this changes everything".

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  • Mr David Pridgeon
  • 12-06-2020

Brilliant

This was a wonderful explanation of the truth of deficits both false and real.
MMT is more than a lens, it a Hubble telescope to open up the economic universe