The Deficit Myth

Modern Monetary Theory and How to Build a Better Economy

By: Stephanie Kelton

Narrated by: Stephanie Kelton

'Game-changing ... Read it!' - Mariana Mazzucato

In a world of epic, overlapping crises, 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. Read it - then put it to use. - Naomi Klein

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 maximize 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.


'The best book on rethinking economics that anyone will find right now.' - Richard Murphy, Political Economist and author of The Joy of Tax


(P)2020 Hachette Audio©2020 Stephanie Kelton

Critic reviews

Kelton is to modern monetary theory what Milton Friedman was to American conservatives for a half century - conversational, fierce, relentless.

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)

In a world of epic, overlapping crises, 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. Read it - then put it to use. (Naomi Klein)

The best book on rethinking economics that anyone will find right now.

In the wake of the financial impact of the coronavirus, she's having a moment ... she's become a rock star in her field. (Ben Hoyle)

Kelton is a razor-sharp writer ... smashing shibboleths of conventional economic wisdom.

This book is going to be influential. (Martin Wolf)

One of the most important and accessible books ever written about money

Kelton's book achieves a revolution in political economy.

A leading light in modern monetary theory.

[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.

Convincingly overturns the conventional wisdom that federal budget deficits are somehow bad

The most talked about economics book of 2020

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)

Changes the way you think about public money

An excellent summary of MMT and really makes you question how we could run government fiscal policy.

Great take on MMT

The book is well written and presented in a way that generalists can easily follow. It is entertaining and easy to read. The content is well researched.

Phenomenal!!

In my opinion, this book, and the teachings behind it, should be studied in every economics class beginning in high school. An educated populace is a healthy populace, and this is transformative information for our global society.

MMT - what is it? Find out here - worth a listen

A well written book on a topic I did not know much about. Good thought provoking concepts presented in a very easy to listen way. Felt it went away from the basic MMT theory for some of the later chapters and became more of a wish list. It is - by design- mostly focused on the position of MMT for large nations / reserve currency issues etc. Would have been interested in how effective MMT could be for small nations that have to pay in another currency for needed items they can not produce - but understand this may be beyond the scope of this book. Overall a very useful listen - I don’t necessarily agree with everything- but very glad I listened to it. Enjoy

Absolutely amazing!

The most revolutionary economics book written since Das Kapital. Mind blowing stuff that needs much more attention and time in the spotlight.