The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton (Author)

Publisher: ECONOMICS

Availability: In Stock
SKU: 46431
Number of Pages: 336

Rs.745.00

Rs.950.00

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Description
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Description

The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton presents a transformative perspective on economics, challenging conventional wisdom about government spending, budget deficits, and economic growth. Kelton, a leading advocate of Modern Monetary Theory (MMT), argues that nations that issue their own currency can never "run out" of money in the same way businesses or households can. She asserts that the real constraint on government spending is inflation, not deficits. Through engaging examples and clear explanations, Kelton highlights how a rethinking of economic policies can enable governments to address social issues like healthcare, education, and infrastructure while ensuring full employment and economic prosperity.

Keypoints

Rethinking Deficits
Kelton argues that deficits are not inherently negative, positing that they can be a tool for achieving economic goals rather than a sign of fiscal mismanagement.
Modern Monetary Theory (MMT)
The book explains the principles of MMT, emphasizing that sovereign currency issuers can use fiscal policy to promote full employment and social welfare.
Government Spending vs. Taxation
Kelton clarifies that government spending creates money, while taxation serves to regulate inflation and redistribute wealth rather than fund expenditures directly.
Inflation as a Constraint
The focus shifts from deficits to inflation as the primary constraint on spending, advocating for responsible fiscal policy that considers real resource availability.
Public Investment
Kelton makes a case for increased public investment in areas like education, healthcare, and infrastructure to stimulate economic growth and improve societal well-being.
Economic Inequality
The author discusses how current economic policies exacerbate inequality and how MMT can help create a more equitable economy by prioritizing social needs.
Employment for All
Kelton advocates for job guarantee programs that ensure everyone has access to meaningful work, framing it as a moral and economic imperative.
Debunking Economic Myths
The book addresses common misconceptions about fiscal responsibility, national debt, and the relationship between government spending and economic health.
Global Economic Perspective
Kelton provides insights into how MMT applies not just in the U.S., but also globally, and how different countries can learn from this framework.
Call to Action
The conclusion urges readers to rethink their understanding of economics and advocate for policies that promote a people's economy, fostering sustainability and inclusivity.

Conclusion

The Deficit Myth by Stephanie Kelton offers a compelling critique of traditional economic thought, providing readers with a framework to understand the potentials of Modern Monetary Theory. By reexamining the role of government spending and challenging entrenched beliefs about deficits, Kelton empowers individuals and policymakers to envision a more equitable and prosperous economy. This book serves as a vital resource for anyone interested in the future of economic policy, advocating for a shift towards policies that prioritize societal needs and enhance collective well-being.

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Writer ✤ Stephanie Kelton (Author)

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