The Deficit Myth

Modern Monetary Theory and the Birth of the People's Economy

Stephanie Kelton

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Book Synopsis

"The Deficit Myth" by Stephanie Kelton challenges conventional economic wisdom and debunks common myths surrounding government deficits. Kelton argues that deficits are not necessarily harmful and can be used to create a prosperous and equitable society. Through meticulous research and compelling analysis, she explains how our understanding of deficits has been shaped by flawed thinking and why it's crucial to redefine our perceptions.

Kelton dismantles the assumption that deficits lead to inflationary pressures, explaining that inflation is driven by real resource constraints rather than monetary factors. Drawing from historical examples and current data, she demonstrates that governments can responsibly finance deficits without causing harmful consequences to the economy.

By debunking myths about the negative impact of deficits and reframing our understanding of government spending, Kelton makes a powerful case for utilizing deficits as a tool for public purpose. She emphasizes the importance of prioritizing investments in areas like healthcare, education, and infrastructure, as well as tackling pressing issues such as climate change and income inequality.

"The Deficit Myth" provides a fresh perspective on fiscal policy, clarifying the potential of deficits as a force for positive change. Kelton's insightful work challenges readers to question long-held beliefs and consider alternative approaches to economic management. With its accessible language and persuasive arguments, this book is an essential read for anyone interested in understanding and challenging prevailing economic orthodoxy.

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