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. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, that deficits crowd-out private investment and undermine long-term growth, that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Reviews with the most likes.
Everyone should read this. And there needs to be a popular education campaign for this targeted at politicians.
This book is an amazing introduction and overview of MMT - Modern Monetary Theory. I didn't agree with all of the points of view in this book, but I can honestly say there were some huge breakthroughs about money and economics for me while reading it.
THIS BOOK MADE MY HEAD EXPLODE. Apparently I had an incorrect understanding of the US federal deficit and it's a misunderstanding that is perpetuated by our politicians on both sides of the aisle.
I was thinking that the federal government had to manage its spending like a household when it most assuredly does not since, unlike a household, it issues its own currency.
If you haven't read this book and are interested in how money works you should read it ASAP. I'm going to go stare into the abyss. My brain feels broken in the best of ways