- € 5,49
THE SUNDAY TIMES BESTSELLER
'The tools we desperately need to build a safe future for all. Read it' Naomi Klein
'This book is going to be influential' Financial Times
'A rock star in her field' The Times
'Convincingly overturns conventional wisdom' New York Times
Supporting the economy, paying for healthcare, creating new jobs, preventing the a climate apocalypse - vital challenges which inevitably raise the question: how can we pay for it?
Stephanie Kelton shows how misguided this question really is by using the bold ideas of modern monetary theory (MMT), the radically different approach to using our resources to maximize our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending in the economy is wrong, especially the fear that deficits will endanger our long-term prosperity.
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?
Kelton is the leading thinker and most visible public advocate of MMT - the most important idea about economics in decades - and delivers a fundamentally different, bold, new understanding for how to build a just and prosperous society.
'Game-changing ... Read it!' Mariana Mazzucato
'Essential for a post-COVID-19 world' Guardian
'The best book on rethinking economics that anyone will find right now' Richard Murphy, Political Economist and author of The Joy of Tax
'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
Kelton, a professor of economics at SUNY Stony Brook, debuts with an accessible introduction to modern monetary theory (MMT) and its implications for public policy. According to MMT, the American government, as monopoly issuer of the U.S. dollar, can print and spend money as it sees fit, without undue concern for runaway inflation or ballooning national debt. Lawmakers and economists who maintain that the government should operate like a household (by balancing tax revenue and spending), Kelton writes, mistake the real usage of taxes (not to fund public services, but rather to create demand for currency), and employ the "deficit myth" mainly to avoid funding projects to which they're politically opposed. She also undercuts common notions about unemployment and inflation, and argues that a new, MMT-based economy could help to mitigate climate change and eliminate trade wars. By placing a greater emphasis on "full employment," Kelton writes, the government could spend money to create meaningful jobs while also providing health care and better public education. Kelton writes clearly and directly, and does well to keep the lay reader in mind throughout. This comprehensive, lucid explanation of a much-buzzed about economic theory will resonate with progressives.