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The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy

par Stephanie Kelton

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"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"--… (plus d'informations)
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» Voir aussi les 3 mentions

Affichage de 1-5 de 17 (suivant | tout afficher)
too US centered for non US-readers ( )
  postsign | Dec 28, 2023 |
A brilliant book on economic policy, that introduces a strikingly different way of looking at how governments should manage expenditures and revenues(the Modern Monetary Theory). In a nutshell, the author states that sovereign economies (that issue their own currencies) are not bound to limit their public expenditures to the taxes and revenues they collect each year (i.e. limit their budget deficits), as they can create any amount of money they want simply by making appropriate entries in the credit side of selected entities (e.g. banks, financial corporations, industries, etc.). That is, sovereign entities can S-TAB (Spend first, find the revenue from taxes or borrowing subsequently), and need not be constrained to TAB-S (tax and borrow first, spend later only when finances are available). Such sovereign economies can run any amount of current budget deficits, as they can easily create the needed finances simply by making book entries. This is, of course, a revolutionary change in the way we see public expenditure and revenue, and those of us accustomed to balance our household finances, cannot be blamed for wondering whether there is some fatal flaw in the reasoning.. However, there are some limitations: the central suthority should monitor the level of inflation closely, and ease up the 'pump priming' when the real resources of the economy are being used to the maximum, and any further infusion of liquidity will only push up prices. Secondly, this reasoning applies only to what are called 'sovereign' economies, those which issue their own currencies, and which are not obliged to redeem their issues at any fixed rate (i.e. the value of the currency is not pegged to a specific quantity of gold or any other standard, but can freely float). The author included the USA, UK, Japan, China (?) and a few others in this hallowed group, but leaves out most developing countries, and surprisingly, the individual countries of the European Union, that have voluntarily given up their currency powers to the European Central Bank. I would also suggest that the thoings on which the expanded money supply is spent, also matters: if it is only or mainly on luxury yatches and golf courses in the desert, it may not result in the economic prosperity promised by the proponents of Modern Monetary Theory. The author stresses the need to get more income into the hands of the middle and poorer classes, rather than increasing the income of the richest 1% or 10%. ( )
  Dilip-Kumar | Dec 21, 2023 |
Seems almost dated at this point, and also tested in a way from the pandemic. She argues that fiscal policy uses the wrong lens through which to deal with economy. We do not need a balanced budget, we need a balanced economy. The deficit is a myth that has no bearing on the economy. Whatever the solutions, MMT aims to center humanity in the solution rather than the cold hearted proclivities of the idiot republican/libratarian “deficit hawks.”
1 voter BookyMaven | Dec 6, 2023 |
OK, so, it's an eye-opener. It's also very US-centric, although it does touch on similarities with the UK, Canada, Japan and differences with the Eurozone. Whilst it makes sense that it is US-centric (the author is American after all), I think it would help with the understanding of the topic as a whole to retain that wider perspective.

For example, if the premise is that the US has the natural resources and labour to spend a lot more than it does currently without increasing inflation, is that also true of other countries? How is that limit evaluated and determined? And how does MMT apply within the Eurozone, where countries aren't directly sovereign? ( )
  benmcfc | Jun 16, 2023 |
Well, this has gone and reshaped my entire view of the world. My complaint with this book is that it doesn't really address the criticisms of MMT, so now I'm off down a rabbit hole of learning what other people view as its problems and how to address them.

Also, surprised that a UBI never came up. ( )
  whakaora | Mar 5, 2023 |
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"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"--

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