
The Deficit Myth
Modern Monetary Theory and the Birth of the People's Economy
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Narrated by:
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Stephanie Kelton
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By:
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Stephanie Kelton
About this listen
A New York Times best seller
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, crowd out private investment, and undermine long-term growth, and 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.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
©2020 Stephanie Kelton (P)2020 PublicAffairsListeners also enjoyed...
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Critic reviews
"Kelton's mission in this powerful book is to free us from defunct orthodox thinking about fiscal deficits rooted in the bygone era of the gold standard. Her theoretical canvas is modern monetary theory. At its core MMT offers a simple proposition: In a fiat currency world, the finances of we the people ain't the same as a summing up of our individual budget constraints, because we the people can't go broke, only deficit-spend our collective self into inflationary excesses. In the prevailing era of too-low inflation, the macro policy implication should be obvious: We the people presently have far more fiscal space than the deficit scold, pay-for crowd preaches. Kelton is a gifted writer and teacher and I confidently predict that The Deficit Myth, brilliantly written and argued, will become the defining book on what MMT is - and what it is not." (Paul Allen McCulley, retired managing director and chief economist, PIMCO, and senior fellow, Cornell University Law School)
"Kelton's game-changing book on the myths around government deficits is both theoretically rigorous and empirically entertaining. It reminds us that money is not limited, only our imagination of what to do with it. After you read it you will never think of the public purse as a household economy again. Read it!" (Mariana Mazzucato, author of The Value of Everything: Making and Taking in the Global Economy)
"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, Allianz)
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Story
Here, anthropologist David Graeber presents a stunning reversal of conventional wisdom: He shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods - that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors.
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Transformative to the point of being revolutionary
- By James C. Samans on 08-14-16
By: David Graeber
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Why Nations Fail
- The Origins of Power, Prosperity, and Poverty
- By: Daron Acemoglu, James A. Robinson
- Narrated by: Dan Woren
- Length: 17 hrs and 55 mins
- Unabridged
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Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?
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Pros and Cons of "Why Nations Fail"
- By Joshua Kim on 05-01-12
By: Daron Acemoglu, and others
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What Money Can't Buy
- The Moral Limits of Markets
- By: Michael J. Sandel
- Narrated by: Michael J. Sandel
- Length: 7 hrs and 28 mins
- Unabridged
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Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay?
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Challenging
- By Kendra on 02-25-13
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Birchers
- How the John Birch Society Radicalized the American Right
- By: Matthew Dallek
- Narrated by: Donald Corren
- Length: 11 hrs and 37 mins
- Unabridged
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At the height of the John Birch Society’s activity in the 1960s, critics dismissed its members as a paranoid fringe. After all, “Birchers” believed that a vast communist conspiracy existed in America and posed an existential threat to Christianity, capitalism, and freedom. But as historian Matthew Dallek reveals, the Birch Society’s extremism remade American conservatism. Most Birchers were white professionals who were radicalized as growing calls for racial and gender equality appeared to upend American life.
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Do not recommend
- By Michael F. on 05-21-23
By: Matthew Dallek
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Trade Wars Are Class Wars
- How Rising Inequality Distorts the Global Economy and Threatens International Peace
- By: Matthew C. Klein, Michael Pettis
- Narrated by: Bob Souer
- Length: 8 hrs and 32 mins
- Unabridged
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Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past 30 years.
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Narrator is robotic
- By dugmartssch on 05-22-20
By: Matthew C. Klein, and others
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Principles for Navigating Big Debt Crises
- By: Ray Dalio
- Narrated by: Stephen Graybill
- Length: 16 hrs and 52 mins
- Unabridged
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As he explained in his #1 New York Times bestseller Principles, Ray Dalio believes that most everything happens over and over again through time so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part research series, he does just that for big debt crises and shares his template in the hopes of reducing the chances of big debt crises happening and helping them be better managed in the future.
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Interesting book
- By Mark on 02-06-23
By: Ray Dalio
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A Generation of Sociopaths
- How the Baby Boomers Betrayed America
- By: Bruce Cannon Gibney
- Narrated by: Wayne Pyle
- Length: 14 hrs and 49 mins
- Unabridged
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What happens when a society is run by people who are antisocial? Welcome to baby boomer America. In A Generation of Sociopaths, Bruce Cannon Gibney shows how America was hijacked by the boomers, a generation whose reckless self-indulgence degraded the foundations of American prosperity.
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Honest introspection required
- By Niki on 03-31-17
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Chokepoints
- American Power in the Age of Economic Warfare
- By: Edward Fishman
- Narrated by: Robert Petkoff
- Length: 17 hrs and 2 mins
- Unabridged
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It used to be that ravaging another country’s economy required blockading its ports and laying siege to its cities. Now all it takes is a statement posted online by the U.S. government. In Chokepoints, Edward Fishman, a former top State Department sanctions official, takes us deep into the back rooms of power to reveal the untold history of the last two decades of U.S. foreign policy, in which America renounced the gospel of globalization and waged a new kind of economic war.
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ComplicatedWorld
- By DDT on 05-28-25
By: Edward Fishman
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Angrynomics
- By: Eric Lonergan, Mark Blyth
- Narrated by: Eric Lonergan, Mark Blyth
- Length: 5 hrs and 3 mins
- Unabridged
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Why are measures of stress and anxiety on the rise when economists and politicians tell us we have never had it so good? While statistics tell us that the vast majority of people are getting steadily richer, the world most of us experience day in and day out feels increasingly uncertain, unfair, and ever more expensive. In Angrynomics, Eric Lonergan and Mark Blyth explore the rising tide of anger, sometimes righteous and useful, sometimes destructive and ill-targeted, and propose radical new solutions for an increasingly polarized and confusing world.
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Call for rationality and cool-headedness
- By Octavian on 05-08-24
By: Eric Lonergan, and others
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Requiem for the American Dream
- The Principles of Concentrated Wealth and Power
- By: Noam Chomsky
- Narrated by: Donald Corren
- Length: 3 hrs and 54 mins
- Unabridged
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Noam Chomsky is widely regarded as the most influential thinker of our time, but never before has he devoted a major book to one topic: income inequality. Requiem for the American Dream is not an essay collection but an entire work of some 70,000 words, based on four years of interviews with Chomsky by the editors. It is a book that makes Chomsky's breadth and depth accessible and at the same time gives us his most powerful political ideas with unprecedented, breathtaking directness.
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Documents how US plutocracy oppresses citizens
- By BruceK on 04-14-17
By: Noam Chomsky
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21st Century Monetary Policy
- The Federal Reserve from the Great Inflation to COVID-19
- By: Ben S. Bernanke
- Narrated by: George Guidall
- Length: 16 hrs and 4 mins
- Unabridged
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A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.
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don't buy, horrible narration
- By Mr. Incognito on 05-18-22
By: Ben S. Bernanke
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The Data Detective
- Ten Easy Rules to Make Sense of Statistics
- By: Tim Harford
- Narrated by: Tim Harford
- Length: 10 hrs and 24 mins
- Unabridged
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Today we think statistics are the enemy, numbers used to mislead and confuse us. That’s a mistake, Tim Harford says in The Data Detective. We shouldn’t be suspicious of statistics - we need to understand what they mean and how they can improve our lives: they are, at heart, human behavior seen through the prism of numbers and are often “the only way of grasping much of what is going on around us”.
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I expected more
- By A. Visserman on 03-09-21
By: Tim Harford
2. taxes are used to control inflation
3. a progressive tax is used to diminish influence
4. a jobs program would provide billions of hours toward the public good
This would solve most of our current problems
you won't be the same
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Enlightening economic knowledge.
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Understanding of how a fiat currency should work.
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The financial world will be totally different after you finish this book.
A must read book
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BUT, when the light goes on, it powerfully illuminates both the outmoded, imprisoning, effects of traditional thinking about money and deficits, AND the liberating, humane alternative.
Highly recommend!
MMT, an idea whose time has come (hopefully!)
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Love the Tabs vs stab. Great way to explain a complex system in a simple and logical way.
Wow..very powerful arguments
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This book is a Copernican moment.
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Radical/promising view of monetary + fiscal policy
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Heartily recommend though. I learned a lot about money and the economy. Definitely makes me look at the debt ceiling theatre through a new lens.
Great book if a little too long
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Must Read. Must Listen. Must Implement.
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