The 2020 Porchlight Business Book of the Year is here!

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

Stephanie Kelton

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.

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Book Information

Publisher: PublicAffairs.
Publish Date: 06/09/2020
Pages: 336
ISBN-13: 9781541736184
ISBN-10: 1541736184
Language: English

What We're Saying

December 03, 2020

These are the 40 books we found represent the year best in one way or another. They help us make sense of the challenges 2020 has presented us with, understand the depths of the existing cracks it has exposed in our society, and offer solutions to solve the many truly monumental challenges we face—together. READ FULL DESCRIPTION

January 14, 2021

As we make plans to rebuild our economy when we get this pandemic under control, we can think of no better way to start than to focus on and invest in all of our people and communities. Focusing on women, and The Double X Economy, might just be the best way to do that. READ FULL DESCRIPTION

Full Description

A New York Times Bestseller

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.

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