Stephanie Kelton: THE DEFICIT MYTH

THE DEFICIT MYTH Why states can – and must – afford substantial
economic stimulus programs   


Stephanie Kelton, US-American economist  in conversation
with Robert Misik, author and journalist  


The global economy is in a serious crisis, with governments
launching programs to rescue companies and stabilize the economy.
Budget deficits are reaching substantial amounts. Are government
bankruptcies or hyperinflation looming on the horizon?
 Stephanie Kelton takes a refreshing, systematic –and
eye-opening – perspective at government spending. The question,
she argues, is not what a state may afford, as unlike private
households it can afford anything. The question is what a state
is supposed to deliver. The wealth of a society is measured in
terms of prosperity, job security, the production of goods, and
inclusive social welfare of all citizens. Economies cannot "save
themselves rich", they can only "invest richly". Therefore, a
sole focus on the budgetary deficits is misplaced. Globally, we
observe a new macroeconomic paradigm emerging; one, which
considers "budgetary discipline" as secondary to impact. The
"Modern Monetary Theory", of which Stephanie Kelton is the most
prominent representative, constitutes a radical manifestation of
this new consensus with a strong potential to shake up the
political agenda. Having worked for Bernie Sanders in the US
Senate and in her present function as one of Joe Biden's economic
advisors Kelton is well positioned to influence decision
makers. 


Stephanie Kelton´s book "The Deficit Myth" has been on the New
York Times bestseller list for months.  


Sephanie Kelton is an US-American economist. One of the leading
representatives of Modern Monetary Theory, she is also a
supporter of the idea of job guarantees. During the primaries for
the US presidential election in 2016, she was one of the advisors
and supporters of Bernie Sanders' campaign. Before that, she was
already his chief economist on the Senate Budget Committee.
Kelton is a professor at the State University of New York at
Stony Brook.  





Stephanie Kelton The Deficit Myth: Modern Monetary Theory and How
to Build a Better Economy
Publisher: John Murray; Number of Pages: 336; 23,30 €