The Deficit Myth

The Deficit Myth by Stephanie Kelton challenges our conventional understanding of economics, specifically the concept of government deficits. As a leading economic thinker and a pioneer of Modern Monetary Theory (MMT), Kelton dismantles the myths surrounding government budgets and advocates for a rethink of economic policies to unlock greater potential for societal progress.

At the heart of The Deficit Myth is the argument that the traditional framework of federal budgeting is inherently flawed. Kelton argues that the fear of deficits has led to unnecessary economic hardships, especially during times of crisis like the post-Covid-19 world. By rethinking how we view government spending, borrowing, and money creation, she believes we can achieve transformative changes in healthcare, infrastructure, job creation, and climate action.

The International Bestseller

"Kelton has succeeded in instigating a round of heretical questioning, essential for a post-Covid-19 world, where the pantheon of economic gods will have to be reconfigured" Guardian

"Stephanie Kelton is an indispensable source of moral clarity ... the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all" Naomi Klein

"Game-changing ... Read it!" Mariana Mazzucato

"A rock star in her field" The Times

"This book is going to be influential" Financial Times

"Convincingly overturns conventional wisdom" New York Times

Throughout The Deficit Myth, Kelton provides a comprehensive analysis of how the money system works and how a proper understanding of deficits can lead to a more equitable and sustainable economy. She urges policymakers and the public to dig deeper into the true nature of fiscal responsibility and consider deficits that serve the greater good versus those that do not.

Supporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: how can we pay for it all? According to Stephanie Kelton, the question itself is misguided. Instead of asking how to pay for these critical advancements, we should focus on which deficits truly matter and how they can be leveraged to maximise societal potential.

The Deficit Myth is not just an economic textbook; it is a call to action for rethinking the possibilities of what a financially inclusive and robust society can achieve when it sheds the shackles of outdated economic dogma.