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bbuss's review against another edition
4.0
This book is a very good introduction to the Modern Money Theory, as for those that have no idea what MMT is (as I didn't before), I recommend the reading if only for that.
But this book also provides a different way (a new lens as the book puts it) to observe and understand the world. This is pretty much what MMT is (a news way to look at things), contrasted with the usually used monetary theory that government needs to budget like a regular household/enterprise. And this is very powerful, because even if after reading you're not fully convinced about MMT merits and want to explore it and counter-argument for it a bit more (my case), you still come out of the reading with a new tool to try to view/understand the world we are in.
Besides introducing MMT, it also agues about reducing the importance of monetary deficit and for us to focus in the other debts that exists in our society, like housing, hungry, education and healthcare. Because these actually impact the lives of people, unlike the monetary deficit which is mostly an accounting metric. It is very important that we pull back the focus away from money, by remembering that money is just a tool that we should be using towards improving the actual living conditions of us all.
So even if MMT does not end up being the end solution, lets remember that *THERE IS AN ALTERNATIVE* and we ought to go out there and search for it.
But this book also provides a different way (a new lens as the book puts it) to observe and understand the world. This is pretty much what MMT is (a news way to look at things), contrasted with the usually used monetary theory that government needs to budget like a regular household/enterprise. And this is very powerful, because even if after reading you're not fully convinced about MMT merits and want to explore it and counter-argument for it a bit more (my case), you still come out of the reading with a new tool to try to view/understand the world we are in.
Besides introducing MMT, it also agues about reducing the importance of monetary deficit and for us to focus in the other debts that exists in our society, like housing, hungry, education and healthcare. Because these actually impact the lives of people, unlike the monetary deficit which is mostly an accounting metric. It is very important that we pull back the focus away from money, by remembering that money is just a tool that we should be using towards improving the actual living conditions of us all.
So even if MMT does not end up being the end solution, lets remember that *THERE IS AN ALTERNATIVE* and we ought to go out there and search for it.
whatsmacksaid's review
DNF at about the halfway mark. It's written in accessible language, but my grasp of macroeconomics is so puny that it was more work than I wanted to spend to understand everything.
starshipengineer's review
challenging
hopeful
informative
inspiring
fast-paced
5.0
This book will change the way you think, and open up new perspectives. If you only ever read one book on economics, make it this one.
alekswhite's review
4.0
I would have given this 5 stars if not for the very critique Stephanie’s editor gave her: “remove the analysis”
I loved this. It turns traditional economics (whatever that is) on its head and correctly addresses the sovereign economies we live in today. I want everyone to read this book but I know not everyone cares.
The people who will read this book (enthusiastically or begrudgingly?) needed it to be a little more analytical. Maybe I should go read her 2008 MMT thesis but I wanted the deep dive into how the jobs guarantee would work (ie how do you keep them productive if they will continually be paid? Is it even necessary or a myth that people are lazy if they’re not overworked?)
But alas, this wanted to a populist fiction novel and the only reason I’d detract a star from that is because it was repetitive. I understand that perhaps Stephanie felt people needed time to come to grips with the thesis but my god, we had a hundred pages of repetition.
Ultimately - this was a phenomenal read I’d give to anyone who wants to say “but the deficit”
From now on, my response is: “but what about the people?”
I loved this. It turns traditional economics (whatever that is) on its head and correctly addresses the sovereign economies we live in today. I want everyone to read this book but I know not everyone cares.
The people who will read this book (enthusiastically or begrudgingly?) needed it to be a little more analytical. Maybe I should go read her 2008 MMT thesis but I wanted the deep dive into how the jobs guarantee would work (ie how do you keep them productive if they will continually be paid? Is it even necessary or a myth that people are lazy if they’re not overworked?)
But alas, this wanted to a populist fiction novel and the only reason I’d detract a star from that is because it was repetitive. I understand that perhaps Stephanie felt people needed time to come to grips with the thesis but my god, we had a hundred pages of repetition.
Ultimately - this was a phenomenal read I’d give to anyone who wants to say “but the deficit”
From now on, my response is: “but what about the people?”
jpmaguire2's review
5.0
Exceptional introduction to the basics economics and fiscal policy topics relevant to countries using unpegged fiat currency.
Kelton makes the topic easy to understand while not missing any key points. However, her repetition of "the government can print as much money as it wants right now" got to be so frequent as to become tiresome.
Kelton's confidence in "printing money" or quantitative easing needs to be seen in light of the pandemic's stimuli packages and subsequent historical highs in inflation. To me recent fiscal history may indicate that movements towards printing more money may be a lot more restricted than she indicates in this book.
That said, Kelton convinced me that we can stop thinking of fiscal deficits (both trade and spending) as problems in-and-of themselves. This may actually let us focus on inflation, employment, innovation, equality, and societal progress a little bit more. How much so, I think is a matter that requires further analysis and debate. I'm looking forward to her next book.
Kelton makes the topic easy to understand while not missing any key points. However, her repetition of "the government can print as much money as it wants right now" got to be so frequent as to become tiresome.
Kelton's confidence in "printing money" or quantitative easing needs to be seen in light of the pandemic's stimuli packages and subsequent historical highs in inflation. To me recent fiscal history may indicate that movements towards printing more money may be a lot more restricted than she indicates in this book.
That said, Kelton convinced me that we can stop thinking of fiscal deficits (both trade and spending) as problems in-and-of themselves. This may actually let us focus on inflation, employment, innovation, equality, and societal progress a little bit more. How much so, I think is a matter that requires further analysis and debate. I'm looking forward to her next book.
tbpardue's review
1.0
Did not finish. Skimmed after first 100 pages. Some repackaging. Some fantasy. Don’t waste your time.
my_check's review
2.0
I understand that this book is meant for people who have never studied economics. Still, the amount of repetition is really tiresome to the point that I think the book could have been cut in half and not lost any of its substance or explanatory power.
I would not recommend this book if you study economics. Find a journal article to read instead.
I would not recommend this book if you study economics. Find a journal article to read instead.