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A review by bbuss
The Deficit Myth by Stephanie Kelton
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.