When I first encountered this way of understanding how taxing and spending work in actual practice, I recoiled. One of the key stories was how she was drawn into the MMT orbit - a meeting with Warren Mosler, who explained his ideas. Professor Kelton fills in the story with stories about her personal career. The book is not a dry discussion of theory (which is how my writing is structured). The concern I see is that many people will balk at reading a book, and thus drift towards summaries, which can be unreliable. The Deficit Myth is probably one of the best introductions to MMT, particularly when compared to the alternative - relying on summaries prepared by critics of MMT (which is the basis of most critiques). As such, it will not help the handful of people who want mathematical models to summarise MMT. The Deficit Myth is aimed at a wide audience, which means that it is largely non-technical. I expect that I will have pieces later discussing the contents of the book in detail.) (Note: I am mainly focusing on discussing the audience for this book, and not attempting to do a formal review. Other than the old MMT/post-Keynesian internecine conflicts, almost no citations are made of any texts written by academic MMTers. There has been fairly intense criticism of MMT in traditional and social media as well as financial market commentary for over a year now, and my estimate that over 90% of those critiques were based on beliefs that were largely made up, and quite often the opposite of the MMT view. This is welcome, as by putting MMT on the map, we might see something resembling a debate around it.

So far, the book has sold well, and generated discussion and reviews. The book provides a clean introduction to MMT, and how it fits in with fiscal policy and the political process. Stephanie Kelton's the Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy has been a long-awaited book from a Modern Monetary Theory (MMT) proponent that was the Chief Economist for the Democratic Party on the Senate Budget Committee.

The deficit myth review