By Thomas Nichta. Nevertheless, they are critically important for preventing inflation….. ….So what is she saying? And as for deficits being “financed by conventional borrowing… even during the pandemic”. I approached this task with an open mind. In the end, they are financed out of reduced spending or increased taxation. Tellingly he appears to make no direct mention of the ‘bits that aren’t’. During the Democratic primaries, both in 2015-16 and 2019-20, Sanders was advised by Stephanie Kelton, one of the best-known exponents of MMT, and the author of a new book on the topic, ”The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy”. The Progressive Pulse is a centre-left blog seeking a fairer society for all. Parenting criticism is common. In a sign that Biden plans to focus on spreading economic wealth, his transition team put issues of equality and worker empowerment at the forefront of … Robert Murphy Review Robert P. Murphy wrote a review of Stephanie Kelton's the Deficit Myth (Amazon affiliate link). Julian Jessop was previously Chief Economist at the Institute of Economic Affairs, which he describes as “the [we ought to know – Koch Brothers funded] educational charity and free-market think tank” – and, remarkably, he is also of ‘Capital Economics’, one of whose members has already had a first try (commented on yesterday). ADHD was first described in children in 1902, and was understood as an The example of countries “notably in Scandinavia” is presumably a reference not just to Norway’s Sovereign Wealth Fund, which is one of the very few in the world, but to the fact that Denmark and Sweden have run in recent years small budget surpluses. He doen’t say dangerous to whom – but I begin to feel encouraged already… he continues: In fact, the propositions espoused by Professor Kelton are a peculiar mixture of truths, half-truths and downright falsehoods. He socres points with respect to Stephanie's presentation of MMT in The Deficit Myth and also to the MMT literature in general based on its approach limited to the conventional approach to economics. So having a setup that implies more taxes in future is hardly to be recommended. But there are many more revolutions. Interesting points – I have the book but haven’t had time to read it yet. With the great force of common sense, Stephanie Kelton and the MMT team have broken through the closed circles of so-called sound finance, a stale orthodoxy that has weakened and impoverished us all. Deficit doves agree, but contend deficits can be used in the short term for emergencies and overcoming economic crises. As the private sector is not in charge of money creation, whereas the government sector is, surely even Mr Jessop sees how this might be problematic. Whereas it is of course the case, not that MMT is too good to be true, but that it actually is true. What I had heard of MMT has some overlap with fiscal theory of the price level, on which I work, and I hoped to see some commonality. He retains an interest in those sectors – and the French relations, Our December book of the month is Sam Mc Bride's Burned. There have been a couple of reviews in the Telegraph on Stephanie Kelton’s book ‘The Deficit Myth’ – this one is from June (yes, I really don’t read the Telegraph that frequently) from regular BBC and Telegraph commentator, Roger Bootle. But ‘Fiscal discipline’ is another of those expressions like ‘sound money‘ that sounds great but means nothing, unless, that is, you think self-flagellation is the optimal way to run government finances. But at least he agrees that: increasing the deficit doesn’t make future generations poorer and reducing deficits won’t make them any richer. She takes the reader down trains of thought that turn conventional wisdom about federal budget deficits on its head. We know MMT deals with inflation through taxing and increasing economic activity so that’s fairly simple. Stephanie Kelton and other Modern Monetary Theorists (MMT) must be given credit for challenging deficit hawks and austerity advocates. As we know, when we are actually spending substantially less on education than we used to, then those recently lost resources are mostly still, in fact, available for purchase. Denmark and Sweden have run in recent years small budget surpluses. During the Democratic primaries – both in 2015-16 and 2019-20 – Sanders was advised by Stephanie Kelton, one of the best known exponents of MMT, and the author of a new book on the topic, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. I don’t think that Modern Monetary Theory (MMT) ever suggests that the cost of public borrowing depends solely on the risk of default – indeed it suggests that borrowing is not strictly necessary at all. MMT also comes with a lot of unhelpful baggage. Now that 30 days have passed I can post the whole thing. As my wife recently told me, you can’t wake up a person who is pretending to be asleep. A propos of nothing, I fail to see how a government that runs a perpetual surplus, every year squeezing a profit out of its citizens, could ever not be a “big state.”, Peter has many years experience in the food and drink sector. The Deficit Myth is a catchy and attractive title for a book. He seems to want that. educational charity and free-market think tank, a critique of the Deficit Myth, also in the Telegraph. Unfortunately, what it has to say that is true is by no means new – and what it has to say that is new is downright false. But this is not, of course, what MMT says. I deduce that the book must be important…. And if not, it is unclear whether or not the author considers that these countries should be continuing with them in order to preserve their “sustained increase in living standards”? He’s established that she’s restated Keynes, which I think we can be sure she’d be happy with, but he hasn’t actually stated where she has said anything new – never mind that it was downright false. Michael Hudson at 80 – reflects on his remarkable life: Creative Commons Attribution-NonCommercial 3.0 Unported License. She seems to be claiming that MMT provides a new theoretical framework. Taboo to whom exactly? And he was formerly at the Institute of Economic Affairs, which have the same office address as the Taxpayers’ Alliance. Democratic deficit, an insufficient level of democracy in political institutions and procedures in comparison with a theoretical ideal of a democratic government.. I deduce that the book must be important… Taxes distort and depress incentives and hence economic growth. I rather think that this book report was cobbled up by cribbing all the MMT questions, and then ignoring the answers that the MMT developers have provided. Deficit hawks argue that public debt is ruinous to a currency and the country itself. That is the Modern Monetary Theory (MMT) difference he has missed. We trade to improve our lives and trade occurs only when both parties benefit from the transaction. “Mostly taboo” is an odd reason not to spend. He doesn’t make clear what he thinks is now the case. Congress ducks policy arguments by turning them into discussions of budgets or into political games. And I shall be having another try to understand tomorrow…. I was expecting second time round, that the spelling of criticism in the title would have been corrected! It also depends on factors such as expectations for inflation, as well as the opportunity cost of diverting resources from the private sector. As such, it is a criticism of a particular (American) popular presentation of MMT rather than MMT as an economic theory, so it more a criticism of the presentation than MMT as presented in … In the Deficit Myth, Stephanie Kelton attempts to outline how governments actually spend money, what that means, how decision-makers (and the broader public) fail to understand how government money works, and outlines a new way to think about debts and deficits. As far as I can detect these are driven largely by balance of trade surpluses (where effectively money is created in the private sector by export receipts and so enabling the private sector to pay more to the government. If society wants “world-leading education” (whatever that is – although I think most would agree it is not what the UK has now) then it can indeed spend, just like “any [other] country with its own currency” in an endeavour to achieve it. I tend to agree. They have moved the conversation of deficits to thinking like a deficit owl. But so what? Other countries necessarily have to run compensating trade deficits.). Here he’s suggesting he’s never heard of Quantitative Easing (QE) where government instructs the Bank of England – the government’s wholly owned bank, to buy the government’s own debt. The Deficit Myth is probably one of the best introductions to MMT, particularly when compared to the alternative -- relying on summaries prepared by … This is true even now during the pandemic. This is a specious backward and illogical argument. “Of course, MMT recognises that deficits can also be too big.” Well, that’s a relief! Reinhart’s and Rogoff’s work which have been irrefutably established to be based on an error. It is simply not true that deficits are necessary for economies to grow, or to pay for good public services. Rather, it’s an indictment of policymakers, both monetary and fiscal, but mostly the latter. So this is the second go that somebody from Capital Economics has had in the last two months. In one poll, six in 10 moms of young children (up to age 5) said they have been criticized for their parenting skills. Buy The Deficit Myth by Stephanie Kelton from Waterstones today! Of course not everyone can run a trade surplus. (a reminder: I'm NOT rating the MMT, but the book about MMT - there's a huge difference between these two) I have a few significant problems with "The Deficit Myth": 1. Bond purchases by central banks have helped to keep long-term interest rates low, but direct monetary financing of deficits is mostly still taboo. I’m even more wary of his comments as he alludes to Reinhart’s and Rogoff’s work which have been irrefutably established to be based on an error – without ever actually mentioning the fact. The Progressive Pulse is a centre-left blog seeking a fairer society for all. …risking higher inflation and a loss of fiscal discipline. But although Stephanie Kelton tells us in the book, Bootle doesn’t tell us how or why he considers bonds and money creation important. Taxes depress economic growth – but when you are spending money so as to ensure all the productive capacity of the economy is engaged, rather than as now – when there is always un- or under- employment, taxes reflect that enhanced economic activity. Much of “The Deficit Myth” is a memoir of Ms. Kelton’s conversion to MMT beliefs and of her time in the hallways of power. Here are three. …. Marxian Michael Roberts, financial economist working in the City of London (recalls Michael Hudson, Marxian Wall Street economist) criticizes MMT as presented in Stephanie Kelton's The Deficit Myth. It all comes under the banner of Modern Monetary Theory (MMT). a. This myth takes a very black-and-white view of trust. He’s established that she’s restated Keynes, which I think we can be sure she’d be happy with, but he hasn’t actually stated where she has said anything new – never mind that it was downright false. Money itself may not be a “scarce resource”, but the same cannot be said of the goods and services that it is expected to buy. As chairman of Capital Economics and former special advisor to the Treasury Select Committee, I’m sure he is well acquainted with Keynes: But even [Keynes] recognised there were constraints and he would certainly not have given his support to unlimited government borrowing or monetary financing. Money isn’t a scarce resource so can be used, up to the limit of available resources to pay for whatever society needs. He’s tried to diss it without being at all specific other than damning it with faint ‘Keynsian’ praise. Ready embrace of the bits that are true may seduce you into believing the bits that aren’t. That’s precisely what makes the book so dangerous. Having a copy of the book, this is a phrase I do not recall and cannot immediately find – but I’m pretty certain that if it appeared anywhere it was either in the trade deficit section, or just possibly as indication that government spending was conducted in excess of the capacity of the economy to absorb it – but the last is not a matter of ‘the deficit’ but of driving up inflation. Does that mean he agrees with MMT? ….MMT is being used to support a “big state” agenda with little thought for the constraints in the real world. and continues…. How to download The Deficit Myth by Stephanie Kelton: 1. He has penned a critique of the Deficit Myth, also in the Telegraph – this time from August 1st. …unlimited monetary financing of public spending could simply lead to higher inflation, or crowd out private spending in other ways. These are all issues that the MMT scholars have dealt with, specifically and in great detail. Maybe you suffered a traumatic experience that changed how you saw yourself and the world and made it significantly harder to trust people. Otherwise, any country with its own currency could use its “magic money tree” to pay for world-leading healthcare, education, and so on. The complaints about MMT are weak, providing examples for my complaints about low quality criticism. I read Stephanie Kelton's book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy,” and wrote this review for the Wall Street Journal. Stephanie Kelton carefully articulates a message that obliterates economic orthodoxy about public finance, which assumes that taxes precede spending and deficits are bad. Unfortunately, I think much of this ignorance is willful in nature, in that those in the finance sector (along with their political enablers) have a vested interest in maintaining the current austerity paradigm, which promotes money creation through private, rather than government, debt issuance. What is probably most interesting of all is what he admits – and then especially what he ignores or misunderstands. He retains an interest in those sectors – and the French relations, Our December book of the month is Sam Mc Bride's Burned. Mind you, this doesn’t mean that there aren’t potential problems for future generations as a result of fiscal largesse because, unless governments resort to inflation, other things equal, higher debt means higher interest payments that have to be financed somehow or other. the non-government private sector has to run a deficit and, year-in year-out, be paying money to government. Then of course he admits that he does know about QE (in which case why didn’t he mention it with the ‘debt’ above?) That’s not a criticism. With the great force of common sense, Stephanie Kelton and the MMT team have broken through the closed circles of so-called sound finance, a stale orthodoxy that has weakened and impoverished us all. Julian Jessop starts off by calling the book “a frustrating muddle of tortuous logic” – so doubtless we can look forward to see cogent and well argued factual demolition coming up… Still, he does agree that government creates money – yet suggests: In particular, the cost of government borrowing does not depend solely on the risk of default. The Deficit Myth is an apt title and the book dispels many concerns the general public has about federal government deficits. Click on one of the available download links above (Disable AdBlock if the link won’t open) 2. He concludes: The Deficit Myth is a catchy and attractive title for a book. because nobody has £350billion kicking around just waiting to lend to the government, Covid-19 UK borrowing has been financed by Quantitative Easing. He’d be in the sector paying more tax to government than government is spending on him. Either that, or maybe he has a rather conventional outlook and a financial, subsidiary purpose. 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). I certainly will not want to crowd my book with low quality targets like that, but it is fun to read.] Stephanie Kelton, author of 'The Deficit Myth', joined Yahoo Finance's The Final Round to discuss modern monetary theory and if the federal budget deficit matters. They have issued bonds, which central banks have then bought and, in the process, created money. Shades of Richard Murphy…, Oh dear! And we know government spending doesn’t crowd out private spending but encourage it. This is fact-lite. The Deficit Myth Modern Monetary Theory and THE BIRTH OF THE PEOPLE’S ECONOMY. I suspect that it is the ‘budget deficit’ that Bootle is concerned about and this book offers challenges to his outlook. The book was dangerous even before coronavirus struck, but it is even more so now. Maybe you learned from a young age to rely on yourself to get your basic needs met. Eye-opening and persuasive, The Deficit Myth is an adventure in the world of budgets, jobs, trade, banking and--above all--of money. Myth #7: I can only trust myself. He has penned a critique of the Deficit Myth, also in the Telegraph – this time from August 1st. The defence and health sectors prove that and all private business loves supplying government because government in wanting things and thus creating money never defaults…. Peter has many years experience in the food and drink sector. Really? this one is from June (yes, I really don’t read the Telegraph that frequently) from regular BBC and Telegraph commentator, Roger Bootle. Unfortunately there is a large class of people who do not get MMT, and will never get MMT no matter what evidence is presented to them. This is not an argument but, as ever from so many of the Oxbridge entitled, rather frightened general criticism often by clever sleight of hand. the institutional barriers surrounding government access to the money printing press can seem arcane. In practice, it would mean that the government plays a much larger role in the allocation of resources, in good times as well as bad. In addition, deficits are usually financed by conventional borrowing, not money printing. The Trade Deficit Myth. That seems to count as the author’s “conventional borrowing”, but it is not conventional, or really even borrowing, when the government is lending to itself. In denying that, I begin to detect that Mr Jessop might perhaps have not properly understood. Deficits may not always be necessary for an economy to grow (or as I’d prefer, for economic activity to flourish) but are in the vast majority of cases. This area of MMT attracts much criticism (and misunderstanding). “Could” seems to be a lot of work here. The Deficit Myth is replete with truisms. Yet it would be pretty extraordinary if the basic theory concerning the public finances, money creation and inflation were to be proved wrong in 2020. Some people will be almost shocked to learn that the deficit myth (we are running out of money) applies to social security; a program under attack from its inception as being “unaffordable.” But this is true only because it has been structured from the beginning as being “paid for” by those “entitled” to receive it. One important part of The Deficit Myth is the description of the kinds of changes we have to make in our own thinking. Unfortunately, then, MMT is another illustration of the adage that if something sounds too good to be true, it probably is. This is simply because if the government doesn’t run a deficit, then by the facts of double-entry book-keeping (unless that is another taboo?) Click and Collect from your local Waterstones or get FREE UK delivery on orders over £25. Chris Dillow's critique is from the side of political economy, which is different from contemporary macro. Every purchase we make is trade. "The Deficit Myth is simply the most important book I've ever read. If only (possibly?) Michael Hudson at 80 – reflects on his remarkable life: Creative Commons Attribution-NonCommercial 3.0 Unported License. Many countries, notably in Scandinavia, have run budget surpluses for long periods and still enjoyed sustained increases in living standards. And that may be especially true if the self in flagellation falls predominantly on the powerless. So this is the second go that somebody from Capital Economics has had in the last two months. During the Democratic primaries – both in 2015-16 and 2019-20 – Sanders was advised by Stephanie Kelton, one of the best-known exponents of MMT, and the author of a new book on the topic, The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy. Eye-opening and persuasive, The Deficit Myth is an adventure in the world of budgets, jobs, trade, banking and--above all--of money. Keynesian economics (/ ˈ k eɪ n z i ə n / KAYN-zee-ən; sometimes Keynesianism, named for the economist John Maynard Keynes) are various macroeconomic theories about how economic output is strongly influenced by aggregate demand (total spending in the economy).In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Such is the spirit of Kelton's book, The Deficit Myth. Still, if the ‘i’s were missing at least the ‘t’s were, I hope crossed…Now corrected – thanks, “opportunity cost of diverting resources from the private sector”, “Money itself may not be a “scarce resource”, but the same cannot be said of the goods and services that it is expected to buy”, “public spending could simply lead to higher inflation, or crowd out private spending in other ways”, “risking higher inflation and a loss of fiscal discipline”, “government plays a much larger role in the allocation of resources”. That’s not a criticism. So either he is dissembling or he hasn’t understood. The basic theory concerning public finances changed, or were ‘proved wrong’ as he says, in 2007/8. Deficit hawks argue a country should tighten its purse strings and suffer short-term consequences to avoid long-term disaster. The Deficit Myth empowers readers to break free of the broken thinking and fictitious constraints that have been holding our nation back. The rhetorics are purely "American style" - which means: "if you repeat something 100 times, readers will treat it as truth, if … The concern I see is that many people will balk at reading a book, and thus drift towards summaries, which can be unreliable. Higher public spending would also still mean higher taxes, even if the rationale is to prevent overheating rather than balance the books. As attributed to Leonardo da Vinci: “There are three classes of people: those who see, those who see when they are shown, and those who do not see”. Unfortunately, what it has to say that is true is by no means new – and what it has to say that is new is downright false. I don’t think we can be sure that 2020/1 will be one where these Scandinavian surpluses continue. With a now larger UK population there is no rationale whatsoever to consider that there is any reason why we cannot spend more – and now. 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