So, it is necessary to consider the insights of the MMT, the arguments that those insights are based on, and the evidence that supports them to see whether that theory is superior in explaining reality. After all, Nicolaus Copernicus was (almost) alone when he made the scientific revolution. The majority opinion is not necessarily right only because it is held by the majority. Nonetheless, being in the minority, or rather alone, does not necessarily mean that you are wrong. So, all of them are wrong and MMT and its representatives are right. Just for the record, these myths are conventional wisdoms, insights accepted by most academic economists worldwide, all mainstream economists, and virtually all decision-makers, wither elected representatives or civil servants in the central banks and ministries of finance.

It is Modern Monetary Theory (MMT), humbly referred to as a Copernican revolution by the author, that will dispel all these myths. According to Stephane Kelton, the author of the book, it is about widespread myths and the way that these myths can be overcome. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society.According to the title, this book is about a theory (a monetary one) and about a policy proposal (improvement of resource allocation and speeding up economic growth, with perhaps some redistribution). MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits.

Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis.

Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure.

The deficit myth