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2020-06-24

Martin Wolf Summer books of 2020: Economics

 FT 23 June 2020


The Deficit Myth:
Modern Monetary Theory and How to Build a Better Economy by Stephanie Kelton

The government, proponents argue, can print as much money as it wants to fund whatever it wishes. The only constraint is excess demand and so inflation.

It is right, because there is no simple budget constraint.

It is wrong, because it will prove impossible to manage an economy sensibly once politicians believe there is no budget constraint.



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