Tom MacWright

I read The Deficit Myth by Stephanie Kelton on


The Deficit Myth is an excellent piece of economic rhetoric. Like Capital, it uses more accounting than it does theoretical economics, and it is concerned with end-results, not theoretical equilibriums.

It’s a little repetitive, returning often to the idea that ‘Uncle Sam can’t go broke’ and that the federal budget isn’t like a household budget.

I’m mostly sold on MMT! There are really important details - like the real thinking about inflation, the connection between federal and state budgets, and the thinking around non-currency sovereigns - that I’d like to know more about. I’ll keep looking for more about MMT.