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The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy

机译：赤字神话：现代货币理论与人民经济的诞生

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摘要

For an introduction to Modern Monetary Theory (MMT) with applications to recent fiscal and monetary policy actions during the Great Recession (2008-10) and the Covid 19 Crisis (2020), read this book by Stephanie Kelton. In the paperback edition reviewed here, there are two Introductions. The first reviews the 2020 period. The earlier second Introduction reviews the Great Recession period and its macroeconomic aftermath. The book itself contains eight chapters. Chapters 1-6 use MMT to counter traditional views (Myths is her descriptor.) of the macroeconomy and federal government fiscal and monetary policies. Chapter 7 introduces deficits that do matter from the MMT viewpoint. Chapter 8 is a prescriptive chapter of policies that would address the actual deficits that matter from Chapter 7. Chapter 1 gets to the heart of Modern Monetary Theory starting with the introduction of an area of scholarship called Chartalism.1 which is the idea that governments introduced money as a way for entities to legally pay debts and to pay taxes. The thing that government declares as money is initially produced by the government and used by the government in purchasing goods and services. The money then becomes a medium of exchange, is used to retire debt and has storage value. Critical to making it a money asset is that government requires it as payment of taxes to the government itself.
机译：介绍了现代货币理论最近的财政和(MMT)和应用程序在大的货币政策操作衰退(2008 - 10)和Covid 19危机(2020),斯蒂芬妮Kelton读这本书。平装版了,两个介绍。时期。大萧条时期及其宏观经济之后。章。传统观点(神话是她描述符。)宏观经济和联邦政府财政和货币政策。赤字,从MMT的角度来看问题。第八章是一个说明性的章的政策这将解决实际赤字从第7章。现代货币理论开始的心引入的奖学金Chartalism.1政府的想法介绍了钱作为实体合法的方式偿还债务和纳税。政府宣布最初是为钱由政府和使用的政府采购货物和服务。钱就变成了一种交换媒介,使用退休债务和已存储的值。使其成为资产是政府的钱需要向政府缴纳税收本身。

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