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Emily Bright

Ask a Bookseller: A readable book on economic theory

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Book cover of 'The Deficit Myth'
"The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" by economist Stephanie Kelton
Courtesy of the publisher

Richard Malinchoc-DeVoe of Fair Trade Books in Redwing, Minn., has a recommendation for nonfiction readers looking to learn something new this summer. He suggests "The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" by economist Stephanie Kelton.

In any discussion about introducing new programs to benefit society, the question quickly arises of how to pay for them. Kelton takes on myths about government spending and deficits in a way that Malinchoc-DeVoe says "sort of turns things on its head in terms of how we view what the federal government can spend."

Malinchoc-DeVoe calls it "probably the most important book I've ever read" and hastens to add that this book on modern monetary theory is very approachable for a general audience.