fbpx
Wikipedia

Stephanie Kelton

January 01, 1970

Stephanie A Kelton (née Bell; born October 10, 1969) is an American heterodox economist and academic, and a leading proponent of Modern Monetary Theory.[1] She served as an advisor to Bernie Sanders's 2016 presidential campaign and worked for the Senate Budget Committee under his chairmanship. She is also the author of The Deficit Myth,[2] a New York Times bestseller,[3] on the subject of Modern Monetary Theory.

Stephanie Kelton
Born
Stephanie Bell

(1969-10-10) October 10, 1969 (age 54)
Academic career
InstitutionStony Brook University
School or
tradition		Modern Monetary Theory
Alma materCalifornia State University, Sacramento (BA, BS)
Christ's College, Cambridge (MPhil)
New School (PhD)
ContributionsModern Monetary Theory

Kelton is a professor at Stony Brook University[4] and a Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research.[5] She was formerly a professor at the University of Missouri–Kansas City.[6]

Kelton is also founder and editor-in-chief of the blog New Economic Perspectives. She was named one of Politico's 50 "thinkers, doers, and visionaries transforming American politics in 2016".[7][8] Fast Company later placed Kelton on its list of Most Creative People in Business.[9] In fall 2019, she joined the board of Matriarch PAC.[10]

Family edit

Kelton is the daughter of Jerald and Marlene Bell. She is married to Paul Kelton, and they have two children.[11]

Education edit

Kelton studied business finance and economics at California State University, Sacramento,[12] and earned a B.S. and a B.A. in 1995. She received a Rotary scholarship to study economics at the University of Cambridge, receiving her Master's degree in 1997. On a fellowship from Christ's College, Cambridge, Kelton then spent a year at the Levy Economics Institute of Bard College. She obtained a Ph.D. in economics from The New School for Social Research in 2001 with her dissertation, "Public Policy and Government Finance: A Comparative Analysis Under Different Monetary Systems."

Employment edit

Kelton is a professor of public policy and economics at Stony Brook University and was formerly the chair of the economics department at the University of Missouri–Kansas City. She was a research scholar at the UMKC Center for Full Employment and Price Stability[13] and the Levy Economics Institute in upstate New York.[14]

Kelton is editor-in-chief of the New Economic Perspectives blog.[15]

On December 26, 2014, Kelton was designated Chief Economist for the Democratic Minority Staff of the Senate Budget Committee, a post she held in 2015 and early 2016, when she left that position to become an economic advisor to Bernie Sanders's presidential campaign.[16]

On May 25, 2017, Stony Brook University announced that Kelton would join the university "This fall as a professor in the forthcoming Center for the Study of Inequality and Social Justice."[17] She joined Stony Brook at the same time as her husband, Paul, who was appointed the first Robert David Lion Gardiner Chair in American history, at the College of Arts and Sciences.[17]

In 2019, Kelton was invited to be the Geoff Harcourt Visiting Professor at the University of Adelaide.[18]

Research edit

Kelton's primary research interests include monetary theory, employment policy, history of economic monetary thought, social security, public finance, fiscal policy, financial accounting, international finance, and European monetary integration.[6][19] She has been a notable proponent of and researcher in Modern Monetary Theory, publishing several papers and editing books in the field,[20] and a supporter of the proposal for a Job Guarantee.

In the media edit

Kelton publishes formally as well as in the popular press and appears on mass media. She has been a frequent guest on television and radio, including MSNBC's Up with Chris Hayes[21] and NPR's On Point.[22] Kelton has had opinion pieces published in The Los Angeles Times and The New York Times. How We Think About the Deficit Is Mostly Wrong appeared in The New York Times.[23] Kelton wrote the article "Congress can give every American a pony (if it breeds enough ponies)", which appeared in The Los Angeles Times.[24]

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

Kelton's The Deficit Myth[25] appeared on The New York Times bestseller list for nonfiction in June 2020.[26] "It is an introduction to Modern Monetary Theory (MMT), an economic school of thought that is growing in popularity. It seeks to explain why for countries with monetary sovereignty the federal budget is fundamentally different from a household budget, and why deficits are generally good for the economy. Instead of focusing on self-imposed budget constraints, Kelton suggests we should use inflation and real resource limits as the measuring stick for public spending."[27]

Former Yale University economics professor and Under Secretary of State for Economic Affairs Richard N. Cooper called The Deficit Myth a "clear and vigorously written book" in a review for Foreign Affairs, and wrote that "U.S. congressional fiscal action in response to the pandemic, as well as new programs launched by the Federal Reserve, suggests that the author is at least partly right in her assessment of the spending power of governments."[28]

Nichols College economics professor Hans G. Despain[29] called the book a "triumph" in the London School of Economics Review of Books, writing that the book "dispels six key myths that have shaped the conventional understanding of deficits as inherently bad, instead arguing that deficits can strengthen economies and lead to faster growth.[30]

In the Review of Political Economy, David M. Fields credited Kelton with "lucid prose and a razor-sharp wit" and called the book a "wonderful contribution to the project of building a critical and progressive social science".[31]

In the Economic Record, Lachlan McCall wrote that Kelton's "thesis is largely a synthesis of earlier strands of classical Keynesian and post-Keynesian thought" as well as threads from Godley, Lerner, and Marx, a non-exhaustive list. McCall wrote, "governments already spend by creating money (reserves), not that they should begin to do so".

Stanford University economist John H. Cochrane gave the book a negative review,[32] saying that Kelton's "implications don't lead to her desired conclusions ... her logic, facts and language turn into pretzels". Cochrane called Kelton's analysis of inflation biased,[32] and said the book cited "no articles in major peer-reviewed journals, monographs with explicit models and evidence, or any of the other trappings of economic discourse".[32]

New York University economist Alberto Bisin also panned the book, writing, "it's not that the public-spending agenda proposed in the book wouldn't be worthwhile, or that monetization is never a useful tool of monetary policy. ... These are all issues currently studied and debated in (mainstream) academic and policy circles. But MMT, as exposed in the book, appears to be a very poor attempt at supporting this political agenda, with no coherent theoretical support."[33]

Former European Central Bank chief economist Otmar Issing gave the book a negative review in an article criticizing Modern Monetary Theory.[34]

According to editor Peter Pascal, many mainstream economists "widely accept" the premise of MMT.

Selected works edit

  • Bell (Kelton), Stephanie, "Can Taxes and Bonds Finance Government Spending?", Levy Economics Institute, July 1998
  • Bell (Kelton), Stephanie, "The role of the state and the hierarchy of money December 26, 2018, at the Wayback Machine", Cambridge Journal of Economics, Vol. 25, 2001, pp. 149–163
  • Kelton, Stephanie, Edward J. Nell, editors. The State, the Market, and the Euro: Metallism versus Chartalism in the Theory of Money; Edward Elgar; Reprint edition: May 2003; ISBN 9781843761563
  • Kelton, Stephanie, The Deficit Myth, June 2020; ISBN 9781541736184

See also edit

References edit

  1. ^ "Stephanie Kelton: "They're going to have massive deficits. And it's fine"". Financial Times. April 17, 2020. from the original on April 18, 2020. Retrieved October 10, 2021.
  2. ^ Kelton, Stephanie, The Deficit Myth: modern monetary theory and the birth of the people's economy, ISBN 978-1-5491-6036-3, OCLC 1159235126
  3. ^ "Hardcover Nonfiction Books - Best Sellers - June 28, 2020 - The New York Times". The New York Times. ISSN 0362-4331. Retrieved July 10, 2020.
  4. ^ . Levy Economics Institute. Archived from the original on October 9, 2017. Retrieved October 22, 2017.
  5. ^ "Press Kit". Stephanie Kelton. Retrieved September 4, 2020.
  6. ^ a b Binder, Alex. . StephanieKelton.com. Archived from the original on April 14, 2019. Retrieved December 31, 2016.
  7. ^ "Politico 50: Our guide to the thinkers, doers and visionaries transforming American politics in 2016". Politico. Retrieved December 29, 2016.
  8. ^ William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved December 29, 2016.
  9. ^ Emproto, Rober. "Stephanie Kelton Named One of Most Creative People in Business by Fast Company". Stony Brook Matters. Retrieved September 27, 2021.
  10. ^ Chávez, Aída (November 3, 2019). "A Group of Progressive Women Just Launched a Working-Class Version of EMILY's List". The Intercept. Retrieved November 3, 2019.
  11. ^ Kelton, Stephanie (May 11, 2021), The Deficit Myth: modern monetary theory and the birth of the people's economy, Murray, ISBN 978-1-529-35256-6, OCLC 1159235126 pp.265-6
  12. ^ The Deficit Myth, p.266
  13. ^ . CFEPS research. Center for Full Employment and Price Stability. Archived from the original on May 17, 2017. Retrieved August 17, 2015.
  14. ^ . Scholars. Levy Economics Institute. Archived from the original on December 28, 2013. Retrieved December 30, 2013. Stephanie A. Kelton at Levy Economics Institute scholars
  15. ^ . New Economic Perspectives. Archived from the original on February 9, 2014. Retrieved August 17, 2015.
  16. ^ Personal communication with Kelton and William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved December 29, 2016.
  17. ^ a b ""Historian Paul Kelton Named Endowed Chair in American History" (Press release). Stony Brook University. May 25, 2017.
  18. ^ "Deficit Myth – Modern Monetary Theory and the Birth of the People's Economy". University of Adelaide.
  19. ^ "Department of Economics Faculty". University of Missouri-Kansas City.
  20. ^ See "Selected works" section
  21. ^ Smith, Devin (January 11, 2013). "Stephanie Kelton appeared on UP with Chris Hayes". New Economic Perspectives. Retrieved August 17, 2015.
  22. ^ Ashbrook, Tom (December 4, 2012). "The Liberal Take On The Fiscal Cliff". On Point. WBUR. Retrieved August 17, 2015.
  23. ^ Kelton, Stephanie (October 5, 2017). "Opinion - How We Think About the Deficit Is Mostly Wrong". The New York Times. Retrieved October 2, 2018.
  24. ^ Kelton, Stephanie (September 29, 2017). "Op-Ed: Congress can give every American a pony (if it breeds enough ponies)". Los Angeles Times.
  25. ^ Kelton, Stephanie, The Deficit Myth: modern monetary theory and the birth of the people's economy, ISBN 978-1-5491-6036-3, OCLC 1159235126
  26. ^ "Hardcover Nonfiction Books - Best Sellers - June 28, 2020 - The New York Times". The New York Times. ISSN 0362-4331. Retrieved July 10, 2020.
  27. ^ "Book Summary: The Deficit Myth by Stephanie Kelton". Hustle Escape. October 4, 2020.
  28. ^ "The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy". September 17, 2020. ISSN 0015-7120. Retrieved September 13, 2021.
  29. ^ "Despain, Hans". Nichols College. Retrieved September 13, 2021.
  30. ^ "Book Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton". LSE Review of Books. June 22, 2020. Retrieved October 29, 2020.
  31. ^ Fields, David (2021). "The Deficit Myth, Modern Monetary Theory and the Birth of the People's Economy". Review of Political Economy.
  32. ^ a b c Cochrane, John H. (June 5, 2020). "'The Deficit Myth' Review: Years of Magical Thinking". Wall Street Journal. ISSN 0099-9660. Retrieved October 26, 2020.
  33. ^ Bisin, Alberto (2020). "Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" (PDF). Journal of Economic Literature.
  34. ^ Issing, Otmar (November 3, 2020). "The MMT Myth | by Otmar Issing". Project Syndicate. Retrieved November 4, 2020.

External links edit

  • Official website  

January 01, 1970
stephanie, kelton, stephanie, kelton, née, bell, born, october, 1969, american, heterodox, economist, academic, leading, proponent, modern, monetary, theory, served, advisor, bernie, sanders, 2016, presidential, campaign, worked, senate, budget, committee, und. Stephanie A Kelton nee Bell born October 10 1969 is an American heterodox economist and academic and a leading proponent of Modern Monetary Theory 1 She served as an advisor to Bernie Sanders s 2016 presidential campaign and worked for the Senate Budget Committee under his chairmanship She is also the author of The Deficit Myth 2 a New York Times bestseller 3 on the subject of Modern Monetary Theory Stephanie KeltonBornStephanie Bell 1969 10 10 October 10 1969 age 54 Academic careerInstitutionStony Brook UniversitySchool ortraditionModern Monetary TheoryAlma materCalifornia State University Sacramento BA BS Christ s College Cambridge MPhil New School PhD ContributionsModern Monetary Theory Kelton is a professor at Stony Brook University 4 and a Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research 5 She was formerly a professor at the University of Missouri Kansas City 6 Kelton is also founder and editor in chief of the blog New Economic Perspectives She was named one of Politico s 50 thinkers doers and visionaries transforming American politics in 2016 7 8 Fast Company later placed Kelton on its list of Most Creative People in Business 9 In fall 2019 she joined the board of Matriarch PAC 10 Contents 1 Family 2 Education 3 Employment 4 Research 5 In the media 6 The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy 7 Selected works 8 See also 9 References 10 External linksFamily editKelton is the daughter of Jerald and Marlene Bell She is married to Paul Kelton and they have two children 11 Education editKelton studied business finance and economics at California State University Sacramento 12 and earned a B S and a B A in 1995 She received a Rotary scholarship to study economics at the University of Cambridge receiving her Master s degree in 1997 On a fellowship from Christ s College Cambridge Kelton then spent a year at the Levy Economics Institute of Bard College She obtained a Ph D in economics from The New School for Social Research in 2001 with her dissertation Public Policy and Government Finance A Comparative Analysis Under Different Monetary Systems Employment editKelton is a professor of public policy and economics at Stony Brook University and was formerly the chair of the economics department at the University of Missouri Kansas City She was a research scholar at the UMKC Center for Full Employment and Price Stability 13 and the Levy Economics Institute in upstate New York 14 Kelton is editor in chief of the New Economic Perspectives blog 15 On December 26 2014 Kelton was designated Chief Economist for the Democratic Minority Staff of the Senate Budget Committee a post she held in 2015 and early 2016 when she left that position to become an economic advisor to Bernie Sanders s presidential campaign 16 On May 25 2017 Stony Brook University announced that Kelton would join the university This fall as a professor in the forthcoming Center for the Study of Inequality and Social Justice 17 She joined Stony Brook at the same time as her husband Paul who was appointed the first Robert David Lion Gardiner Chair in American history at the College of Arts and Sciences 17 In 2019 Kelton was invited to be the Geoff Harcourt Visiting Professor at the University of Adelaide 18 Research editKelton s primary research interests include monetary theory employment policy history of economic monetary thought social security public finance fiscal policy financial accounting international finance and European monetary integration 6 19 She has been a notable proponent of and researcher in Modern Monetary Theory publishing several papers and editing books in the field 20 and a supporter of the proposal for a Job Guarantee In the media editKelton publishes formally as well as in the popular press and appears on mass media She has been a frequent guest on television and radio including MSNBC s Up with Chris Hayes 21 and NPR s On Point 22 Kelton has had opinion pieces published in The Los Angeles Times and The New York Times How We Think About the Deficit Is Mostly Wrong appeared in The New York Times 23 Kelton wrote the article Congress can give every American a pony if it breeds enough ponies which appeared in The Los Angeles Times 24 The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy editKelton s The Deficit Myth 25 appeared on The New York Times bestseller list for nonfiction in June 2020 26 It is an introduction to Modern Monetary Theory MMT an economic school of thought that is growing in popularity It seeks to explain why for countries with monetary sovereignty the federal budget is fundamentally different from a household budget and why deficits are generally good for the economy Instead of focusing on self imposed budget constraints Kelton suggests we should use inflation and real resource limits as the measuring stick for public spending 27 Former Yale University economics professor and Under Secretary of State for Economic Affairs Richard N Cooper called The Deficit Myth a clear and vigorously written book in a review for Foreign Affairs and wrote that U S congressional fiscal action in response to the pandemic as well as new programs launched by the Federal Reserve suggests that the author is at least partly right in her assessment of the spending power of governments 28 Nichols College economics professor Hans G Despain 29 called the book a triumph in the London School of Economics Review of Books writing that the book dispels six key myths that have shaped the conventional understanding of deficits as inherently bad instead arguing that deficits can strengthen economies and lead to faster growth 30 In the Review of Political Economy David M Fields credited Kelton with lucid prose and a razor sharp wit and called the book a wonderful contribution to the project of building a critical and progressive social science 31 In the Economic Record Lachlan McCall wrote that Kelton s thesis is largely a synthesis of earlier strands of classical Keynesian and post Keynesian thought as well as threads from Godley Lerner and Marx a non exhaustive list McCall wrote governments already spend by creating money reserves not that they should begin to do so Stanford University economist John H Cochrane gave the book a negative review 32 saying that Kelton s implications don t lead to her desired conclusions her logic facts and language turn into pretzels Cochrane called Kelton s analysis of inflation biased 32 and said the book cited no articles in major peer reviewed journals monographs with explicit models and evidence or any of the other trappings of economic discourse 32 New York University economist Alberto Bisin also panned the book writing it s not that the public spending agenda proposed in the book wouldn t be worthwhile or that monetization is never a useful tool of monetary policy These are all issues currently studied and debated in mainstream academic and policy circles But MMT as exposed in the book appears to be a very poor attempt at supporting this political agenda with no coherent theoretical support 33 Former European Central Bank chief economist Otmar Issing gave the book a negative review in an article criticizing Modern Monetary Theory 34 According to editor Peter Pascal many mainstream economists widely accept the premise of MMT Selected works editBell Kelton Stephanie Can Taxes and Bonds Finance Government Spending Levy Economics Institute July 1998 Bell Kelton Stephanie The role of the state and the hierarchy of money Archived December 26 2018 at the Wayback Machine Cambridge Journal of Economics Vol 25 2001 pp 149 163 Kelton Stephanie Edward J Nell editors The State the Market and the Euro Metallism versus Chartalism in the Theory of Money Edward Elgar Reprint edition May 2003 ISBN 9781843761563 Kelton Stephanie The Deficit Myth June 2020 ISBN 9781541736184See also editHistory of economic thought Post Keynesian economics Heterodox economicsReferences edit Stephanie Kelton They re going to have massive deficits And it s fine Financial Times April 17 2020 Archived from the original on April 18 2020 Retrieved October 10 2021 Kelton Stephanie The Deficit Myth modern monetary theory and the birth of the people s economy ISBN 978 1 5491 6036 3 OCLC 1159235126 Hardcover Nonfiction Books Best Sellers June 28 2020 The New York Times The New York Times ISSN 0362 4331 Retrieved July 10 2020 Scholars Levy Economics Institute Archived from the original on October 9 2017 Retrieved October 22 2017 Press Kit Stephanie Kelton Retrieved September 4 2020 a b Binder Alex Stephanie Kelton Biography StephanieKelton com Archived from the original on April 14 2019 Retrieved December 31 2016 Politico 50 Our guide to the thinkers doers and visionaries transforming American politics in 2016 Politico Retrieved December 29 2016 William Tom Stephanie Kelton Economist University of Missouri Kansas City The case for big spending Politico Retrieved December 29 2016 Emproto Rober Stephanie Kelton Named One of Most Creative People in Business by Fast Company Stony Brook Matters Retrieved September 27 2021 Chavez Aida November 3 2019 A Group of Progressive Women Just Launched a Working Class Version of EMILY s List The Intercept Retrieved November 3 2019 Kelton Stephanie May 11 2021 The Deficit Myth modern monetary theory and the birth of the people s economy Murray ISBN 978 1 529 35256 6 OCLC 1159235126 pp 265 6 The Deficit Myth p 266 Stephanie A Kelton CFEPS research Center for Full Employment and Price Stability Archived from the original on May 17 2017 Retrieved August 17 2015 Stephanie A Kelton Scholars Levy Economics Institute Archived from the original on December 28 2013 Retrieved December 30 2013 Stephanie A Kelton at Levy Economics Institute scholars About the Economists New Economic Perspectives Archived from the original on February 9 2014 Retrieved August 17 2015 Personal communication with Kelton and William Tom Stephanie Kelton Economist University of Missouri Kansas City The case for big spending Politico Retrieved December 29 2016 a b Historian Paul Kelton Named Endowed Chair in American History Press release Stony Brook University May 25 2017 Deficit Myth Modern Monetary Theory and the Birth of the People s Economy University of Adelaide Department of Economics Faculty University of Missouri Kansas City See Selected works section Smith Devin January 11 2013 Stephanie Kelton appeared on UP with Chris Hayes New Economic Perspectives Retrieved August 17 2015 Ashbrook Tom December 4 2012 The Liberal Take On The Fiscal Cliff On Point WBUR Retrieved August 17 2015 Kelton Stephanie October 5 2017 Opinion How We Think About the Deficit Is Mostly Wrong The New York Times Retrieved October 2 2018 Kelton Stephanie September 29 2017 Op Ed Congress can give every American a pony if it breeds enough ponies Los Angeles Times Kelton Stephanie The Deficit Myth modern monetary theory and the birth of the people s economy ISBN 978 1 5491 6036 3 OCLC 1159235126 Hardcover Nonfiction Books Best Sellers June 28 2020 The New York Times The New York Times ISSN 0362 4331 Retrieved July 10 2020 Book Summary The Deficit Myth by Stephanie Kelton Hustle Escape October 4 2020 The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy September 17 2020 ISSN 0015 7120 Retrieved September 13 2021 Despain Hans Nichols College Retrieved September 13 2021 Book Review The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy by Stephanie Kelton LSE Review of Books June 22 2020 Retrieved October 29 2020 Fields David 2021 The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy Review of Political Economy a b c Cochrane John H June 5 2020 The Deficit Myth Review Years of Magical Thinking Wall Street Journal ISSN 0099 9660 Retrieved October 26 2020 Bisin Alberto 2020 Review The Deficit Myth Modern Monetary Theory and the Birth of the People s Economy PDF Journal of Economic Literature Issing Otmar November 3 2020 The MMT Myth by Otmar Issing Project Syndicate Retrieved November 4 2020 External links editStephanie Kelton at Wikipedia s sister projects nbsp Media from Commons nbsp Data from Wikidata Official website nbsp Retrieved from https en wikipedia org w index php title Stephanie Kelton amp oldid 1184214158, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.