For as long as anyone can remember, talk about deficits and the debt have been central to political life. How much can we spend? On what? What are the trade-offs? What will it cost? I mean, what will it really cost. If politics is about choosing, if it is about, as the classic phrase goes, “Who gets what, when, and how?” then spending constraints are central to what makes it so.

But what if deficits and the debt did not induce the constraints we thought? Modern monetary theory invites us to think about money and government spending in a new way, opening up possibilities that were seemingly out of reach before. But is the promise too good to be true? On this episode we take a look and ask: Who’s afraid of modern monetary theory?

On this episode of Open to Debate, David Moscrop talks with Stephanie Kelton, Senior Fellow at the Schwartz Center for Economic Policy Analysis, Professor of Economics and Public Policy at Stony Brook University, and author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.