Stephanie Kelton facts for kids
Stephanie A. Kelton (born October 10, 1969) is an American economist with new ideas. She is a main supporter of something called modern monetary theory. She also worked as an advisor for Bernie Sanders when he ran for president in 2016. She wrote a very popular book called The Deficit Myth, which explains modern monetary theory.
Kelton is a professor at Stony Brook University. She is also a senior expert at the Schwartz Center for Economic Policy Analysis. This center is part of the The New School for Social Research. Before this, she was a professor at the University of Missouri–Kansas City.
Kelton started and is the main editor of a blog called New Economic Perspectives. In 2016, Politico magazine named her one of the 50 people who were changing American politics. Fast Company also put her on its list of most creative people in business.
Quick facts for kids
Stephanie Kelton
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| Born |
Stephanie Bell
October 10, 1969 |
| Institution | Stony Brook University |
| School or tradition |
Modern monetary theory |
| Alma mater | California State University, Sacramento (BA, BS) Christ's College, Cambridge (MPhil) New School (PhD) |
| Contributions | Modern monetary theory |
Contents
About Stephanie Kelton's Family
Stephanie Kelton's parents are Jerald and Marlene Bell. She is married to Paul Kelton. They have two children together.
Stephanie Kelton's Education
Kelton studied business finance and economics at California State University, Sacramento. She earned two degrees there in 1995. She then received a special scholarship from Rotary Foundation. This allowed her to study economics at the University of Cambridge in England. She earned her Master's degree there in 1997.
After that, Kelton spent a year at the Levy Economics Institute. This institute is part of Bard College. In 2001, she earned her highest degree, a Ph.D., in economics. She received it from The New School for Social Research. Her main project for this degree was about how governments pay for things.
Stephanie Kelton's Career
Kelton is a professor of public policy and economics. She teaches at Stony Brook University. She used to be the head of the economics department at the University of Missouri–Kansas City. She also worked as a research expert at the UMKC Center and the Levy Economics Institute.
Kelton is the main editor of a blog called New Economic Perspectives.
On December 26, 2014, Kelton was chosen for an important job. She became the Chief Economist for the Democratic staff of the United States Senate Committee on the Budget. This is a group in the government that plans how money is spent. She held this job in 2015 and early 2016. Then, she left to become an economic advisor for Bernie Sanders's presidential campaign.
In May 2017, Stony Brook University announced that Kelton would join them. She became a professor there in the fall. Her husband, Paul, also joined Stony Brook at the same time.
In 2019, Kelton was invited to be a special visiting professor. She taught at the University of Adelaide in Australia.
Stephanie Kelton's Research Ideas
Kelton's main research looks at how money works. She also studies how to create jobs and how governments manage their money. She is a well-known supporter of modern monetary theory (MMT). She has written many papers and edited books about this idea. She also supports the idea of a job guarantee. This means the government would make sure everyone who wants a job can have one.
Stephanie Kelton in the Media
Kelton writes for academic journals and popular newspapers. She also appears on TV and radio shows often. She has been a guest on shows like MSNBC's Up with Chris Hayes. She has also been on NPR's On Point. Kelton has written opinion pieces for The Los Angeles Times and The New York Times. One article in The New York Times was titled "How We Think About the Deficit Is Mostly Wrong." She also wrote an article for The Los Angeles Times called "Congress can give every American a pony (if it breeds enough ponies)."
The Deficit Myth: A Look at Modern Monetary Theory
Stephanie Kelton's book, The Deficit Myth, became a The New York Times bestseller in June 2020. This book introduces Modern Monetary Theory (MMT). MMT is an economic idea that is becoming more popular.
The book explains that for countries that print their own money, the government's budget is different from a family's budget. It argues that when the government spends more than it collects (a deficit), it can actually be good for the economy. Instead of worrying about how much money the government has, Kelton suggests we should focus on other things. These include how much prices are rising (inflation) and if there are enough resources for everyone.
Richard N. Cooper, a former economics professor, called the book "clear and strongly written." He wrote this in a review for Foreign Affairs. He also said that how the U.S. government spent money during the pandemic showed Kelton might be right.
Hans G. Despain, an economics professor, called the book a "triumph." He wrote this in a review for the London School of Economics Review of Books. He said the book helps clear up six common wrong ideas about deficits. He argues that deficits can make economies stronger and help them grow faster.
David M. Fields praised Kelton's "clear writing" and "sharp wit." He called the book a "wonderful contribution" to understanding society.
Some economists have given the book negative reviews. John H. Cochrane, an economist, said that Kelton's ideas do not lead to the conclusions she wants. He felt her facts and logic were confusing. He also said the book did not use many articles from major economic journals.
Alberto Bisin, another economist, also did not like the book. He said that while some of the ideas about public spending might be good, MMT itself was not a strong way to support them.
Selected Books and Articles
- 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 ", 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: Modern Monetary Theory and the Birth of the People's Economy, June 2020; ISBN: 9781541736184
See also
In Spanish: Stephanie Kelton para niños
- History of economic thought
- Post-Keynesian economics
- Heterodox economics
