Stephanie Kelton facts for kids
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 |
Stephanie A. Kelton, born Stephanie Bell on October 10, 1969, is an American economist. She is a big supporter of a way of thinking about money called Modern Monetary Theory (MMT). This idea suggests that countries that print their own money have more freedom with their spending.
Kelton was an advisor for Bernie Sanders's presidential campaign in 2016. She also worked for the Senate Budget Committee. She wrote a very popular book called The Deficit Myth, which explains Modern Monetary Theory.
Today, Kelton is a professor at Stony Brook University. She is also a senior fellow at the Schwartz Center for Economic Policy Analysis. Before this, she was a professor at the University of Missouri–Kansas City. She also started and edits a blog called New Economic Perspectives.
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 Journey
Stephanie Kelton studied business and economics at California State University, Sacramento. She earned two bachelor's degrees there in 1995. She then received a special scholarship to study economics at the University of Cambridge in England. She earned her master's degree in 1997.
After that, Kelton spent a year at the Levy Economics Institute. In 2001, she earned her Ph.D. in economics from The New School for Social Research. Her Ph.D. paper was about how public policy and government money work in different money systems.
Stephanie Kelton's Career and Roles
Stephanie Kelton is a professor of public policy and economics at Stony Brook University. She used to be the head of the economics department at the University of Missouri–Kansas City. She also did research at the UMKC Center for Full Employment and Price Stability.
In late 2014, Kelton became the Chief Economist for the Democratic staff of the United States Senate Committee on the Budget. She held this important job in 2015 and early 2016. She then left to become an economic advisor for Bernie Sanders's presidential campaign.
In 2017, she joined Stony Brook University as a professor. Her husband, Paul, also joined the university at the same time. In 2019, Kelton was a visiting professor at the University of Adelaide in Australia.
Understanding Stephanie Kelton's Research
Stephanie Kelton is very interested in how money works. She studies how governments can create jobs and how they manage their money. She also looks at the history of economic ideas.
A big part of her work is about Modern Monetary Theory (MMT). She has written many papers and edited books on this topic. She also supports the idea of a job guarantee, which means the government would make sure everyone who wants a job can have one.
Stephanie Kelton in the Media
Stephanie Kelton shares her ideas in academic papers and in popular news. She often appears on TV and radio shows. She has been a guest on shows like MSNBC's Up with Chris Hayes and NPR's On Point.
She has also written articles for major newspapers. Her opinion pieces have appeared in The Los Angeles Times and The New York Times. One of her articles in The New York Times was titled "How We Think About the Deficit Is Mostly Wrong."
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 is an easy-to-understand guide to Modern Monetary Theory (MMT).
The book explains that for countries that control their own money, the government's budget is very different from a household budget. It suggests that government spending deficits can actually be good for the economy. Instead of worrying about how much money the government has, Kelton says we should focus on inflation and how many resources are available.
Many people have reviewed The Deficit Myth. Richard N. Cooper, a former economics professor, called it a "clear and vigorously written book." He noted that recent government actions during the pandemic showed Kelton might be right about government spending power.
Hans G. Despain, an economics professor, called the book a "triumph." He said it helps clear up six common misunderstandings about deficits. David M. Fields praised Kelton's "clear writing" and called the book a "wonderful contribution."
However, not everyone agreed. John H. Cochrane, an economist, gave the book a negative review. He said her ideas didn't lead to her conclusions and that her analysis of inflation was biased. Alberto Bisin, another economist, also criticized the book. He felt that MMT, as explained in the book, didn't offer strong support for its ideas.
Selected Works by Stephanie Kelton
- 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
