Stephanie Kelton, professor of economics and public policy at Stony Brook University, explains “modern monetary theory,” a new approach to economics. Professor Kelton’s forthcoming book, But How Will We Pay for It? Modern Monetary Theory and the Deficit Myth, shows how to break free of the myths and misunderstandings about money and the role of taxes, debt, and deficits that have hamstrung policymakers around the world. She argues that any country with its own currency need not balance its budget books in the long term and that comparisons to household budgeting are a fallacy.

The Take 15 Series is a collection of illuminating, short conversations with noted economists, best-selling authors, leading researchers, and successful practitioners on topics ranging from geopolitics and whistleblowing to irrationality and outlooks.