This is one of the most important books I've read in my life. I'll say why I think this is true, in more detail, later on. But, the most important reason is that it introduces a new world view on economics. It is, in our modern lexicon, Paradigm-changing. It is also a short and simply written book, designed to communicate, which I think it does very, very well. The book is a product of very deep thinking as well as very clear thinking. So, whether you agree with it or not; you should read it, take what it says seriously, and learn the reasons and world view behind what it says. Here are more reasons why it is so very important.
The 7 Deadly Innocent Frauds (difs) have been listed by other reviewers, so I won't repeat the list in this review; but taking all 7 of Warren Mosler's difs together, we see the outline of an ideology whose effect is to cripple American potential in both the immediate and the longer term. The 7 difs together constitute a 19th century economic ideology appropriate for a nation with a commodity monetary system, rather than a 21st century economic ideology appropriate for a nation with a fiat monetary system. Partisans of this ideology often call it neoliberalism. But there is nothing "liberal" or progressive about it. Instead, it is an instrument of elite control, emerging oligarchy, and impoverishment of the 99%.
On the other hand, Warren Mosler's 7 truths counter-posed to the 7 frauds, together lead us to an economic ideology that fully supports progressive actions to solve existing problems and to collaborate through the Government to realize the equality of opportunity and the right to a decent life that is very American's birthright. His 7 truths tell us that we can have full employment, provide for our children and grandchildren making life better for them, strengthen our entitlement safety net protecting the old and the sick, enjoy real wealth other nations are prepared to send us, enjoy savings at the micro-level while we have investment at the macro-level, pay more in taxes only when the economy is operating at full capacity and we can afford it, and do all of this without worrying about our government becoming insolvent.
All we have to do to make these things happen is to cast aside the false beliefs of neoliberalism and embrace the economic wisdom of the MMT deficit owls, and Franklin Delano Roosevelt's economic bill of rights. As someone once said "the truth will make us free," if only we have the courage to put aside our fears of some new thinking and embrace it.
What do we have to lose? The neoliberal things we're doing such as spending cuts and tax increases are not only not working, but are also ruining our economy. We may as well try MMT-based economic and fiscal policies and reach, once again, for human progress
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Top reviews from other countries
John Watson
If you only ever read one book on economics; this should be it.
Reviewed in Canada on September 14, 2021
J. G. Ayton
A must read for anyone interested in economics
Reviewed in the United Kingdom on September 14, 2015