June 18, 2018

As part of the lecture series between UCL Institute for Innovation and Public Purpose (IIPP) and the British Library, Stephanie Kelton speaks on why a government budget should not be looked at in the same way as a household budget.

Drawing on her experience as the Chief Economist on the US Senate Budget Committee, Stephanie Kelton gives a beginner’s class on public deficits and what (almost) everyone is missing in the debate over the government’s budget. Is the government’s budget really just like a family budget? (Teaser: It’s not!) What is the purpose of budgeting anyway? Is it to balance spending and revenue, or is targeting a balanced budget the wrong goal altogether? Is the British government living beyond its means?

Stephanie outlines a new way of understanding deficits, debt, taxes, the relationship between the public and private sectors, and what our economy could look like. Turning the public budget into a participatory, mission-oriented endeavor is critical to restructuring public services and public investment and building the kind of economy that will deliver a cleaner, safer, more secure future for all.

Rethinking Public Value and Public Purpose in 21st Century Capitalism is a lecture series presented by UCL’s new Institute for Innovation and Public Purpose in collaboration with the British Library.