Anyone familiar with Australian political debate will know that while we can always afford tax cuts and defence spending, somehow we can never afford to raise Newstart, or to build social housing because we have to “live within our means” and get back to a budget surplus as soon as possible. But that's not how the economy really works. We talked to Professor Stephanie Kelton about her new book “The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy” in conversation with our chief economist at the Australia institute Richard Denniss as part of our 'Economics of a Pandemic' webinar series.

Host: Visit tai.org.au for our latest pandemic economic research and analysis // @theausinstitute

Host: Ebony Bennett, deputy director of the Australia Institute // @ebony_bennett

Stephanie Kelton, author of The Deficit Myth // @StephanieKelton

Richard Denniss, chief economist of the Australia Institute // @RDNS_TAI

Producer: Jennifer Macey

Theme music is by Jonathan McFeat from Pulse and Thrum