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What is Modern Money Theory (MMT)?

MMT describes how the economy works. Although MMT does not prescribe government policy, there are some “natural” consequences. Some MMT core points are below.

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Posts from Richard Murphy at Tax Research UK

  • Trump and the Fed: an MMT perspective
    on 13 January 2026 by Richard Murphy

    As is clear from multiple media reports, the dispute between the Trump administration and the US Federal Reserve (which is the US equivalent of the Read the full article...

  • Putting SAD behind us
    on 13 January 2026 by Richard Murphy

    There had to come a moment when I would say I agreed with something the Donald Trump administration said in the USA, and, to my Read the full article...

  • PDFs
    on 13 January 2026 by Richard Murphy

    A number of people have asked of late if we might make it easier to share articles published here, and some suggested it would be Read the full article...

  • The MMT Guide: your opinion is sought
    on 13 January 2026 by Richard Murphy

    As I mentioned before Christmas, I have been working on a summary of modern monetary theory to be published in our PDF shop. I initially Read the full article...

  • Zahawi reveals some truths about Reform
    on 13 January 2026 by Richard Murphy

    As the Guardian has reported: Nadhim Zahawi was rejected for a peerage by the Conservatives just weeks before he defected to Reform UK, Tory sources have told Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • India’s employment guarantee sabotaged to the point of extinction by the neoliberal Narendra Modi
    on 12 January 2026 by bill

    I have closely followed the progress of India’s – Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) – since its inception on September 7, 2005. The scheme has been a major success in reducing rural poverty and providing income security to poor rural communities in India. It has also reduced the so-called ‘desperation migration’ from…

  • Is there hope for a post neoliberal world?
    on 8 January 2026 by bill

    I grew up in a society where collective will was at the forefront and it is true to say people looked out for each other. The state – at all levels – had various policy structures in place to provide levels of economic protection for the least advantaged members of society. Having grown up in…

  • When contraction is called expansion – Japanese government style
    on 5 January 2026 by bill

    Well my holiday is over. Not that I had one! This morning we submitted the manuscript to the publisher for the Second Edition of our Macroeconomics text, which will come out later this year. Finishing a massive project like that is always non-linear – the last few months are hideous – checking everything and filling…

  • My blog has gone on holidays
    on 25 December 2025 by bill

    My blog is on holiday until Tuesday, January 6, 2026. We are planning to finish the manuscript for the Second Edition of our Macroeconomics textbook by year’s end and that is what I am working fervently on in the next week. I am also preparing for a conversation next week with the Post-Neoliberalism Oral History…

  • Video – Japan at a Crossroads: Fiscal Policy, China, and the Growth
    on 22 December 2025 by bill

    I have limited time today to write a blog post and last night I was sent a new video that I recently recorded with my research colleague at Kyoto University, Professor Fujii where we talk for some hours on the topic – Japan at a Crossroads: Fiscal Policy, China, and the Growth. It was a…

More Bill Mitchell @ billmitchell.org

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