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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

  • Speaker Mike Johnson and the denial of political freedom
    on 12 January 2026 by Richard Murphy

    On 20 January, Mike Johnson, the Speaker of the US Congress, is going to address both Houses of Parliament. This, I gather, is unprecedented. The Read the full article...

  • Economic questions: the Erich Fromm Question 
    on 12 January 2026 by Richard Murphy

    This is one of a series of posts that will ask what the most pertinent question raised by a prominent influencer of political economy might have been, Read the full article...

  • When AI, unemployment, and inflation collide
    on 12 January 2026 by Richard Murphy

    Artificial intelligence is often presented as a growth driver. I argue the opposite risk is emerging. AI-driven cost-cutting threatens jobs and demand, with the risk Read the full article...

  • Keen’s Law
    on 11 January 2026 by Richard Murphy

    Steve Keen wrote this on Substack yesterday: YouTube popped a video into my feed of Niall Ferguson (the author of The Ascent of Money: a financial Read the full article...

  • What to do?
    on 11 January 2026 by Richard Murphy

    Voltaire supposedly said: Those who can make you believe absurdities can make you commit atrocities. The logic is that if people surrender their reason and 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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