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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

  • The MMT toolbox and why it matters
    on 23 December 2025 by Richard Murphy

    I am told that this is the standard response to pro-modern monetary theory posts on social media right now: Every tool in the MMT toolbox Read the full article...

  • The risk of a crash is far from over
    on 23 December 2025 by Richard Murphy

    This has been reported by the FT this morning: US companies have sold $1.7tn of investment-grade bonds in 2025, a near-record sum stoked by a Read the full article...

  • MMT and exchange rates
    on 23 December 2025 by Richard Murphy

    I was asked this question yesterday: Can you please say a word about the effect MMT might have on the exchange rate – a potential Read the full article...

  • What we need for Christmas 
    on 23 December 2025 by Richard Murphy

    As Christmas approaches, many people ask what they want. But there is a more important question we should be asking: what did we need – Read the full article...

  • There is no excuse for poverty in the UK
    on 22 December 2025 by Richard Murphy

    This is the chart of the latest United Nations Human Development Indicator: The UK is ranked in the top 20, with this data: Things are Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • 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…

  • Trump’s “best is yet to come” and the data reality are diverging – for the worse!
    on 18 December 2025 by bill

    I haven’t provided detailed commentary on the US labour market for a while now. To some extent the month-to-month changes are not that interesting but after a lapse, discernible trends can be detected. The US President is about to give a national address today in the context of declining poll popularity and a series of…

  • The US attack on Europe misses the point entirely
    on 15 December 2025 by bill

    The other day I was asked whether I was happy that the US President was finally saying things that I have been noting for years. The reference to Trump was, on interrogation, based on the US government analysis of Europe that appeared in the so-called – National Security Strategy of the United States of America…

  • Australian labour market – considerably weaker in November (not even close to full employment)
    on 11 December 2025 by bill

    I should remind myself not to listen to the media (even the public broadcaster) when the Australian Bureau of Statistics (ABS) releases the latest labour force data – Labour Force, Australia – for November 2025 – as it did today (December 11, 2025). The commentary immediately after that data release today was the exemplification of…

  • A lower yen is not inflationary once the adjustments are absorbed
    on 8 December 2025 by bill

    Last Friday (December 5, 2025), I filmed an extended discussion with my Kyoto University colleague, Professor Fujii about a range of issues concerning the Japanese and Global economy. Once it is edited, the video will be available on YouTube. Fujii-sensei is advising the new Japanese Prime Minister and is the author of the ‘Responsible proactive…

More Bill Mitchell @ billmitchell.org

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