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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

  • Moderation today
    on 3 October 2026 by Richard Murphy

    Please excuse me if I am distracted today. We are holding our event in Ely. One reason I can, most of the time, moderate comments Read the full article...

  • How far can Labour fall?
    on 3 October 2026 by Richard Murphy

    The G7 statement on releasing diesel stocks, issued yesterday, was a pile of nonsense that eventually only indicated that all these nations still live in Read the full article...

  • We are at a moment when the world can pivot
    on 3 October 2026 by Richard Murphy

    The Telegraph has this to say in an email this morning: Andy Burnham’s first three months in Downing Street have been, by and large, smooth Read the full article...

  • What is money, really?
    on 3 October 2026 by Richard Murphy

    What is money? We use it every day, but most of what we are taught about money misrepresents what it actually is. In this Understanding Read the full article...

  • Is Burnham’s government planning a crime against society?
    on 2 October 2026 by Richard Murphy

    The Guardian has reported this morning that: Ministers are working up sweeping plans for welfare changes including scrapping a key disability benefit for under-25s and Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Kyoto Report 2026 – 1
    on 30 September 2026 by bill

    This weekly report will provide some insights into life for a westerner (me) who is working for an extended period at Kyoto University in Japan but who over the years of working here has increasingly began to understand the language and local cultural traditions. For the next several weeks I am working once again at…

  • RBA Monetary Policy Board member refutes on-going claims from the RBA governor about unemployment
    on 27 September 2026 by bill

    On September 22, 2026, a member of the Monetary Policy Board of the Reserve Bank of Australia (RBA) gave a speech – A Wage-price Spiral: What are the Chances? – at Melbourne University. The tenor of his presentation was that despite the constant recent claims about wages pressures emanating from a labour market that is…

  • Australian labour market – full-time jobs decline as unemployment continues to rise
    on 24 September 2026 by bill

    The labour market contraction that I have been signalling for the last two months continued in August. The Australian Bureau of Statistics (ABS) released the latest labour force data today (September 24, 2026) – Labour Force, Australia – for August 2026 – which showed that the labour market deteriorated further in August, in that full-time…

  • The failure of neoliberalism and the progressive failure to articulate that has engendered the rise of the far Right
    on 21 September 2026 by bill

    On Sunday (September 20, 2026), the two state elections in Germany confirmed a trend that has been unfolding for some years in fact – the polarisation of politics in nations, and, in particular the legitimisation of far Right politicians espousing views that are not inconsistent with the views of the National Socialists in Germany in…

  • The elaborate farce being played out between the Bank of England and the British Treasury
    on 16 September 2026 by bill

    As at September 9, 2026, the Bank of England held £489,026 million in British government gilts (bonds). Since the beginning of February 2022, the Bank has been steadily selling of the stock of gilts it purchased as part of its Asset Purchase Facility (APF) over the period March 11, 2009 to December 15, 2021. These…

More Bill Mitchell @ billmitchell.org

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