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.
Posts from Richard Murphy at Tax Research UK
- For how long is the pretence that we are a United Kingdom viable?
on 30 December 2025 by Richard MurphyNew polling data is out from Scotland. Party support there looks like this (and remember, in Scotland there is a form of proportional representation, so Read the full article...
- Glossary entry: Capital maintenance concepts
on 30 December 2025 by Richard MurphyCapital only has economic meaning if it is maintained. Capital maintenance concepts define the boundary between income and capital preservation, and therefore determine what may Read the full article...
- Glossary entry: Capitalon 30 December 2025 by Richard Murphy
I am in this post-Christmas period working on some of the definitions that will underpin my work on a project if care. Right now, this Read the full article...
- Glossary entry: bond vigilanteson 30 December 2025 by Richard Murphy
I have added this entry to this blog's glossary at the request of some commentators. I stress that in an area as complex as this, Read the full article...
- The correction begins
on 30 December 2025 by Richard MurphyI wrote a reminder of the danger of the end of December in financial markets yesterday. In it, I highlighted the rise in the price Read the full article...
Posts from Bill Mitchell – Modern Monetary Theory
- My blog has gone on holidayson 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 Growthon 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 entirelyon 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…
Other Modern Money Theory Proponents
Other MMT Discussion
- MMT For the British People (Facebook group)
- Modern Money Theory (MMT) Australia (Facebook group)
- Modern Money Theory Dank Meme Stash (Facebook group)
- Intro to MMT – Modern Monetary Theory (Facebook group)
- MMT Podcast (Christian Reilly) (Twitter)
- Activist #MMT, the podcast (Twitter)
- Money on the Left (Twitter) (Web site)
- MMT France (En français)
- Stephanie Kelton @ The Lens/Substack
- Modern Monetary Theory by Brooke Clarke