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
- Is my work aimed at preserving capitalism?
on 1 December 2025 by Richard MurphyI was troubled by Grace Blakeley's accusation that I am working to: make the existing capitalist system work more effectively, rather than .... effect a Read the full article...
- Why won’t so much of the left believe in the sovereign power to make money?on 1 December 2025 by Richard Murphy
There are days when I genuinely wonder what parts of the left think the state is for. The capacity to create money is the most Read the full article...
- Is the new politics about to be born?on 1 December 2025 by Richard Murphy
I was talking to an old friend, Tony Groves, of the Echo Chamber podcast, based in Dublin, on Friday, largely because I was recording a Read the full article...
- Rachel Reeves: time to goon 1 December 2025 by Richard Murphy
Throughout the weekend, I kept asking myself whether I should write a blog post about Rachel Reeves misrepresenting the economic background to her Budget, but Read the full article...
- Why the UK budget system is broken — and how to fix iton 1 December 2025 by Richard Murphy
Rachel Reeves just gave us a masterclass in how NOT to run a budget. We got leaks, U-turns, political theatre, but almost no real economic Read the full article...
Posts from Bill Mitchell – Modern Monetary Theory
- Talk of a Plaza Accord 2.0 should heed the lessons of Plaza Accord 1.0on 1 December 2025 by bill
Pressure is building from the US for a Plaza Accord 2.0 as part of the US President’s attempts to ‘improve’ the US trade situation. I use the term ‘improve’ cautiously because the US President seems think that making it more difficult and expensive for US consumers and businesses to access imports from abroad is a…
- Panel of Japanese economists mired in erroneous mainstream constructions and logicon 27 November 2025 by bill
Last Friday, I met a journalist in Tokyo and we discussed among other things, the results of the latest Nikkei/JCER ‘Economics Panel’, which was conducted between November 13 and November 18, 2025. The panel involves “questionnaires” being “sent to approximately 50 economists to gather their evaluations of various economic policies. The aim is to promote…
- Kyoto Report 2025 – 9on 25 November 2025 by bill
This Tuesday 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. Sadly, this is my last Kyoto Report for 2025. My time…
- Corporate welfare is rife in Japan’s banking sectoron 24 November 2025 by bill
I am travelling a lot today so I am typing this up in between segments. I met a journalist in Tokyo on Friday and we discussed various matters relating to the current policy debate in Japan. In addition, we discussed the latest situation for the Japanese banking sector and the fact that they are recording…
- Japan GDP growth contracts as politicians fight it out over size of fiscal stimuluson 19 November 2025 by bill
I am travelling today to Tokyo and have little time to write here. But with the latest national accounts data coming out on Monday (November 17, 2025), the discussions within the government are about the size of the fiscal stimulus that will be initiated in the next fiscal round. This The Japan Times article (November…
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