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
- Who wins from this war?
on 15 March 2026 by Richard MurphyThe FT has an article this morning that notes: US oil companies stand to receive a windfall of more than $60bn this year if crude Read the full article...
- Farage is going nowhereon 15 March 2026 by Richard Murphy
As the FT has noted in an article this morning, referring to a rally that Nigel Farage held in Swindon on Thursday: Farage told the Read the full article...
- Review: Capitalism – A Global Historyon 15 March 2026 by Richard Murphy
Regular reader Rob Gray sent me this review of Sven Beckert’s new global history of capitalism, which I thought worth sharing. I have undertaken the Read the full article...
- Economic questions: the Abba Lerner questionon 15 March 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 Read the full article...
- Laffer’s curve: the greatest tax myth of all
on 15 March 2026 by Richard MurphyAfter a week in which I can fairly describe work as being hard because of the fatigue I felt last weekend, which it now turns Read the full article...
Posts from Bill Mitchell – Modern Monetary Theory
- Interest rate hikes will not get ships moving through the Strait of Hormuz more quicklyon 12 March 2026 by bill
Regular readers will know that I hate the term NAIRU – or Non-Accelerating-Inflation-Rate-of-Unemployment – which is a concoction invented by mainstream economists to maintain unemployment at elevated levels (to keep the working class in its place) and give cover to central banks to run monetary policies that redistribute income from poor to rich. If you…
- A structured approach for progressive political ambitions – Part 2on 9 March 2026 by bill
This is the second part of a short series of briefing notes that arose out of discussions I had in London the week before last about how a progressive political party might want to break out of the shackles that the Labour Party has bound itself in with its obsession with fiscal rules and an…
- Australian national accounts – growth is up but mostly because of inventory buildup which will reverseon 5 March 2026 by bill
I finally arrived back home late last night, so I am catching up today. Part 2 of the series I started on Monday will appear next Monday. Yesterday (March 4, 2026), the Australian Bureau of Statistics (ABS) released the latest – Australian National Accounts: National Income, Expenditure and Product, December 2025. The data shows that…
- A structured approach for progressive political ambitions – Part 1on 2 March 2026 by bill
I am stuck in London courtesy of the terrorist policies of Donald Trump and his Israeli gang mates. I arrived at Heathrow on Saturday expecting to be home by last evening only to learn that all flights via Doha were indefinitely suspended. Big problem. I was lucky to find a hotel room at the airport…
- Inflation in Japan – invariant to monetary policy and be careful what you wish for (tourism)on 26 February 2026 by bill
I have been thinking about the recent inflation trajectory in Japan in the light of constant calls from mainstream economists (including a bevy of private bank economists who work for institutions that benefit from interest rate hikes) for the Bank of Japan to hike rates. What is driving CPI movements? What has been the impact…
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