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
- Why government surpluses can crash the economy
on 9 March 2026 by Richard MurphyWe have just published this short video on YouTube and many other channels. If you like it, please share it far and wide - because Read the full article...
- Moderation dataon 9 March 2026 by Richard Murphy
I have continued to look into how to manage moderation on this blog. To do so, I looked at data on the number of comments Read the full article...
- The case for a windfall oil tax is overwhelming
on 9 March 2026 by Richard MurphyThis chart comes from Trading Economics this morning and is already out of date because I gather that since I took the screenshot, the oil Read the full article...
- Will we never learn?on 9 March 2026 by Richard Murphy
As the Guardian notes in a newsletter this morning: Great Britain has only two days of fossil gas stored after a decline in energy reserves, Read the full article...
- Does the government create wealth?on 9 March 2026 by Richard Murphy
People are often told that only the private sector creates wealth and that government simply wastes taxpayers’ money. That claim is everywhere in modern political Read the full article...
Posts from Bill Mitchell – Modern Monetary Theory
- 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…
- A successful degrowth strategy will require a massive redistribution of income and wealth towards the pooreston 23 February 2026 by bill
It is true that all big cities have areas of poverty that is visible from the streets. But I am always a bit shocked when I travel to London, where I am currently working, because the inequality is very obvious. As I work more on the degrowth, decolonisation project that I am currently involved in,…
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