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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

  • Why tax?
    on 13 August 2026 by Richard Murphy

    Ever since I wrote my book 'The Joy of Tax', I have argued that there are six reasons to tax, none of which have anything Read the full article...

  • The YouTube problem
    on 13 August 2026 by Richard Murphy

    We had a team meeting earlier this week. There's nothing surprising about that. We usually start the week reviewing the previous one, setting plans, and Read the full article...

  • GERS day – which measures London’s neoliberal extraction from Scotland
    on 13 August 2026 by Richard Murphy

    I made this video for The National yesterday: Colonialism is alive and well, and living in Westminster's extraction of value from Scotland, Wales, Northern Ireland Read the full article...

  • The wealthy do not flee because of tax
    on 13 August 2026 by Richard Murphy

    I missed this in the Financial Times from 30 July: The number of “non-doms” [in the UK] dropped by less than 1 per cent immediately Read the full article...

  • What are your priors?
    on 13 August 2026 by Richard Murphy

    I think that journalists are all asking politicians the wrong question. They should be asking every politician: “What are your priors?” Instead, they ask “How Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Radio MMT – Episode 79 Bill Mitchell: Marx & Socialism
    on 12 August 2026 by bill

    I am travelling most of today and have commitments at the other end. So I have meaning to post his podcast I did with Melbourne radio station 3CR in July, so today is a good time to make it available here. As I understand it, this is an edited version of a longer talk that…

  • Alt protein is the way forward and China is already well ahead of the rest who are infested with destructive neoliberal ideology
    on 12 August 2026 by bill

    With the Rhine drying up and grass turning brown all over Europe (including the UK), even conservative bodies such as the ECB are starting to take notice and comment. On July 2, 2026, a member of the Executive Board, Frank Elderson gave a speech to the 7th World Congress of Environmental and Resource Economists –…

  • Be thankful for small mercies – proposed cut in Japan’s sale tax
    on 10 August 2026 by bill

    Most of the economics commentary in the last few weeks about Japan has been about the need for higher interest rates or, relatedly, the ‘desperate’ foreign exchange intervention where the US allegedly bailed out Japan to prevent currency failure. All side issues really. The forex intervention said more about US paranoia than anything about Japan’s…

  • Japan’s proposed investment boost will not run out of yen
    on 5 August 2026 by bill

    The prophets of doom (Japan division) are back in town predicting the worst for the country. The UK Guardian even is getting in on the act (July 25, 2026) – Can Japan avoid a Liz Truss-style shock as its PM embarks on a giant spending spree?. It is interesting now that the prophets have a…

  • A shift to fiscal surplus in Australia would amount to a criminal act by government
    on 3 August 2026 by bill

    The former head of the Australian Treasury claims that: “Everybody knows the budget should be in surplus right now.” Well last time I checked I was still part of the body of humanity and I don’t know that. In fact, the fiscal balance is currently recording a deficit (which should be referred to as a…

More Bill Mitchell @ billmitchell.org

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