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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

  • My View On … Government Bonds
    on 19 July 2026 by Richard Murphy

    The Richard J Murphy YouTube Channel and My View on … Government Bonds Richard J Murphy _____________ This post is one of an ongoing series Read the full article...

  • Infographic: Neoliberalism
    on 19 July 2026 by Richard Murphy

    I was asked yesterday what neoliberalism is. This is the answer: How to expand this image If you press CTRL or Command and Plus (+) Read the full article...

  • Rejecting neoliberalism
    on 19 July 2026 by Richard Murphy

    On Friday, Andy Burnham said this when accepting the leadership of the Labour Party: Change starts with honesty. We must recognise that this generation of Read the full article...

  • Debate Ammunition: Fiscal policy
    on 19 July 2026 by Richard Murphy

    THE RICHARD J MURPHY YOUTUBE CHANNEL DEBATE AMMUNITION What Is Fiscal Policy? Funding the Future | July 2026 Topic How government uses the mix between Read the full article...

  • What is fiscal policy?
    on 19 July 2026 by Richard Murphy

    What is fiscal policy, and why does it matter? Fiscal policy is one of the government’s most powerful economic tools, yet it is also one Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Proposed pension reform in Japan (and elsewhere) misses the point
    on 16 July 2026 by bill

    Earlier this year, I analysed how decisions taken by the Japanese Government Pension Investment Fund to speculate in global financial markets have played a significant role in the depreciation of the yen. In this blog post – Japan’s Government Pension Investment Fund and the yen – mainstream macro myths driving bad policy (February 2, 2026)…

  • Imagine if the British government wrote off its holdings of its own debt
    on 13 July 2026 by bill

    Last week, I considered recent research published by the BIS – Bank of International Settlements pushing the ‘growth friendly austerity’ myth – which was a classic example of how the sense of urgency and crisis is engendered by constructing the narrative in such a restricted manner that real world options are excluded which contradict the…

  • Bank of International Settlements pushing the ‘growth friendly austerity’ myth
    on 9 July 2026 by bill

    I have been ‘at it’ for decades now but it never ceases to amaze me how mainstream macroeconomic analysis is carried out and the way the public just accepts the conclusions without understanding the basis on which the analysis generates those conclusions. Chapter II in the BIS Annual Economic Report (released June 28, 2026) –…

  • Depreciating yen – look beyond the obvious for the explanation
    on 6 July 2026 by bill

    The editorial in The Japan Times (July 3, 2026) – Little hope for a declining yen amid structural pressures – is an example of how mainstream commentators seize on superficial facts, apply some ideology, and come up with the wrong conclusion. As I have noted many times, the challenges facing Japan are many, not the…

  • What the new British government needs to do to get the unions on side with climate action
    on 2 July 2026 by bill

    The recent extreme weather in the northern hemisphere, the twin monster tropical storms in Japan, the impending shutdown of the – Atlantic meridional overturning circulation (Amoc) – among other happenings is telling us that things are changing for the worse. Clearly long-term weather trends are open to interpretation because the available data is sketchy the…

More Bill Mitchell @ billmitchell.org

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