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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

  • A discussion forum
    on 27 March 2026 by Richard Murphy

    Comments posted here yesterday suggested that, overall, a discussion forum is likely to be preferred by those who wish to take part in debate on Read the full article...

  • A new comments policy
    on 27 March 2026 by Richard Murphy

    In light of recent discussions, this is the proposed new comments policy for this blog, the purpose of which is to make my life, and Read the full article...

  • The national debt lie that makes the rich even richer
    on 27 March 2026 by Richard Murphy

    The world's national debt stands at roughly $100 trillion. The US national debt alone is heading for $36 trillion — a third of the global Read the full article...

  • Everything appears to have changed
    on 27 March 2026 by Richard Murphy

    I was not surprised to see The Guardian noting this overnight: Donald Trump has extended his deadline for Iran to open the strait of Hormuz Read the full article...

  • Your opinion, please
    on 26 March 2026 by Richard Murphy

    I am aware that I posted yesterday in a way that some might think was a little intemperate, or even inappropriate, because what I expressed Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • New Green-linked report in Britain avoids the critical issue
    on 26 March 2026 by bill

    I read a new Report this morning – Waste Not – that was published by a new unit in Britain called Verdant, which seems to have links to the England and Wales Green Party. The work is interesting and raises several issues that bear on how government fiscal policy should be assessed. The issues I…

  • A structured approach for progressive political ambitions – Part 4
    on 23 March 2026 by bill

    This is Part 4 of the short series of briefing notes that arose out of discussions I recently had in London about how a progressive political party might want to break out of the shackles that the British Labour Party has bound itself in with its obsession with fiscal rules and an adherence to the…

  • Australian labour market – unemployment rises sharply – hard to reconcile with RBA’s excess demand claim
    on 19 March 2026 by bill

    The Australian Bureau of Statistics (ABS) released the latest labour force data today (March 19, 2026) – Labour Force, Australia – for February 2026 – which showed that the labour market had gone backwards. While employment growth remained positive, full-time work fell. The participation rate rose, which in some situations indicates a positive outlook as…

  • A structured approach for progressive political ambitions – Part 3
    on 15 March 2026 by bill

    This is Part 3 of the short series of briefing notes that arose out of discussions I recently had in London 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 adherence to the fiscal…

  • Interest rate hikes will not get ships moving through the Strait of Hormuz more quickly
    on 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…

More Bill Mitchell @ billmitchell.org

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