The “no-one believes in MMT” myth

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Parliament at Westminister Palace
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Some Modern Money Theory Proponents

  1. William Mitchell (Web site)
    Professor of economics at the University of Newcastle, New South Wales, Australia
  2. L Randall Wray (On Wikipedia)
    Professor of economics at Bard College and Senior Scholar at the Levy Economics Institute
  3. Warren Mosler, Financial economist (Web site)
  4. Stephanie Kelton (Web site)
    Professor of Public Policy and Economics at Stony Brook University, chief economist on the US Senate Budget Committee 2015
  5. Mathew Forstater (Web site)
    Professor of economics at UMKC and research director with the Global Institute for Sustainable Prosperity
  6. Pavlina R. Tcherneva (Web site)
    Program director and associate professor of economics at Bard College
  7. Fadhel Kaboub (Web site)
    Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity
  8. Steven Hail (Web site)
    Lecturer in the School of Economics at the University of Adelaide in South Australia
  9. Richard Murphy, chartered accountant and a political economist (Web site)
    Professor of Accounting at Sheffield University Management School
  10. Lord Horam, Conservative economist and politician (see below)
  11. Rania Antonopoulou, Greek economist and politician (On Wikipedia)
  12. Michael Hudson (On Wikipedia)
    Professor of Economics at the University of Missouri–Kansas City
  13. Satoshi Fujii (On Wikipedia)
    Japanese civil engineer, economist, and Professor of civil engineering at Kyoto University
  14. Dirk H. Ehnts (Web site)
    Economist, researcher and lecturer at the University of Oldenburg
  15. Steve Keen (Web site)
    Associate Professor of Economics & Finance at the University of Western Sydney
  16. Eric Tymoigne (Web site)
    Associate Professor of Economics at Lewis & Clark College, Portland, Oregon
  17. Yeva Nersisyan (Web site)
    Associate Professor of Economic, Franklin & Marshall College, PA
  18. Zdravka K. Todorova (Web site)
    Professor of Economics, Wright State University
  19. James K. Galbraith (Web site)
    Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government, The University of Texas at Austin
  20. Scott Fullwiler (Web site)
    Associate Professor of economics at the University of Missouri – Kansas City
  21. Sashi Sivramkrishna (Web site)
    Sr. Adjunct Professor of Economics at NMIMS Bengaluru, and Director, Foundation to Aid Industrial Recovery (FAIR) New Delhi/Bengaluru.
  22. Yanis Varoufakis (web site, also Wikipedia)
    Greek economist and politician
  23. More people

 

MMT in the UK Parliament

Modern money theory has also been mentioned in the UK Parliament:

  • 18 Mar 2020 Lord O’Neill of Gately (CB): “Both so-called modern monetary theory, MMT, and universal basic income, UBI, essentially owe their roots to the judgment that conventional economic policies have not been working, especially since 2008, in the way we are all trained to believe.”
  • 17 Jul 2020 Lord Young of Cookham (Con.): “I spent 90 minutes on Zoom last week with Stephanie Kelton, author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. [..]”
    “Although I have two economics degrees, I venture no comment on either of those theories, but will make this point. In the 1920s, we clung to an outdated economic theory. We stayed on the gold standard and did enormous harm to the country. A century later, we should avoid the same mistake. We should be open to fresh thinking that may help us navigate our way out of this crisis.” (Excerpt)
  • 3 Dec 2020 Lord Horam (Con): “As an economist, I am a qualified supporter of what is called modern monetary theory.”
  • 3 Dec 2020 Lord Agnew of Outlon (Con): “The noble Lord, Lord Horam, asked about modern monetary theory. The Government have provided one of the largest and most comprehensive packages of measures in the world, with targeted support for public services, workers and businesses.”
  • 8 Mar 2021 Stephen Hammond (Con): “Modern monetary theory does not mean that a magic money tree has been found,”
  • Tuesday 16 March 2021, Charles Goodhart, British economist, “We are in a very weird world where [..] we are following exactly the precepts of modern monetary theory, [..] and at the same time we are claiming that we are not doing it. We are doing what we claim we are not doing. I find this situation absolutely weird.”, House of Lords, Select Committee on Economic Affairs (in full)
  • 20 Apr 2021 Lord Horam (Con): “The US approach fits very well with what is called modern monetary theory, which has a lot to be said for it.”

Click here to see the full search results and links to the quotes in context.
Note: CB=Cross-bencher Con=Conservative

Other proponents

  • US Democratic Representative Alexandria Ocasio-Cortez (article)
  • US Democratic Representative John Yarmuth, Chair of the House Budget Committee, discussing the President’s Budget:

See also

 

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