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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

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Posts from Bill Mitchell – Modern Monetary Theory

  • A lower yen is not inflationary once the adjustments are absorbed
    on 8 December 2025 by bill

    Last Friday (December 5, 2025), I filmed an extended discussion with my Kyoto University colleague, Professor Fujii about a range of issues concerning the Japanese and Global economy. Once it is edited, the video will be available on YouTube. Fujii-sensei is advising the new Japanese Prime Minister and is the author of the ‘Responsible proactive…

  • British Labour’s obsession with fiscal rules is untenable and ignores the reality of the situation
    on 4 December 2025 by bill

    I have been a consistent critic of the way in which the British Labour Party, both in opposition and in government, is obsessed with rigid fiscal rules, thinking it is the only way that it can demonstrate fiscal credibility (whatever that is in their minds). The result is that they get cornered into situations that…

  • Australian national accounts – government spending saves nation from zero growth
    on 3 December 2025 by bill

    The Australian Bureau of Statistics released the latest – Australian National Accounts: National Income, Expenditure and Product, September 2025 – today (December 3, 2025), which shows that the Australian economy slowed to 0.4 per cent (from 0.6 per cent) in the September-quarter 2025. At the current annual growth rate, unemployment is predicted to rise further,…

  • Talk of a Plaza Accord 2.0 should heed the lessons of Plaza Accord 1.0
    on 1 December 2025 by bill

    Pressure is building from the US for a Plaza Accord 2.0 as part of the US President’s attempts to ‘improve’ the US trade situation. I use the term ‘improve’ cautiously because the US President seems think that making it more difficult and expensive for US consumers and businesses to access imports from abroad is a…

  • Panel of Japanese economists mired in erroneous mainstream constructions and logic
    on 27 November 2025 by bill

    Last Friday, I met a journalist in Tokyo and we discussed among other things, the results of the latest Nikkei/JCER ‘Economics Panel’, which was conducted between November 13 and November 18, 2025. The panel involves “questionnaires” being “sent to approximately 50 economists to gather their evaluations of various economic policies. The aim is to promote…

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Other Modern Money Theory Proponents

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