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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

  • What is economics?
    on 26 July 2026 by Richard Murphy

    This is the first in a series of infographics which will continue with: Microecnomics Macroeconomics Political economy The household analogy And more. How to expand Read the full article...

  • Do we need to raise tax?
    on 26 July 2026 by Richard Murphy

    I am on LBC Radio with Matthew Wright at 8 am this morning. It is here on the web. I have been asked to discuss Read the full article...

  • My use of AI
    on 26 July 2026 by Richard Murphy

    I noticed that last week Substack introduced a rule requiring authors on the site to disclose whether they use AI in the production of their Read the full article...

  • Will $100 oil create a crisis?
    on 26 July 2026 by Richard Murphy

    Oil is back above $100 a barrel. But when does a higher oil price stop being just another headline and become a genuine crisis for Read the full article...

  • Economists do not think
    on 25 July 2026 by Richard Murphy

    The Guardian has an article this morning, hidden deep within its website, about an economic study on thinking. The amusing thing about this study is Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Australian labour market – shifts towards part-time work perhaps the first signal that a contraction is coming
    on 23 July 2026 by bill

    The Australian Bureau of Statistics (ABS) released the latest labour force data today (July 23, 2026) – Labour Force, Australia – for June 2026 – which provided mixed signals about the state of the labour market. While employment growth was positive, it was biased to part-time work, which is perhaps signalling a weakening as the…

  • CEO pay excess in Australia continues
    on 20 July 2026 by bill

    In addition to the basis academic research that occupies my working time and is funded by national competitive research funding agencies such as the Australian Research Council, I also do commissioned work for various organisations, mostly unions and community groups. That income allows me to also cross subsidise the basic research and is how a…

  • 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) –…

More Bill Mitchell @ billmitchell.org

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