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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

  • The Ten – or it it twenty? – Commandements of AI
    on 24 May 2026 by Richard Murphy

    I published this post on The Ten Commandments of AI in 2018: The Bishop of Oxford, who sits on the House of Lords artificial intelligence Read the full article...

  • Should we live in fear of AI?
    on 24 May 2026 by Richard Murphy

    I enjoyed yesterday. I took the day very slowly. Jacqueline and I went to the Welney Wetland and Wildlife Trust reserve, a frequent destination for Read the full article...

  • Why are the rich still partying? 
    on 24 May 2026 by Richard Murphy

    Oil prices are under threat. Food supplies are becoming more fragile. Critical raw materials are under strain. The risk of a major economic shock is Read the full article...

  • Clinging to straws
    on 23 May 2026 by Richard Murphy

    Unsurprisingly, given what else I get up to these days, I now spend less time talking to academic colleagues than I used to, but I Read the full article...

  • Economic paralysis
    on 23 May 2026 by Richard Murphy

    The UK’s public finances are apparently in trouble again. That is the message being pushed yesterday after data showed that government borrowing in April was Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Australian labour market – sharp deterioration in April (RBA will be happy!)
    on 21 May 2026 by bill

    The Australian Bureau of Statistics (ABS) released the latest labour force data today (May 21, 2026) – Labour Force, Australia – for April 2026 – which showed that the labour market deteriorated significantly in April. All the main indicators were moving in negative directions – employment growth fell, participation fell, unemployment increased, the employment-population ratio…

  • Australian government being bullied by the RBA to move towards irresponsible austerity
    on 18 May 2026 by bill

    Last Tuesday (May 12, 2026), the Australian Treasurer introduced the 2026-27 Fiscal Statement (aka Federal ‘Budget’). I have been reluctant to comment on the ‘Statement’ given the constant repetition by the Treasurer about a ‘trillion dollars of debt’ and all the rest of the flawed conceptual development and nomenclature that has surrounded its release and…

  • Latest wages data makes a mockery of the RBA claims that the economy is overheating
    on 14 May 2026 by bill

    Last week, the RBA hiked interest rates again and tried to claim the economy was overheating. One way that we assess that claim is via the wages pressure in the labour market. An economy that is running out of productive resources, typically sees firms competing for scarce workers and bidding up wages to attract them.…

  • Article 4 of the Bank of Japan Act 1997 ensures fiscal and monetary policy must work together
    on 11 May 2026 by bill

    Last week, the RBA increased interested rates claiming there was a growing capacity constraint (even though there is 10.2 per cent labour underutilisation) and inflationary expectations were increasing and in danger of propelling inflation even further. The RBA governor once again threatened the Treasurer along the lines of ‘unless you cut net spending we will…

  • RBA rate hikes – ideology triumphing over evidence and reason
    on 7 May 2026 by bill

    In some respects, we are back to where we were in 2021 when the supply constraints that arose from the COVID lockdowns and widespread illnesses started to reveal themselves in escalating prices around the world. This time it is the US-Israel folly in the Middle East that is the culprit and the supply constraints are…

More Bill Mitchell @ billmitchell.org

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