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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

  • Reform’s hollow promise
    on 3 February 2026 by Richard Murphy

    There is an article in the FT this morning that blows apart the only known political justification for Reform, which is their claim to be able Read the full article...

  • YouTube does not like “care”
    on 3 February 2026 by Richard Murphy

    Over the last few days, we have put out videos with the word "care" in the thumbnail, title, or description. None has worked well, especially Read the full article...

  • Learning political poetry writing – taught by an angry poet
    on 3 February 2026 by Richard Murphy

    An old friend of mine, the poet Steve Pottinger, put this on his Substack yesterday, and I reproduce it here with his permission: If you’ve Read the full article...

  • Noting the odds
    on 3 February 2026 by Richard Murphy

    This was encouraging when I noticed it on Twitter last night: You might have to click the image to see a larger version to read Read the full article...

  • The fallout from Mandelson
    on 3 February 2026 by Richard Murphy

    What to think of Peter Mandelson's conduct? I will place my cards face up on the table. I have always loathed the man. I have Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Japan’s Government Pension Investment Fund and the yen – mainstream macro myths driving bad policy
    on 2 February 2026 by bill

    With an national election approaching in Japan (February 8, 2026), there has been a lot of discussion about the so-called ‘weak yen’ and whether the Bank of Japan should be intervening to manage the value of the currency on international markets. PM Takaichi has been quoted as saying that the weak yen is good for…

  • Japan goes to an election accompanied by a very confused economic debate
    on 29 January 2026 by bill

    These notes will serve as part of a briefing document that I will send off to some interested parties in Japan. Japan is about to go to the poll for a snap national election on February 8. The recently installed Prime Minister, Ms Takaichi is betting that her recent solid showing in the polls will…

  • Recent extended discussion with RadioMMT – Part 1
    on 26 January 2026 by bill

    It is a public holiday in Australia today celebrating our national day – the day that the colonial powers of Britain first decided to set us up as a penal colony because they had run out of prison space in the old country due to the massive incarceration rates following the enclosures. The impoverished small…

  • Australian labour market – stronger as employment growth outstrips the growth in the working age population
    on 22 January 2026 by bill

    Today (January 22, 2026), the Australian Bureau of Statistics (ABS) released the latest labour force data – Labour Force, Australia – for December 2025 – which showed a relatively strong increase in employment and the rising participation rate – both good signs. Taken together the demand-side of the labour market outstripped the growth in the…

  • AI is is fast becoming another control tool of capitalism
    on 19 January 2026 by bill

    My friend Alan Kohler, who is the finance presenter at the ABC, wrote an interesting article today about AI (January 19, 2026) – AI platforms like Grok are an ethical, social and economic nightmare — and we’re starting to wake up – in which he argued that while he thought climate change was “humanity’s biggest…

More Bill Mitchell @ billmitchell.org

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