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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

  • Gary Stevenson’s break
    on 27 July 2026 by Richard Murphy

    Gary Stevenson put out a video yesterday in which he said that he was retiring from YouTube, at least for the time being. He indicated Read the full article...

  • Infographic: Microeconomics
    on 27 July 2026 by Richard Murphy

    This is the second in a series of infographics. The first, on economics, has been published. The series will continue with: Macroeconomics Political economy The Read the full article...

  • The Irish view
    on 27 July 2026 by Richard Murphy

    I talk to Tony Groves in Ireland for his ironically named Echo Chamber podcast in Ireland every month or so. The latest edition was delayed Read the full article...

  • War is failing. What is next?
    on 27 July 2026 by Richard Murphy

    The Guardian reported this headline last night: US pauses Iran attacks for second night after Trump advised to halt bombing Top military officials say campaign Read the full article...

  • Debate Ammunition: Monetary Policy Explained
    on 27 July 2026 by Richard Murphy

    THE RICHARD J MURPHY YOUTUBE CHANNEL DEBATE AMMUNITION Monetary Policy Explained: The Bank of England, Interest Rates, and Who Really Benefits Funding the Future | Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • Another neoliberal institution shown to be unfit for purpose while lining the pockets of private equity and millionaires
    on 27 July 2026 by bill

    Over the last several years, I have been indicating that I think we are in the endgame for neoliberalism as a dominant ideology. On many fronts, the signs are that its institutional structure has failed and the promises that justified that structure have not materialised. I know there is a difference between the promises to…

  • 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…

More Bill Mitchell @ billmitchell.org

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