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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 bond market conspiracy
    on 15 May 2026 by Richard Murphy

    I could write a lot about bond markets, the media, and the conspiracy they have created by mutual consent to deny democratic choice in this Read the full article...

  • Can Labour shake off its death throes?
    on 15 May 2026 by Richard Murphy

    After a day when a great deal happened in Labour Party politics, and at the same time nothing very much happened at all, I have Read the full article...

  • Trump does not care
    on 15 May 2026 by Richard Murphy

    Donald Trump may accidentally have told the truth this week. He openly admitted that he was not thinking about the financial well-being of ordinary Americans Read the full article...

  • Starmer v Streeting: there is only one choice
    on 14 May 2026 by Richard Murphy

    My postman, John, and I had a conversation this morning, as we have talked many times over the past decade. Our topic? Who might lead Read the full article...

  • Labour: past its sell-by-date
    on 14 May 2026 by Richard Murphy

    As the Guardian reports this morning: If Keir Starmer is toppled, key Labour power brokers believe it wise to keep Rachel Reeves as chancellor, to Read the full article...

More from Richard Murphy @ taxresearch.org.uk

Posts from Bill Mitchell – Modern Monetary Theory

  • 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…

  • US economy on an unstable knife edge at present
    on 4 May 2026 by bill

    The income and wealth inequality that continues to grow in most advanced nations has led to some new terminology being introduced into the lexicon of economic terms, the – K-shaped economy: When growth moves in two different directions. When this pattern of growth is identified you know how far out of kilter the world has…

  • Has the UAE seen the writing on the wall (peak oil that is)?
    on 30 April 2026 by bill

    A lot of the post WW2 institutional structure is being challenged at present and/or vanishing altogether. Some of the changing environment will prove to be disastrous for the world, while some of the changes are likely to be beneficial. There will also be pro and con of many of the disruptions. Tomorrow (May 1, 2026),…

More Bill Mitchell @ billmitchell.org

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