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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

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Posts from Bill Mitchell – Modern Monetary Theory

  • A structured approach for progressive political ambitions – Part 4
    on 23 March 2026 by bill

    This is Part 4 of the short series of briefing notes that arose out of discussions I recently had in London about how a progressive political party might want to break out of the shackles that the British Labour Party has bound itself in with its obsession with fiscal rules and an adherence to the…

  • Australian labour market – unemployment rises sharply – hard to reconcile with RBA’s excess demand claim
    on 19 March 2026 by bill

    The Australian Bureau of Statistics (ABS) released the latest labour force data today (March 19, 2026) – Labour Force, Australia – for February 2026 – which showed that the labour market had gone backwards. While employment growth remained positive, full-time work fell. The participation rate rose, which in some situations indicates a positive outlook as…

  • A structured approach for progressive political ambitions – Part 3
    on 15 March 2026 by bill

    This is Part 3 of the short series of briefing notes that arose out of discussions I recently had in London about how a progressive political party might want to break out of the shackles that the Labour Party has bound itself in with its obsession with fiscal rules and an adherence to the fiscal…

  • Interest rate hikes will not get ships moving through the Strait of Hormuz more quickly
    on 12 March 2026 by bill

    Regular readers will know that I hate the term NAIRU – or Non-Accelerating-Inflation-Rate-of-Unemployment – which is a concoction invented by mainstream economists to maintain unemployment at elevated levels (to keep the working class in its place) and give cover to central banks to run monetary policies that redistribute income from poor to rich. If you…

  • A structured approach for progressive political ambitions – Part 2
    on 9 March 2026 by bill

    This is the second part of a short series of briefing notes that arose out of discussions I had in London the week before last about how a progressive political party might want to break out of the shackles that the Labour Party has bound itself in with its obsession with fiscal rules and an…

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