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Modern Monetary Theory: What it is. Why it works

What is MMT?

Modern Money Theory (MMT) describes how the economy really works, rather than how most people think that it works.
It is economics for the people.

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Resources
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- About this website
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MMT: The Movie

Finding the Money

Sat 29 March 2025

"What is Modern Money Theory"

MMT notes that countries issuing their own currency (like the UK and USA):

Can issue as much money as needed to run the economy (they never have to "find" the money)
Are constrained by the availability of resources (material, labour, energy)
The National Debt is equal to the money in the economy (our savings) and does not and can not be repaid
Taxes control inflation. They do not fund spending
Government does not budget like a household; there is no government credit card to "max out"

MMT is supported by many well-qualified economists, unknown by many, and misrepresented by some.

MMT in minutes

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MMT in the News

30 things you know when you understand MMT, scotonomics.scot, 30 Dec 2024
Taking back control: why we need Modern Money Theory, East Anglia Bylines, 5 Oct 2024
MMT film proves finding the cash isn't the problem, The National, 1 Oct 2024
Stephanie Kelton Thinks the Conventional Wisdom Is Changing, jacobin.com, 19 Jan 2024
Stephanie Kelton: ‘Inflation has come down in spite of the Fed, not because of it’, Financial Times, 11 Jan 2024
Modern Monetary Theory Explained, New Trader U, 23 Dec 2023
Modern monetary theory opens range of economic possibilities, Independent Australia, 15 Nov 2023
Scotonomics: Moving past straw-man version of Modern Monetary Theory, Scotonomics, 18 Oct 2023
Modern money & inflation, Dawn, 11 Nov 2022
Mitch Daniels missed the basics of Modern Monetary Theory, 11 Nov 2022
Degrowth, Decolonization and Modern Monetary Theory, Resilience, October 7, 2022
Why the British state is a magic money tree. New Statesman. 26 May 2022
Real Modern Monetary Theory Has Never Been Tried, Intelligencer, Feb 8, 2022
Is This What Winning Looks Like?, New York Times, Feb 6, 2022
Modern Monetary Theory Isn’t the Future. It’s Here Now. Nov 21, 2021. Wall Street Journal
The Money Theory of the State. Brooklyn Rail. Feb 2021
The ‘bazooka’: Modern Monetary Theory in action Social Europe, 28th September 2020
Is Modern Monetary Theory useful for developing countries? 25 August 2020. openDemocracy
Why Modern Money Theory needs to be taken seriously. Mint. 4 Nov 2019
MMT: Sense Or Nonsense? Forbes, Mar 5,2019
Does Modern Monetary Theory Have Any Scholarly Validity? Forbes. Jan 28, 2019
The facts of Modern Monetary Theory, John Doyle, Independent Australia, 14 September 2018,

Resources

MMT on Wikipedia
MMT @ Bantam
MMT @ Business Insider
MMT @ economicoutlook.net
Bill Mitchell, Prof. in Economics,
U. of Newcastle, NSW, Australia
An Intro to MMT @ GIMMS
MMT @ realprogressives.org
MMT Scholarly Articles (Google)
MMT @ Levy Institute
MMT Primer @ neweconomicperspectives.org/
Money for nothing and my Tweets for free (eBook)
The Modern Money Network
Mosler Economics / MMT
New Wayland blog
heteconomist
the pound in your pocket
Exploring Economics
Rethinking Economics
The MMT Project
Matches in the Dark

MMT Explained

Modern Money Theory Explained (2023) by Richard Murphy.17 pages. Available free here.

MMT described

"The Deficit Myth" by economist Stephanie Kelton explains MMT in non-technical language. Available at Amazon | More MMT books...
Winner BookAuthority
"Best Economics Theory Books of All Time"

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