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Modern Monetary Theory (MMT) claims that governments could fill revenue gaps for key projects like unemployment programmes and energy security without raising taxes: they could sim...
I decided to publish our MMT Source Book this morning, and overnight, a query came in from Australia that would have made the cut if Read the full article...
This is the first in a new series of posts, planned for either this blog or our Substack site, that explains my views on key Read the full article...
The FT included an article this morning that demonstrates very clearly why MMT thinking is so important. This was an opinion piece by a person Read the full article...
I received this article from the group that describes itself as MMT UK yesterday. It was written by Patricia Pino, a recognised expert on modern Read the full article...
Chair Warsh’s focus on the Fed’s balance sheet and inflation can be interpreted in many ways. One way is a money base version of the Quantity Theory. Take the Quantity Theory as an...
What if everything you think about money is wrong? And does it matter for the UK economy if it is? Most people believe governments must Read the full article...
Background The podcast I posted here yesterday, which, admittedly, very few people have watched, included an implicit challenge from economist Will Thomson, who repeated a Read the...
We are heading into an economic crisis on a scale comparable to the aftermath of a World War. Supply chains are fracturing. Energy costs are Read the full article...
I published this glossary entry on chartalism yesterday. It will be noted that this theory provides much of the underpinnings of modern monetary theory. Chartalism Read the full ar...
I am pleased to report that we have added a new publication to the PDF download section of this website today. After months of hard Read the full article...
Patricia Pino has written a thoughtful and detailed response to my recent posts on modern monetary theory (MMT) and the Job Guarantee (JG), which I Read the full article...
In this podcast, I speak with Will Thompson to explore one of the most important internal debates within Modern Monetary Theory. We agree on the Read the full article...
Warsh has described himself as a student of Milton Friedman, the famed economist who said in 1963 that "inflation is always and everywhere a monetary phenomenon." Those words captu...
A commentator on this blog called Jeremy Holmes posted this question yesterday: As a non-economist I am totally – but perhaps naively – persuaded by Read the full article...
I recently sat down with Steve Keen to explore a deeply uncomfortable truth: the global economic system is far more fragile than mainstream economics admits. Read the full article....
The indications are that the world is beginning to understand the complete and utter economic mess that will be the lasting legacy of 2026. Trump Read the full article...
I spent too much of this weekend reading this book. I did so in order that I might write this review, and trust me, you Read the full article...
The struggle over the Fed is a constitutional conflict: in a representative system, the power over money belongs to the legislature
There are at least two meanings for “dominance” in relation to monetary and fiscal policy. The first one, proposed by Milton Friedman in 1968, is that when monetary policy and fisc...
Understanding past financial crises can guide effective policy responses and prevent future economic disasters. The post Kris Mitchener: Historical crises shape economic institutio...
In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith discussed the dangers of governments using debt monetization, the process of paying off debts by curre...
Unsurprisingly, given what else I get up to these days, I now spend less time talking to academic colleagues than I used to, but I Read the full article...
What would I do on my first day in office as Chancellor to create an economy in the UK based on the thinking that modern Read the full article...
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