Modern Monetary Theory - MMT
What is MMT and how could it completely change your perception of life in a nation with a sovereign fiat currency? Looking for MMT resources in other languages? Try our INTERNATIONAL MMT RESOURCES page.
"If we just keep printing money, we'll devalue the dollar!"
"Printing money will cause inflation!"
"OhEmGee the National Debt!!"
We've all heard loads of rumors...now it's time to get the truth!
Use the arrows or swipe through the slides to learn more.
It's not something to implement someday, it is exactly how our money works TODAY!!
The currency issuer is not constrained to balanced budgeting in the same way as a currency user.
No matter what politicians or talking heads on TV say, when a country issues its own sovereign currency, it can never run out.
That would be like the scorekeeper in baseball running out of points! Crazy, right?
As a matter of fact, in order for us to pay taxes in the first place, the government, the CURRENCY ISSUER, has to create (or spend into existence) the money. Then, we CURRENCY USERS have to find a way to get some money to pay our taxes.
Most governments, most of the time, will run fiscal deficits. This is not a matter of concern, and is indeed a good thing, as it means most private sectors will be able to run the financial surpluses they wish to add to their net savings.
The government’s deficit is our surplus – we should be glad all that money hasn’t been taxed out of the economy!
Browse our MMT focused articles and filter them using the tabs at the top to find a specific topic.
Browse our MMT focused articles and filter them using the dropdown tab at the top to find a specific topic.
- All Articles
- Federal Reserve
- Hyperinflation
- Inflation
- Job Guarantee
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Social Security
- Taxation
- All Articles
- Federal Reserve
- Hyperinflation
- Inflation
- Job Guarantee
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Social Security
- Taxation
MMP Blog #8 Responses
L. Randall Wray December 20, 2023 * New Economic Perspectives MMT Primer
Comments and responses on the Modern Money Primer Part 8.
MMP Blog #52: Conclusion: The Nature of Money
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Let us close this blog and this Primer with an examination of three propositions on the nature of money. This has been a long and difficult blog. You might need to read it twice. Or three times.
MMP Blog #51: The Efficiency Fairy and Inflation Goblins
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
The main objections to MMT are the belief that adoption of a fiat money necessarily leads to high inflation and perceived government inefficiency. Let’s expose these boogeymen.
MMP Blog #50: MMT Without the JG? Conclusion
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Can you separate the MMT explanation of the cause of unemployment from the policy to cure it? Yes. Should you? Of course not.
MMP Blog #50 Responses
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Comments and responses on the Modern Money Primer Part 50.
MMP Blog #5 Responses
L. Randall Wray December 20, 2023 * New Economic Perspectives MMT Primer
Comments and responses on the Modern Money Primer Part 5.
MMP Blog #49: Should Growth Drive Jobs, or Jobs Drive Growth?
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
It is much better to create the jobs and then let growth follow, rather than to try to pump up growth in the hope that some jobs might trickle down.
MMP Blog #48: Is The Job Guarantee Necessary?
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Once one understands that sovereign governments do not have to force millions to suffer involuntary unemployment, then the ethically defensible position of opposing a Job Guarantee is narrowed.
MMP Blog #48 Responses
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Comments and responses on the Modern Money Primer Part 48.
MMP Blog #47: The JG / ELR and Real World Experience
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
There have been many job creation programs implemented around the world – let’s take a look at some of them.
MMP Blog #47 Responses
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Comments and responses on the Modern Money Primer Part 47.
MMP Blog #46: The Job Guarantee – Program Manageability
L. Randall Wray December 28, 2023 * New Economic Perspectives MMT Primer
Problems will be encountered in any real world JG program, but what must always be kept in mind is that the alternative—unemployment—is, arguably, far more socially wasteful.
Why we need to debunk the 'deficit myth' - BBC REEL
Government spending is increasing at an unprecedented rate to deal with the effects of the coronavirus pandemic. Many people worry this could burden future generations.
However, economist Stephanie Kelton, author of The Deficit Myth, argues that we need to rethink our attitudes towards government spending.
Could Modern Monetary Theory help us navigate our way out of this crisis – and even help build a fairer economy?
Producer: Dan John
Animation: Jacqueline Nixon
(Republished with permission from the BBC)
Weaponizing knowledge, one mind at a time.
Visit our seven focused Knowledge Areas.