Thinking the time was right for research and observations from academia about how money works to emerge in more mainstream outlets concerned with a wider range of topics, We created this site in the fall of 2017. Many of the pieces we find are below. To read more from the people who have done the heavy lifting over the past years, we recommend you follow the links at the top level Primary Sources tab and on our Useful Blogs page, under the Resources menu tab.
As people absorb the policy implications of MMT, they are writing about applications to public policy. At MMT Applied (under Resources), you’ll find a growing body of observation, speculation and advocacy concerned with what it means for a society to “have nice things.” Finally, we’ve recently created Debates & Controversies tracing the history of resistence and challenges to MMT.
Finance Ministry raises red flag over modern monetary theory #Japan
— Tetsuya Kasai, The Asahi Shimbun AJW | Asia & Japan Watch (@AJWasahi), May 7, 2019
U.S. professor: Japan shatters notion of deficit boogeyman
— Takashi Ebuchi (@EBUCHI_Takashi), The Asahi Shimbun (@AJWasahi) April 27, 2019
Modern Monetary Theory gains traction in the US
— Barclay Ballard (@bsquared90), World Finance (@worldfinance), April 24, 2019
Wall Street Economists Wade Into the MMT Debate in a Big Way
— Katia Dmitrieva (@katiadmi), Bloomberg, April 8, 2019
Modern Monetary Theory Finds an Embrace in an Unexpected Place: Wall Street • Money managers, chief executives and business analysts maintain that modern monetary theory offers important insights. Far from finding it fanciful or deranged, they are using M.M.T. to build economic forecasts and even trading strategies.
— Patricia Cohen (@PatcohenNYT) NY Times April 5, 2019
Does Our Bias Against Federal Deficits Need Rethinking? • Not everyone thinks federal budget deficits are bad. Say hello to Modern Monetary Theory, where red ink primes the economic engine and underwrites social good. Or does it?
— James Heskett Harvard Business School (@HarvardHBS) April 1, 2019
MMT and Why Historians Need to Reclaim Studying Money
— Rebecca L. Spang (@RebeccaSpang) History News Network (@myHNN) March 31, 2019
Alexandria Ocasio-Cortez is a fan of a geeky economic theory called MMT: Here’s a plain-English guide to what it is and why it’s interesting
— Jim Edwards (@Jim_Edwards) Theron Mohamed (@Theron_Mohamed) Business Insider (@businessinsider) Mar. 30, 2019
‘Reclaiming the State – a Progressive Vision of Sovereignty for a Post-Neoliberal World’ • A challenge to the left to repoliticise on national decision-making
— Anthony Coughlan, Village Magazine(@VillageMagIRE), March 30, 2018
When DoJ and the FCC slowed inflation
— Brendan Greeley (@bhgreeley) Financial Times Alphaville, March 27, 2019
Warren Buffett Hates It. AOC Is for It. A Beginner’s Guide to Modern Monetary Theory • An overview of a once-fringe school of economic thought that’s suddenly of the moment.
— Peter Coy (@petercoy), Katia Dmitrieva (@katiadmi), Matt Boelser (@boes_), Bloomberg Business Week, March 21, 2019
Is there a better model to explain economics in the Trump era?
— James Galbraith Boston Globe (@GlobeOpinion), March 20, 2019
Use Fiscal Policy, Not the Fed, to Fight the Next Slump • Trump’s tax cuts and expanding deficits don’t tie lawmakers’ hands: They just need the will to act.
— Stephanie Kelton (@StephanieKelton), Bloomberg (@bopinion) March 19, 2019
Modern Monetary Realism • Kenneth Rogoff’s criticism of Modern Monetary Theory assumes that MMT advocates don’t care about budget deficits or the independence of the US Federal Reserve. But these assumptions are wide of the mark, and Rogoff himself sometimes undermines his own arguments.
— James Galbraith, Project Syndicate (@ProSyn), March 15, 2019
For Overspending Governments, an Alternative View on Borrowing Versus Raising Taxes
— Katia Dmitrieva (@katiadmi), Washington Post March 13, 2019
The Clock Runs Down on Mainstream Keynesianism • Paul Krugman’s macro framework is leading him astray.
— Stephanie Kelton (@StephanieKelton), Bloomberg Opinion, (@bopinion) March 4, 2019
What Is Modern Monetary Theory? An MMT Theorist Explains • A resurgence in a popular economic theory might make it possible for Universal Child Care and other programs to actually see the light of day.
— Lizzie Francis (@lizzy__francis) talks with Fadhel Kaboub, Fatherly (@FatherlyHQ) March 4, 2019
An MMT response on what causes inflation
— Scott Fullwiler (@stf18), Rohan Grey (@rohangrey) Nathan Tankus (@NathanTankus), Financial Times Alphaville, March 1, 2019
Paul Krugman Asked Me About Modern Monetary Theory. Here Are 4 Answers. • Deficit levels, interest rates and the tradeoff between fiscal and monetary policy.
— Stephanie Kelton (@StephanieKelton), Bloomberg Opinion, (@bopinion) March 1, 2019
MMT Is Already Helping
— Pavlina Tcherneva (@PTcherneva), Jacobin, (@jacobinmag) Feb. 27, 2019
Response to Doug Henwood’s Trolling in Jacobin
— L. Randall Wray, New Economic Perspectives, Feb. 25, 2019
Modern Monetary Theory Is Not a Recipe for Doom • There are no inherent tradeoffs between fiscal and monetary policy.
— Stephanie Kelton (@StephanieKelton), Bloomberg Opinion, (@bopinion) Feb 21, 2019
Ever heard of modern monetary theory?
— Kai Ryssdall (@kairyssdal), Maria Hollenhorst (@holleratmaria), Rose Conlon (@rosebconlon) MarketPlace (@MarketPlace) Jan 21, 2019
Why Government Spending Can’t Turn the U.S. Into Venezuela
— Fadhel Kaboub (@FadhelKaboub), In These Times (@InTheseTimesMag) Jan 7, 2019
PAYGO Is Based on a Fallacy • The U.S. government can dramatically increase spending without raising taxes.
— Pavlina Tcherneva (@PTcherneva), In These Times (@InTheseTimesMag) Jan 3, 2019
Republicans Want to Make Entitlements the Next Caravan • How Democrats can fight the bogus claims of fiscal armageddon.
— Stephanie Kelton (@StephanieKelton), Bloomberg Opinion, (@bopinion) Nov 19, 2018
3 Ways Democrats Could Roll Back Trump’s Tax Cut
— Stephanie Kelton (@StephanieKelton), The Fiscal Times, Nov 5, 2018
The Democrats’ Options for Repealing the Trump Tax Cut • No, this won’t be on the table until 2021 at the earliest. But the party’s candidates need to offer some solutions.
— Stephanie Kelton (@StephanieKelton), Bloomberg Opinion, (@bopinion) Nov 5, 2018
Democrats and Republicans are both right about tax cut’s effects
— Stephanie Kelton (@StephanieKelton), Post and Courier, (@postandcourier) Oct 29, 2018
Can We Afford Economic Justice In The United States?
— Daniel José Camacho (@DanielJCamacho), Sojourners, (@Sojourners) Oct 11, 2018
A Hedge Fund Guy Lefties Can Love • Warren Mosler’s unorthodox take on fiscal policy is catching on with progressive Democrats.
— Katia Dmitrieva (@katiadmi), Bloomberg News, Oct 11, 2018
Guess What: America Is Rich
— Kerry Pechter, (@KerryPechter) Retirement Income Journal, Oct 5, 2018
Modern Monetary Theory Grapples with People Actually Paying Attention to it
— Rachel M. Cohen, (@RMC031) The Intercept, Oct 2, 2018
Modern Monetary Theory: why government spending isn’t like household checkbooks
— Cory Doctorow (@doctorow), boingboing, Sept 28, 2018
Economists Who Want You to Rethink the Deficit Gather in Downtown NYC
— Jeanna Smialek (@jeannasmialek), Bloomberg News, Sept 28, 2018
How mainstream economics has led to clueless governments
— Stephen Williams, Independent Australia, (@independentaus) Sept 27, 2018
Stephanie Kelton Says We’re Asking the Wrong Questions About Money
— Liza N. Burby, (@burbyliza) Stony Brook University News, (@stonybrooku) Sept 21, 2018
Stephanie Kelton Wants You to Rethink the Deficit
— Ben Walsh, (@BenDWalsh) Barrons, (@barronsonline) Sept 13, 2018
As the progressive push for big spending grows, so does the Democratic divide on the deficit • The growing split between progressives and party leaders on deficit spending could define the party’s future.
— Benjy Sarlin, (@BenjySarlin) NBC News, (@NBCNews) Aug 19, 2018
The Kids are NOT Alright! The Truth about The Federal Debt and Intergenerational Equity
— Francisco Flores (@fflorescpa), Following the Money July 28, 2018
The magic money tree is real: Treasury confirms taxes are not needed to fund government spending.
— Ben Wray, (@ben_wray1989) CommonSpace, July 26, 2018
Stephanie Kelton Has The Biggest Idea In Washington • Once an outsider, her radical economic thinking won over Wall Street. Now she’s changing the Democratic Party.
— Zach Carter, (@zachdcarter) HuffPost, May 20, 2018
Government debt and spending
— John Buell, Mount Desert Islander, April 27, 2018
We Need Strategies for Integrating MMT Knowledge Into Progressive Politics
— Max Mastellone (@MaxMastellone), Real Progressives USA, April 24, 2018
Deficit Owls Say You Shouldn’t Give a Hoot About $1 Trillion Budget Shortfall
— Yuval Rosenberg (@yuvalrosenberg), The Fiscal Times, April 23, 2018
Yes, Democrats are the party of fiscal responsibility. But that will (and should) change • Democrats haven’t enforced fiscal discipline just because they “do a better job” on the issue. At each point in time, they made a choice.
— Mark Schmitt (@mschmitt9), Vox, (@voxdotcom) April 20, 2018
These economists say a $1 trillion deficit is just a good start
— Jeff Stein (@JStein_WaPo), The Washington Post, April 20, 2018
Deficits Don’t Matter
— David Leonhardt (@DLeonhardt), The New York Times, April 17, 2018
This Economist Wants to Change the Meaning of Money
— Molly Fosco (@MollyFosco), Ozy, (@ozy) April 17, 2018
Stephanie Kelton: The Fiscal Paddle Isn’t Broken, But The Policy Narrative Is
— Howie Klein (@downwithtyranny), DownWithTyranny, April 15, 2018
Deficits are rising. What’s to blame? Does it even matter?
— Dylan Matthews (@dylanmatt), Vox (@voxdotcom), April 10, 2018
The Great Inflation Mystery • The people who set interest rates don’t know what causes inflation, how to measure it, or how to move it up and down.
— Peter Coy @petercoy, Bloomberg Businessweek, March 22, 2018
Why Democrats Should Embrace a Federal Jobs Guarantee
— Sean McElwee @SeanMcElwee, Colin McAuliffe @unburythelead17 and Jon Green @ujonathongreenO, The Nation, March 20, 2018
Use Fiscal Policy, Not the Fed, to Fight the Next Slump
— Stephanie Kelton (@StephanieKelton), Bloomberg View,
March 19, 2018
Killing a Parasite, Part 2 — How to Implement Student Debt Cancellation
— Gaius Publius (@Gaius_Publius), The Smirking Chimp,
March 12, 2018
Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
— Matthew C. Klein (@M_C_Klein), Financial Times Alphaville,
March 10, 2018
Blowing Up Some of the Biggest Myths About the Economy and the Deficit
— Paul Sliker (@psliker), Michael Palmieri, Dante Dallavalle (@Drax138) Alternet, March 9, 2018
An Economic Bill of Rights for the 21st Century • In 1944, Franklin Roosevelt proposed constitutional amendments to guarantee Americans’ fundamental economic rights. It was never adopted—and today, is more necessary than ever. Here’s an adaptation of his program for our time.
— Mark Paul (@MarkVinPaul), William Darity Jr. (@SandyDarity) & Darrick Hamilton (@DarrickHamilton), American Prospect, March 5, 2018
MMT economists look at debt, deficit differently
— Max Mastellone (@MaxMastellone), La Cruces Sun-News, Feb. 27, 2018
The Radical Left-Wing Theory That the Government Has Unlimited Money
— Tom Streithorst (@TomStreithorst), Vice, Feb. 27, 2018
How Progressives Can Criticize Trump’s $7 Trillion Deficit Without Preaching Austerity
— Kate Aronoff (@KateAronoff), In These Times, Feb. 13, 2018
But where will we find the money? Renegade Inc.’s Claire Connelly follows up on a video interview with Lee Camp (@LeeCamp) with additional comments on how government spending works. (@RedactedTonight) (@Renegade_Inc)
— Claire Connelly (@_claireconnelly) Renegade Inc. Feb 9, 2018
THE SHIFT: Understanding and Using America’s Fiat Money
— J.D. Alt, New Economic Perspectives, Feb. 2, 2018
The Trump Tax Cut Isn’t Trickling Down to Workers: Despite some highly touted bonuses, companies are mostly using their windfalls to buy back stock—and some are laying people off.
— Rick Paulas (@RickPaulas) Vice, Feb. 2, 2018
How to Spend Trillions on ‘Infrastructure’
— Stephanie Kelton (@StephanieKelton), The New York Times,
Jan 31, 2018
We don’t need a balanced budget amendment (Daily Mail) ““We changed our monetary system, but not our economics textbooks.” In the post gold-standard era, taxes paid to the national government do not — repeat, do not — pay for The Pentagon or new curtains for the Oval Office.”
— Alan R. Knight, Charleston Gazette-Mail, Jan 29, 2018
Answers from the MMTers
— Stephanie Kelton (@StephanieKelton), Randall Wray, Naked Capitalism, Jan. 11, 2018
Instead of Worrying About Budgets and Deficits, Ask About Impact
— Stephanie Kelton (@StephanieKelton), Truthout, Jan. 9, 2018
Modern Monetary Theory: the economic basis for expanded social spending and greater shared prosperity
— Cory Doctorow (@doctorow), boingboing, Jan. 8, 2018
Reclaiming the Tax: Foregrounding the Public Covenant
— David Fields, Radical Political Economy, Jan. 8, 2018
Happy New Year– So How Do We Pay For All The Stuff Bernie Is Campaigning On?
— Howie Klein (@downwithtyranny), DownWithTyranny, Jan. 6, 2018
“But How Will We Pay for It?”: Modern Monetary Theory and Democratic Socialism
— Sean Keith, Alexander Kolokotronis, Truthout, Jan. 2, 2018
Democrats Are Attacking The GOP For Its Hypocrisy On Deficits. That Might Be A Mistake.
— Daniel Marans (@danielmarans), HuffPost, Dec. 23, 2017
Does the Republican tax cut mean deficits don’t matter?
— Tim Fernholz (@TimFernholz), Quartz Media, Dec. 15, 2017
Wait, Should We Care at All About the National Debt? As Democrats bash Republicans for pushing an expensive tax cut package, we asked if Americans should be concerned about rising debt.
— Liviaa Gershon (@LiviaGershon), Vice, Dec. 8, 2017
Budget deficits aren’t the economic threat you might think • Economist Stephanie Kelton says deficits are viewed in the wrong light
— Anora Gaudiano (@AnoraPlanner) Market Watch (@MarketWatch) Dec 6, 2017
Democrats need to get a grip about the budget deficit • The tax bill is bad, the debt is fine.
— Matthew Yglesias (@MattYglesias), Vox (@voxdotcom), Dec. 5, 2017
Actually the magic money tree does exist, according to modern monetary theory: As the political climate turns against the acceptance of austerity, a new book argues it is time to reject the hegemony of neoliberalism
— Youssef El-Gingihy (@ElGingihy) The Independent, Nov. 5, 2017
Democrats need to stop whining about the deficit
— Pedro Nicolaci da Costa, Business Insider, Nov. 3, 2017
The Fed Chair Should Be a ‘Principled Populist’
— Stephanie Kelton; Paul McCulley, NY Times, Oct. 30, 2017
The Dangerous Myth of ‘Taxpayer Money’
— Raúl Carrillo (@RaulACarrillo), Jesse Myerson (@JAMyerson), Splinter News, Oct. 19, 2017
How We Think About the Deficit is Mostly Wrong
— Stephanie Kelton, NY Times, Oct. 5, 2017
Congress can give every American a pony (if it breeds enough ponies)
— Stephanie Kelton, LA Times, Sept. 29, 2017
The Debt Ceiling and #MintTheCoin: Another Teachable Moment for a Sustainable Money System
— Mike Sandler, Huffington Post, Sept. 5, 2017
Modern Monetary Theory and Local Alternative Economies
— Max Mastellone (@MaxMastellone), Medium, Aug. 15, 2017
We can become that alternative reality
— Max Mastellone (@MaxMastellone), La Cruces Sun-News,
Aug. 1, 2017
Our Government is Seriously Lying to Us About the Economy
— Max Mastellone (@MaxMastellone), Medium, July 13, 2017
How economists and politicians gave up on employment in favour of alchemy
— Steven Hail, June 27, 2017
The Cost of Getting it Wrong
— Claire Connelly (@_claireconnelly) Renegade Inc. (@Renegade_Inc) June 7, 2017
The Tory campaign relies entirely on your economic ignorance
— Patricia Pino (@PatriciaNPino) The Pileus (@thepileus) June 4, 2017
The Rock-Star Appeal of Modern Monetary Theory
— Atossa Araxia Abrahamian (@atossaaraxia), The Nation,
May 8, 2017
MMT to Washington: There Is No Long-term Deficit Problem!
— Warren Mosler (@wbmosler), HuffPost, March 11, 2017.
Smart People talk about Government Buying — The political framing around numbers stops us talking about what actual drives an economy — buying things.
— Neil Wilson (@neilwilson), Medium, Sept. 6, 2016
Modern Money Theory: radical economics is winning friends
— Michelle Jamrisko (@mljamrisko), The Sydney Morning Herald, March 14, 2016
Why Is the CBO Concocting a Phony Debt Crisis? • A simple accounting trick is arming austerity hawks with a powerful, phony weapon.
— Ari Rabin-Havt (@AriRabinHavt), The Nation/em>, Oct 15, 2015
WBetween the (Balance) Sheets: Why Lawyers Need to Get Intimate with Accounting
— Modern Money Network, Columbia Chapter (@thepublicmoney), The Morningside Muckraker/em>, May 6, 2015
Bernie Sanders opens a new front in the battle for the future of the Democratic Party
Dylan Matthews, (@DylanMatt) Vox (@voxdotcom), Jan 10, 2015
MMT on a Postcard
— Lambert Strether (@LambertStrether), NakedCapitalism,
May 29, 2014
The Unheard-of Center: Critique after Modern Monetary Theory
— Scott Ferguson (@videotroph), Arcade — Stanford Dept of English April 15, 2015
The World According to Modern Monetary Theory
— Rebecca Rojer, The New Inquiry, April 11, 2014
Warren Mosler’s talk in Chianciano, Italy, January 11, 2014 Video & Transcript
— Alexandria J.E. Angus, New Economic Perspectives, Jan.27, 2014
The helicopter can drop money, gather bonds or just fly away
— Stephanie Kelton (@StephanieKelton), Scott Fullwiler (@stf18) Financial Times Alphaville, The five missing charts are here.
Dec 12, 2013
MMT: Often imitated, never duplicated
— L. Randall Wray, Economonitor, Dec 11, 2013.
Federal Reserve Interest Rates Should Be Near Zero Forever
— Warren Mosler (@wbmosler), US News, Dec 5, 2013.
The Rich Have Plenty to Give, but Forget Deficits
— James Galbraith, New York Times, Oct 2, 2013.
Government Doesn’t Have to Borrow to Spend
— James Galbraith, New York Times, Oct 2, 2013.
Why The Debt Ceiling Is A Dinosaur
— John T. Harvey, (@John_T_Harvey) Forbes, Sept 25, 2013.
Warren Mosler, a Deficit Lover With a Following
— Annie Lowrey, (@AnnieLowrey) New York Times, July 4, 2013.
Warren Mosler: A Reading List
— Annie Lowrey, (@AnnieLowrey) New York Times, July 4, 2013.
The Untold Story Of How Clinton’s Budget Destroyed The American Economy
— Joe Weisenthal (@TheStalwart) Business Insider (@businessinsider) Sept 5, 2012
Interview: Bill Mitchell on Modern Monetary Theory
— Michel Bauwens (@mbauwens) P2P Foundation March 6, 2012
Why MMT is like an autostereogram
— Izabella Kaminska (@izakaminska), Financial Times, Feb. 22, 2012.
You know the deficit hawks. Now meet the deficit owls • About 11 years ago, James K. “Jamie” Galbraith recalls, hundreds of his fellow economists laughed at him. To his face. In the White House.
— Dylan Matthews (@dylanmatt), The Washington Post, Feb. 19, 2012.
Modern Monetary Theory is an unconventional take on economic strategy
— Dylan Matthews (@dylanmatt), The Washington Post, Feb. 18, 2012.
MMT, The Euro And The Greatest Prediction Of The Last 20 Years?
— Cullen Roche (@CullenRoche), Seeking Alpha, Nov. 7, 2011.
Debt, Deficits, and Modern Monetary Theory (An Interview with Bill Mitchell)
— Winston Gee (@winstongee), Harvard International Review, Oct. 16, 2011.
Krugman Taken to the Modern Money Cleaners
— L. Randall Wray, HuffPost, Oct. 14, 2011.
MMT: What it Means for Canada
— Keith Newman, The Progressive Economic Forum, Aug. 12, 2011.
Ignore the Raters
— L. Randall Wray, The New York Times, April 18, 2011.
Q&A: Why the Deficit Doesn’t Matter • The American Prospect talks with James Galbraith about the deficit and what we really should be looking for in the president’s budget.
— Monica Potts, (@MonicaBPotts), American Prospect (@theprospect), Feb 17, 2011
Taxes For Revenue Are Obsolete
— Warren Mosler (@wbmosler), Huffington Post, June 18, 2010.
In Defense of Deficits
— James K. Galbraith, The Nation, March 4, 2010.
The Federal Budget is NOT like a Household Budget – Here’s Why
— L. Randall Wray, NakedCapitalism, Feb. 11, 2010.