News, Op-Eds, Essays & Reviews

We created this site, because we thought 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. 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.”

—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 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

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, 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, 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

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

—2017—

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

Democrats need to get a grip about the budget deficit • The tax bill is bad, the debt is fine.
— Matthew Yglesias (@MattYglesias), Vox, 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.

—2016—

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

—2015—

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

—2014—

MMT on a Postcard
— Lambert Strether (@LambertStrether), NakedCapitalism,
May 29, 2014

The World According to Modern Monetary Theory
— Rebecca Rojer, The New Inquiry, April 11, 2014

—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.

—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.

—2011—

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.

—2010—

Deficits Do Matter, But Not the Way You Think
— L. Randall Wray, NakedCapitalism, July 21, 2010.

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.