Modern Money Australia

Modern Money Australia

Modern Money Australia

Modern Money Australia aims to promote a better understanding of macroeconomics as described by Modern Monetary Theory (MMT). 

We aim to show that the policy space afforded by our monetary system for social and environmental justice, while not unlimited, is nevertheless very much greater than the limits imposed by those who subscribe to classical macroeconomics.


Sunday 16 August 2020 at 11am AEST

Here’s a treat. We have Prof John Harvey aka the Cowboy Economist on Exchange Rate Theory: Is it as Horrifically Boring as it Sounds? (And if you are at all familiar with the Cowboy Economist, you know it just won’t be!)

Horrifically boring? Of course not! Exchange rates are exotic and the rise and fall of currencies can be swift, dramatic, and even catastrophic. Because the market is so volatile, those who trade foreign currency view themselves as a special breed, set apart from their colleagues dealing in such pedestrian areas as stocks and bonds. It is the largest market on the planet and it never closes. More….

What is Modern Monetary Theory?

Modern Monetary Theory has been developed over the past thirty years. There is an enormous amount of literature, both academic and popular, to back it up. Here are the three main assertions (taken from Dr Steven Hail’s article, Explainer: What is Modern Monetary Theory? in The Conversation 31 January 2017).Martin Watts11John Harvey aka

All economies, and all governments, face real and ecological limits relating to what can be produced and consumed.

Monetarily sovereign governments face no purely financial budget constraints.

The government’s financial deficit is everybody else’s financial surplus.

Modern Money Resources

We are building a Library of resources including academic papers, books, articles, videos, podcasts and people. You can access the Library from the main menu above.

Here are five people whose work is well worth becoming familiar with.

Prof Bill Mitchell

Bill Mitchell is Australian and one of the founders of Modern Monetary Theory. He has written countless academic publications over the past thirty years, but his blog is an esential.

Dr Steven Hail

Steven Hail is another Australian MMT academic. A presentation he gave in 2014 is a great introduction to Modern Monetary Theory and is a total eye opener to those not familiar with MMT.

Prof Stephanie Kelton

Stephanie Kelton is an American academic who is one of the leading proponents of MMT in the USA. Her book The Deficit Myth is creating a real stir!  She is also Bernie Sanders chief economics adviser.

Warren Mosler

Warren Mosler is one of the MMT founders. He is an American economist and theorist. His book, The Seven Deadly Innocent Frauds of Economic Policy is avalable for free download.

Prof L. Randall Wray

L. Randall Wray is another MMT founder. He is a professor of economics at Bard College NY. His most recent book is Why Minsky Matters: An Introduction to the Work of a Maverick Economist(Princeton University Press, 2016).

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