Modern Money Australia

Modern Money Australia

Modern Money Australia

Modern Monetary Theory

helps us to understand the policy potential of the Australian Federal government as a monetary sovereign (which means it issues its own currency, doesn’t borrow in foreign currencies and has a floating exchange rate – all of which applies to Australia).

We aim to foster discourse which advances an economy that works for all and to show that the policy space afforded by our monetary system, while not unlimited, is nevertheless very much greater than the limits imposed by those who subscribe to classical macroeconomics.

Webinars

We’ve been running webinars since Covid-19 struck. (Previously we were running public face-to-face forums in both Sydney and Melbourne.)

Our next webinar is…

MMT and the media: Taking charge of the narrative

Bill Mitchell & Luke McGregor discuss MMT in the media & why, contrary to what we’re led to believe, the government can never ‘go broke’.

Thurs 8 July 2021  7:00 PM AEST

In households across Australia we see a startling increase in the incidence of ‘shouting-at-the-telly’. Experts say there’s a strong correlation between ‘shouting-at-the-telly’ and the rise in the understanding of Modern Monetary Theory (MMT). Monitoring the hoarse throats of “telly-shouters”, experts note that the telly is brim full of talking heads fear-mongering about ‘tax-payer money’, ‘the debt burden on future generations’ and ‘the government going broke’. Very concerning.

But seriously, […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)

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

Monetarily sovereign governments face no intrinsic financial budget constraints.

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

Resources

We have useful articles, both academic and more popular, in our Library.

You may also wish to explore the work of a range of MMT academics and experts. Here are five of them:

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.
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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.
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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.
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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.
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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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