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 18th of October 2020 at 11am AEST

An MMT framework for Colonial and Climate Reparations: A Global Green New Deal

Join us as we explore Modern Monetary Theory (MMT) with Associate Professor Fadhel Kaboub in this webinar which will introduce the basics of MMT and identify structural deficiencies that hinder sustainable development efforts in the Global South. The presentation will make the case for a Global Green New Deal reparations framework to undo the damage done by colonial and post-colonial extractive economic policies.

Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. He formerly taught at Drew University, where he was also co-director of the Wall Street Semester Program; the University of Missouri–Kansas City (UMKC); and Bard College at Simon’s Rock.

Kaboub’s research interests include macroeconomic theory and policy, economic development, international law and economics, and the methodology and history of economic thought. He has published in the Journal of Economics Issues, Review of Radical Political Economics, Review of Keynesian Economics, Middle East Development Journal, and International Labour Review, among other academic journals.

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 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

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

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 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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