Modern Monetary Theory

In this book, William Mitchell and Warren Mosler, original proponents of what's come to be known as Modern Monetary Theory (MMT), discuss their perspectives about how MMT has evolved over the last 30 years.

In delightful, entertaining, and informative way, Bill and Warren reminisce about how, from vastly different backgrounds, they came together to develop MMT. They consider the history and personalities of the MMT community, including anecdotal discussions of various academics who took up MMT and who have gone off in their own directions that depart from MMT's core logic.

A very much needed book that provides the reader with a fundamental understanding of the original logic behind 'The MMT Money Story' including the role of coercive taxation, the source of unemployment, the source of the price level, and the imperative of the Job Guarantee as the essence of a progressive society – the essence of Bill and Warren's excellent adventure.

The introduction is written by British academic Phil Armstrong.



Bill is a Professor of Economics and is the Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, Australia. He also is the Docent Professor in Global Political Economy at the University of Helsinki and Visiting International Professor, Kyoto University. He is one of the founders of Modern Monetary Theory (MMT).

He is the author of various books, including Eurozone Dystopia (Elgar, 2015), Reclaiming the State (Pluto, 2017), Macroeconomics - (with L.R. Wray and M. Watts, Bloomberg, 2019). He has published widely in refereed academic journals and books and regularly is invited to give Keynote conference presentations in Australia and abroad.

He has an established record in macroeconomics, labour market studies, econometric modelling, regional economics and economic development. He has received regular research grant support from the national competitive grants schemes in Australia and has been an Expert Assessor of International Standing for the Australian Research Council. He has extensive experience as a consultant to the Australian government, trade unions and community organisations, and several international organisations (including the European Commission; the International Labour Organisation and the Asian Development Bank).

His daily blog is one of the leading economics blogs in the world.



Warren is an American economist and theorist, and one of the founders of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc. An entrepreneur and financial professional, Warren Mosler has spent the past 40 years gaining an insider's knowledge of monetary operations. He co-founded AVM, a broker/dealer providing advanced financial services to large institutional accounts and the Illinois Income Investors (III) family of investment funds in 1982, which he turned over to his partners at the end of 1997. He began his career after graduating from the University of Connecticut with a B.A. in Economics in 1971 and has been deeply involved in the academic community, giving presentations at conferences around the world and publishing numerous articles in economic journals, newspapers, and periodicals.

In addition to his work in the field of economics, he developed – and later sold – his own automobile line, Mosler Automotive, responsible for producing the Mosler MT900 and the Consulier GTP. He also designed his own catamaran that is lighter, faster, and more fuel-efficient than other models.

Mosler is the author of "The Seven Deadly Innocent Frauds of Economic Policy" that has been translated into Italian, Polish, Russian, Arabic, and Spanish.