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From Smith to Keynes to MMT

From Smith to Keynes to MMT

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Welcome to a new series on this channel: the history of economic thought.

I’m Richard Murphy, political economist and professor. In this series, I’ll explore how economics has always been shaped by hope and fear, and how different schools of thought—from the classical economists like Adam Smith, Ricardo, and Marx, through to Keynes, Hayek, Friedman, and today’s heterodox thinkers like MMT—have tried to explain (and shape) the world they lived in.

Economics is never neutral. It reflects power, politics, and society. Understanding that helps us make sense of our present crises, and why renewal is always needed.

This is not a dry academic history. It’s a journey through ideas that still shape law, politics, and justice today. Join me to understand why economics matters—and why its stories are always stories of power.
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