Modern Monetary Theory 101

Modern monetary theory argues that governments can spend more without worrying about debt

In this discussion, economists Stephanie Kelton and Rohan Grey join Jon Stewart to explain modern monetary theory and debate whether expansive government spending can address inequality and economic crises without traditional debt constraints.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing

It’s uncertain how financial markets would react to such a large cash injection. Some economists warn it could trigger massive inflation. Others say the nation needs a clean slate.

What is the function of money?

Nearly everyone uses some form of money to facilitate day-to-day activities, but what is it, anyways? Economists define money as anything that can be accepted as final payment for goods and services. Shells, beads, corn, and a wide range of objects have acted as money throughout history—explore the common but deceptively abstract concept of money in this eight-minute podcast from the Federal Reserve.

The federal debt ceiling 101

The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A.

Watch Ray Dalio explain how the economy works

Dalio describes the economy as a machine that runs on three main cycles: productivity growth, the short-term debt cycle, and the long-term debt cycle. Dalio says layering these three cycles on top of each other essentially creates a template for understanding changes in the economy.

What is quantitative easing?

Quantitative easing was a relatively new method the Federal Reserve used to curb deflation during the Great Recession. In this process, a central bank digitally creates money that is used to purchase assets, usually government bonds. This lowers returns on low-risk bonds, encouraging investors to put their money in high-risk, short-term stocks, and moves money through the system.

Inflation explained in under 3 minutes

Keep seeing inflation in the news, but don't have a great grasp on what it means or how it works? This overview from 1440 breaks down how economists think about inflation, what it means for the average consumer, and how governments attempt to keep rising prices in check through various policies.

New Deal programs still shape mandatory federal spending today

Many of the largest items in today's federal budget—especially mandatory programs—trace their origins to Franklin D. Roosevelt's New Deal. This podcast explores how those policies reshaped federal spending and government responsibility.

Dow Theory laid the groundwork for modern market analysis

Developed by Charles Dow in the late 19th century, Dow Theory argued that markets move in trends. Its principles—confirmation, trends and volume—still influence technical analysis today.

The IMF was created to prevent the currency crises that destabilized the 1930s global economy

Founded in 1945, the IMF monitors exchange rates, promotes financial stability, and provides emergency funding to countries that cannot pay for their imports. It currently has 191 member countries and acts as a lender of last resort for struggling economies.

What is the 70-20-10 budget?

The 70-20-10 budget rule dictates that people should spend 70% of their income on needs, 20% on savings, and 10% on wants. It's a new take on the 50-30-20 budget, which claims people should aim to spend 50% of their income on needs, 30% on wants, and 20% on savings. Learn more about this budgeting strategy by reading this article.

A centrally planned economy is one where the government—not markets—sets production

This Investopedia article explains how command economies work, which countries have used them, and why even market-based nations like the US sometimes adopt tools such as rationing or price controls during wartime or national emergencies.

Local governments borrow money for long-term projects by issuing municipal bonds

When a city needs to build a school, a road, or a water treatment plant, it usually issues a municipal bond—borrowing money from investors to be paid back over time. The market for these bonds now exceeds $4T.

The two-day marathon meetings of the Federal Open Market Committee follow a logical process of information sharing

In a stately room in the Eccles Building in Washington, DC, the 17 participants of the FOMC and their aides report on economic conditions and decide monetary policy.

'Monopoly' was a progressive economic thought experiment before it was a board game

Before "Monopoly" became a best-selling board game, a woman named Lizzie Magie patented "The Landlord's Game" as a thought experiment to advance American economist Henry George's ideas about land ownership.

View a breakdown of the mathematics behind the Standard Model

The Lagrangian version of the theory—related to the system's energy—presents a vast mathematical equation, with different components representing various force interactions and types of particles, including ghost particles to cancel out mathematical redundancies.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

Modern Marvels examines the Manhattan Project

This episode of the television program 'Modern Marvels' focuses on the Manhattan Project, combining archival footage and interviews with historians and scientists to shed light on one of the most ambitious military and scientific endeavors in human history.

Explaining the many-worlds interpretation

A mind-bending, jargon-free account of the popular interpretation of quantum mechanics, helping to explain how something can be in two states at once.

Watch Peter Adeney’s TED Talk

The Mr. Money Mustache blog, started in 2011 and written by Peter Adeney, gained a significant following documenting real people’s experiences trying out FIRE, and also helped popularize the concept.

There’s a psychological explanation for ‘FOMO,’ or the fear of missing out

This video breaks down FOMO—what it is, how it works, and why it happens—showing how social comparison and uncertainty trigger anxiety that pushes people toward risk-taking and constant checking behaviors.

Postmodernism is a cultural movement that valued pluralism

Postmodernism is an artistic movement (in architecture, fashion, music, literature, and more) that embraced fragmentation, eclecticism, pastiche, and pluralism. The movement's practitioners reacted against modernism, which valued Enlightenment ideals, high culture, and clean aesthetics.

What is the Overton Window?

The concept of the Overton window is an excellent framework through which to analyze why politicians talk (or avoid) certain topics and policy positions, and how ideas change over time as societal attitudes evolve.

The history of germ theory, which explains that illnesses are caused by microorganisms

For centuries, the miasma theory, which held that illnesses were caused by clouds of "bad air" produced by decaying organic matter, was the accepted explanation for the spread of disease. The development of microscopes and the subsequent technology to isolate bacteria and test disease spread in mice greatly contributed to contagionists overturning miasmatists.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.

While atoms are normally made of protons, neutrons, and electrons, exotic ones have been built with antimatter—alternate versions of normal matter that live for fractions of a second and are about a billion times as rare.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Some researchers have labeled nomophobia, the fear of being without your phone, as 'the phobia of the 21st century.'

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Tattoos remain visible on your skin thanks to immune cells called macrophages

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

The first horror movie is believed to be George Méliès' 1986 short 'The Haunted Castle,' which pioneered the use of special effects

Experimental hantavirus vaccines and therapies, still under development, have long been funded by the US military.

See photos of Meteora, a mountainous site in central Greece, home to 14th-century monasteries perched atop soaring outcroppings.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.