What was the nature of their innovation and how did it contribute to humankind? Modern Monetary Theory. For reviving the chartalist (or state) theory of money and combining it with post-keynesian work on endogenous money creation in the banking sector and sectoral balances, Hyman Minsky's theories of endogenous instability, Minsky's job guarantee scheme and Abba Lerner's functional finance approach. Modern Monetary Theory shows through institutional analysis that states with their own currencies still function according to chartalism and that government spending therefore creates money, while taxation destroys money. This is a fundamental insight to counter the austerity bias in economies since the 1980s.
One of the pioneers of Modern Monetary Theory (MMT)
L. Randall Wray is one of the clearest explainers of MMT. I believed in it before I ever heard him speak, but his words have helped me to explain it to others. Understanding of MMT is vital if we are to have social and economic justice.
Great but... MMT is wrong! If this vote ends up being only dominated by a fun club of MMT, it is not good. Please inform yourselves before voting. MMT is wrong. Just look at Japan.
Wray is more than an MMT scholar/proponent. His work is Post-Keynesian/Institutionalist and covers broad areas of macroeconomics that most traditional economists ignore (such as government accounting practices). His interpretations of macroeconomic weaknesses before the Great Recession (based on the work of Keynes et al.) is reason alone to support him.
One of the three authors of Macroeconomics, a complete up-to-date and excellent account of macroeconomic theory for the 21st century, contrasting a useful and realistic analysis of a modern production economy with the flawed, totally unrealistic and outdated narrow neoclassical approach which has failed abysmally for so many decades going back to second half of the 20th century.
Amazing contribution in economics which change the way money is understood and economic policies are designed.
Randall Wray was instrumental in the formalization of MMT
A profoundly capable economic thinker and communicator, shedding light on how money actually works. Dispelling the myths of neoliberalism.
An MMT economist who make a real difference
His is the major contributor to MMT.
Randall Wray along with Bill Mitchell and Warren Mosler opened a whole new way of thinking for me regarding macroeconomics. Firstly in how money really works in monetarily sovereign countries and secondly common sense policies to adopt based on this new understanding.
Unlike the other economists, Wray has developed tools and logics that explain the reality of things. models must adapt to reality, not the other way around
I have learned so much about how our government actually pays for things from Wray’s excellent work. A true eye opener.
Randall Wray has been a key figure in developing and publicising Modern Monetary Theory. This body of work shows great promise in opening up the full potential of our social structures. The focus on real outcomes - employment and resources - makes this work accessible and relevant. For academics, Wray's work is a refreshing reminder of aspects they may have neglected. For the general public, it is a great way to connect with the important subject we call economics.
Absolute clarity in writing, always to the point, precise, and easy to understand. His books are the best material written on MMT.
He has helped demystify the nuances of a complex macroeconomic system into common nomenclature that even I can understand.
An outstanding thinker and educator. His ideas and modern monetary theory, simple to grasp yet nuanced with wide ranging implications, will surely have an enormous effect on the world as the 21st century unfolds. He recently co-authored the textbook 'Macroeconomics' which displays a coherent and confident body of work that fundamentally challenges the economic orthodoxy.
One of the best economist for knowledge, ideas and humanity around...
Who turned it for me? A lecture-video given by L Randall Wray.
A revolutionary thinker who has for a long time demonstrated the limits of monetary policy, and why fiscal policy is important. By revisiting the basics of how economies work he's changing the way we think about money, and employment. Even orthodox economists like Larry Summers have had to concede our whole paradigm since the 70's has been wrong, and that heterodox ideas are in.
L. Randall Wray he made a crucial contribution in Monetary theory with bold proposals for fiscal policies that "recover" Keynes's views distorted by the IS-LM Model.
L. Randall Wray
Add Warren Mosler to the Nominee list along with Randy who has carried the issue in recent years. Warren was there at the beginning. Read Mosler's Soft Currency Economics about the early 1990s and the origins of MMT
Great work in formulating and developing Modern Monetary Theory. Huge and appreciated efforts!
A major figure within Modern Monetary Theory. Randall Wray has provided some of the most important insights and contributed to significant developments for anyone wishing to understand macroeconomics. A true intellectual.
Professor Wray has spent his life dispelling the fabrications and falsehoods of the conventional macroeconomic paradigm. The body of work he has created with other notable and hard-working economists, known as Modern Monetary Theory, will allow western societies to once again flourish and build upon the successes of generations past. The importance of his life's work cannot be understated.
Randall Wray has made an outstanding effort to explain the most important institution of a monetary economy of production, MONEY. And how this understanding may be useful for fixing the challenges of this XXI century, promoting the common good.
Professor Wray is one of the main developers of Modern Monetary Theory. His ability as an economics educator has been key in spreading his knowledge widely in many papers and presentations. In particular, enabling non-economists to see how money works, and how this opens up space to implement progressive policies so that we can challenge the neoliberal mainstream.
Demystifying economics. MMT is the counterweight to the pervasive and pernicious ideas supporting austerity bias in policy and political thinking leading to widespread and needless suffering.
Connecting all the dots and helping us all understand how monetary operations can work for all people.
L. Randall Wray
A correct understanding of macroeconomics as provided by MMT is extremely powerful as it exposes the lies and mistakes of the mainstream of the economics profession and of the political and business elites that have applied their theories. Entire populations of most developed world and developing world nations have suffered seriously as a result through avoidable mass unemployment and underemployment, inadequate government services through austerity and the misallocation of resources.
Major early player in MMT and changed how I saw everything.
L. Randall Wray
Randall Wray work is fundamental to understand the nature and the features of modern money, redefining keynesian principles to new paradigmas.
Randy's economics is pragmatic and timely, nay, vital. If we are to extricate ourselves from this nightmare, his work is indispensable in pointing the way.
Outstanding contribution. As a key contributor to MMT, he has helped and is helping to change the way we understand our financial system. Have found his work interesting, provocative and illuminating.
A brilliant economist, an amazing teacher and a wonderful person. Randy Wray was MMT before MMT was cool. He literally wrote the book and went against his entire profession to fight for a more just and fair world for all citizens. There is no one more deserving of this award.
His work opened the door to a whole new understanding of money and politics.
Randall Wrays work is game changing. And of key importance to our times. As one of the founders of MMT he revolutionised the way we understand money and has inspired a new generation of academics and lay people. His impact cannot be underestimated.
This gentleman is an OUTSTANDING teacher of economic truth! I have learned much from him.
Dr. Wray has advocated for logically-coherent understanding of monetary operations and money, and his works synthesizing concepts of money and financial instability has been one of the greatest services to humanity.
Institutional analysis of real world Money, financial instability, macroeconomic theory, and socio-economic policy, and political economy all at once.
Saw through the nonsense of received "wisdom" and understood how currency really works in the real world.
Outstanding academics that step forward when everybody was worshiping monetarism
A pioneer of an economic theory that will change the way people think about money to such an extent that it may prompt the greatest societal change of the 21st century.
Randal Wrays research focusing on providing a critique of orthodox monetary policy, and the development of an alternative approach, is essential in the prevention/avoidance of potential crisis.
Japan validates the operational validity of MMT. Japan's political choices do not invalidate MMT. As we see nation states interest rates head to zero and below due to an excess of reserves in exchange settlements just as MMT shows.
L. Randall Wray
While he was instrumental in the development of MMT (possibly the most popular economic topic of 2019), Wray's work on financial economics from Post Keynesian and Institutionalist perspectives is also broad and significant. He has made many other important contributions on topics such as endogenous money, commodity speculation, and the (liquidity preference) theory of value.
Professor Wray wrote the books that most simplified the key roles of taxation and why MMT matters. I found him to be my "go to" source early in my learning process. He is beyond reproach and willing to fight for the things that matter. He is absolutely one of the best sources for macroeconomic understanding the world has or will ever know.
A co-founder of Modern Monetary Theory, and the beginning of the revolt against centuries of intellectual fraud in macro economics.
Major contribution to understanding money in the modern economy. Recognises the importance of anthropological and historical evidence.
One of the leading academic voice for endogenous money, LCD.
An inspirational heterodox academic economist and founding thinker of MMT who has contributed greatly to the understanding of the nature of money and monetary systems, and defined how they may serve the collective good.
L. Randall Wray's work has helped so many to understand macroeconomic operational reality--and will no doubt help many, many more...
L Randall Wray's work is invaluable to explaining how money works in society, especially the relationship and responsibility a sovereign currency issuing government has to its members. No matter one's level of education or understanding of economics, Wray is able to break down the facts of the order of operation of the flow of public money in a way that anyone can understand. His work allows public policy to be written for the betterment of society.
Randall Wray's work is outstanding as one of the founders of MMT in educating common people in a simple language, 'what money really is?'. When the whole world got it wrong, missing the movement from gold standard to fiat money, Wray along with other founders brought us to reality that money is meant to serve everybody and nothing comes in the way to do it.
Excellent analysis of a national economy. However Wray falls for the same neoclassical fallacy (Ricardian Equivalence) when extending analysis to international trade. Wray argues that net trade deficit is best for countries as they receive net physical goods (which are better than money). He seems to fail to recognise the great benefit that USA experiences by having the global reserve currency. Wray's analysis changes premise(s) from his core theory of money when moving to trade.
Randall Wray is a leading academic in the formulation of Modern Monetary Theory, which, above all, has been instrumental in my understanding of the actual limiting factors in an economy being real resources and not necessarily money.
L. Randall Wray
Hey saw connections where no one else did, and spent a lot of time teaching the lay public outside of his classes. That alone is pretty novel, especially at the time.
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