Category Archives: L. Randall Wray

How’s that Euro Thingy Working Out? An Update

Posted on May 1, 2013 by | 8 Comments

By L. Randall Wray

European integration was a grand plan, perhaps driven by lofty motives. I don’t take a position on that since I’m not European. But as we have argued from the very beginning, the set-up of the EMU was fatally flawed. At the very least, they “put the cart before the horse”—adopting the euro before they achieved fiscal integration under a fiscal authority with sufficient sovereignty to protect the member nations. For references to our early work, see here, here and here.

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The Love of Money

Posted on April 3, 2013 by | 2 Comments

NEP’s Randy Wray appeared on radioLitopia discussing Money, Banksters, Austerity and other issues. You can listen using the player below or visit radioLitopia’s site [some have reported having problems with the embedded player].

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BACK TO THE FUTURE: MODERN MONEY CONFERENCE IN 1999

Posted on March 30, 2013 by | 19 Comments

By L. Randall Wray

I thought readers might enjoy taking a peek back in time to 1999, to a conference organized at the New School by Stephanie Bell (Kelton), Mat Forstater and Edward Nell. This was pre-UMKC, just before we made the big move. The Center for Full Employment and Price Stabililty was housed at the Levy Economics Institute and Ms. Bell was pursuing a PhD. I’m including the conference program, my outline, and my notes for presentation. Note that the conference was organized around Charles Goodhart’s presentation, based on his deservedly famous article, “The Two Concepts of Money”, published in the European Journal of Political Economy in 1998. Hence in my presentation, I adopt his taxonomy of approaches to money as the “M form” (metalist or monetarist) and the “C form” (cartalist or chartalist or state money). You will see that it’s all there–the basics of what became MMT: state money of account, taxes drive money, endogenous (private) money, and labor bufferstock to stabilize prices.

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L. Randall Wray’s Presentation at Lewis and Clark College

Posted on March 1, 2013 by | 13 Comments

L. Randall Wray recently presented at the Steinhardt Lecture at Lewis & Clark College in Oregon. The title of his presentation was: “Fiscal Cliffs, Debt Limits, and Unsustainable Deficits: Can the US Really Run Out of Dollars?”

The video and matching slide presentation are provided below. Media Roots created a transcript of the presentation. You can access it via this link. Continue reading →

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Six “Facts” On Our Debt: Corrections to Robert Solow’s Op-Ed

Posted on February 28, 2013 by | 13 Comments

By L. Randall Wray

In yesterday’s NY Times, Nobel winner Robert Solow tackled the US debt debate, proclaiming that while it is a serious issue, many Americans are not aware of the facts.

Solow is a “neoclassical synthesis” Keynesian, the type of Keynesian economics that used to be taught in the textbooks. He was also on the wrong side of the “Cambridge controversy,” as the main developer of neoclassical growth theory. Still, he’s often on the “right side” when it comes to macro policy questions. And at least part of what he says about the US national debt is on the right track. But he gets enough confused that it is worthwhile to correct the errors.

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The Economic Crisis: Causes, Consequences, and What’s Next

Posted on February 24, 2013 by | 4 Comments

As part of it’s Annual Colloquium Series, The Center for Social Theory and Comparative History at UCLA  is sponsoring “The Economic Crisis: Causes, Consequences, and What’s Next.” NEP’s Randall Wray is appearing along with Frank Partnoy and Robert Brenner on Monday, 25 February 2013 2:00-5:00 pm, in the History Conference Room, 6275 Bunche on the UCLA campus.

The speakers will consider the origins and results of the ongoing global economic crisis. They will give special attention to the rise of finance and the role of financial markets and institutions in its onset, spread, and ultimate consequences. How has the meltdown of Wall Street, its bailout by government, and its apparent recovery affected the macro-economy and the future of finance itself? Are the great banks and other leading financial institutions now more or less likely to experience new meltdowns in the foreseeable future? Will the real economy see a new surge of growth, continuing stagnation, or renewed crisis? These are only some of the issues that will be addressed at this colloquium.

For more information call Center for Social Theory and Comparative History (310) 206-5675 or email mertes@ucla.edu

 

 

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Krugman is Right about Simpson-Bowles: The Buzzards Circle the Fiscal Cliff

Posted on February 22, 2013 by | 42 Comments

By L. Randall Wray
(Cross posted from economonitor.com/lwray)

In a powerful piece, Paul Krugman blasts Alan Simpson as an ignoramus when it comes to federal government budgets. He rightly wonders why anyone takes this nutter seriously:

Simpson is, demonstrably, grossly ignorant on precisely the subjects on which he is treated as a guru, not understanding the finances of Social Security, the truth about life expectancy, and much more. He is also a reliably terrible forecaster, having predicted an imminent fiscal crisis — within two years — um, two years ago…. So what is it that makes Simpson the figure he is? Clearly, it’s an affinity thing: never mind his obvious lack of knowledge, his ludicrous track record, reporters trust and idolize Simpson because he’s their kind of guy.

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Randy Wray Appears on Beneath the Surface

Posted on January 4, 2013 by | Leave a comment

Randy Wray is appearing on Beneath the Surface with Suzi Weissman. The discussion is about the good, bad and ugly of the Fiscal Cliff with Randy  on economic prospects and John Nichols on the political fallout.

The show airs at 5:0o-6:00 pm Pacific on Friday January 4, 2013 on Pacifica Radio – and streamed live from KPFK. It will be archived at KPFK after the broadcast as well.

 

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Catch Randy Wray Discussing His Modern Money Theory Book on FDLSalon

Posted on January 3, 2013 by | 4 Comments

Firedoglake is hosting a book salon with Randy Wray discussing his new book Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems.  NEP’s William K. Black will be the host for the salon.

When: Saturday, January 5, 2013 at 2:00 p.m. pacific /5:00 eastern

Where: fdlbooksalon.com

 

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Alternative Framing of Money: Coda

Posted on December 14, 2012 by | 79 Comments

By L. Randall Wray

Today George Lakoff had a new piece on Michigan’s “right to work” law. I won’t go into that issue, but obviously the framing involved in the naming of a law that is diametrically opposed to “right to work” is worth examining. Instead I just want to quote a couple of particularly insightful (incite-ful?) paragraphs. Continue reading →

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