By L. Randall Wray*
Our Mission Oriented Finance conference explores how to direct funding toward what Hyman Minsky called “the capital development of the economy”, broadly defined to include private investment, public infrastructure, and human development. (See more here.)
But to understand how, we need to understand what money is and why it matters. After all, finance is the process of getting money into the hands of those who will spend it.
The dominant narrative is that money “greases” the wheels of commerce. Sure, you could run the commercial machine without money, but it runs better with lubricant.