Listen to Our Podcast- Randy Wray on Krugman and the Frustration of the Heterodox April 28, 2014
- Fred Lee Talks About his Contributions to Heterodox Economics April 18, 2014
- Feb. 27 Podcast with Randy Wray February 27, 2014
- Bill Black and Randy Wray October 21, 2013
- Political Theatre and the Government Shutdown October 2, 2013
- Randy Wray: The Taper, the Debt Ceiling and the Prospects for Growth September 23, 2013
- Stephanie Kelton Talks with Warren Mosler September 4, 2013
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Randy, I think this is a really great interview. In no small part due to Paul Jay, who was clearly interested in listening to and understanding what you had to say. It was very refreshing and encouraging.
Excellente! Dr Wray. When is the debate mentioned at the end going to be up ?
Randy,A job guarantee program paying minimum wage for full time work makes little sense.The FDR job programs had a much better approach. They paid the median hourly wage for the work that was being performed. However, the number of hours that could be worked in a week were capped to 30 hrs/wk (This was in a time when a full time work week was considered to be between 45 hand 50 hrs) – Further, a person working in the job program could supplement his income by taking other private sector jobs – often at hourly wages lower than the WPA would give..The above scheme kept an incentive for a person to keep on looking for a job, and ensured at least enough income to sustain a family.Three good references on the WPA Bradford A. Lee, "The New Deal Reconsidered," The Wilson Quarterly 6 (1982)"The Works Progress Administration in New York City" By John David Millett 1978Edwin Amenta, Ellen Benoit, Chris Bonastia, Nancy K. Cauthen and Drew Halfmann of NYU – Bring Back the WPA: Work, Relief, and the Origins of American Social Policy in Welfare Reform" 1998
Randy, if yer group of prominent MMTers were to compete for the loudest voice, I do not think any of you would be declared a winner. :-)Very good presentation, by the way.
The videos from the Ireland conference with Bill Black, Randy Wray, Stephanie Kelton are her
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Clonal, the WPA is a great model for and inspiration of the JG. A government "median wage" WPA program could be a useful supplement or part of the JG, and but it could not replace the basic JG. Guaranteeing a median wage for the JG is simply impossible, outside of Lake Wobegon, because whatever the JG wage was, it would become the minimum wage. And it would not have the disinflationary, countercyclical properties of the JG.
Exactly so.QE2 with the purchase of 50 billion dollars of US debt has ended. The historical equity crash is underway. 13 June 2011 will be the first day of a 8/19/20 day decay sequence.The fallacy of austerity will immediate become apparent.Uncle Sam needs the stabilizing force of 15 million new workers more than another 20 Tril for the entitled royalty of Wall Streethttp://www.economicfractalist.com/
Professor Wray, I like your proposal for the government as "employer of last resort". Similar idea have been implemented in some European country in the past. A typical problem with that program is that employers tend to fire expensive workers and re-hire them within the government program (effectively cutting costs and not increasing the overall number of jobs). Moreover, from the employer point of view, why a worker on this new program (with a lot of paperwork, government control and supervision, auditing procedures) would be preferable to a worker oversea (China, India, Malaysia,Indonesia, Mexico) who is paid very little/no benefits/no hassles/no rights?