If you’re trying to understand modern money theory or you want to explain MMT to others, this is the episode. Economist L. Randall Wray explains the basics and debunks the myths that hold us back.
Another fab episode. The way I see it is if #ElonMusk of all people can take the time to #LearnMMT, the left can as well. It's as political as 2 + 2 = 4.
This is a bit of an unrelated rant, though maybe not since Wray did briefly mention Minsky's family. I was listening to last week's Ralph Nader Radio Hour, for which Minsky's son Alan Minsky is the executive producer (or some similar title), and Nader and his 'progressive' monetarist economist guest were going on and on about the dangers of the national debt, how the debt needed to be paid off, and Nader even made a "and our grandchildren are going to pay for it!" reference. Holy London, gag me with a spoon!
Now, before anyone loses respect for the Minskys and suggests that Wray have an intervention with the younger Minsky, I have strong reason to think that Nader calls all the shots on that show as far as guests and content goes and so maybe Minsky figures the 'good' Nader outweighs the 'bad' Nader. Maybe so, Nader does still engage in valuable advocacy. The sad part is that I have reason to think Nader knows about MMT, but I think he's afraid of contradicting anything he's said in his ~70 year career and I think he thinks the whole 'taxpayer money' quip has value in progressive politics even if all evidence in the last 50 years indicates otherwise.
Sorry for the rant about another program, but it is just sad to see Minsky's legacy reduced in some ways. I know Hyman Minsky was no MMTer, but he certainly made valuable academic contributions, as mentioned by Wray in this episode, in addition to mentoring Wray.
This is a very good interview with Wray. These interviews with the 'Big 3' of MMT should not be taken for granted especially given the news (at least it was news to me) this past week on the 1Dime podcast where Mosler announced he has stage 4 prostate cancer. As we unfortunately know, once 'founding' economic theorists die (hopefully that won't happen soon for Warren or any of the other MMTers!) or otherwise wind down their careers, their ideas tend to become misinterpreted and eventually lose practical importance in part because of that. The more that's out there of these founders explaining their research and ideas, maybe there will be less reason for misinterpretations.
This is not to dismiss any of the other younger MMTers, but we know that the likes of Mosler, Bilbo, and Wray, along with Kelton, Fullwiler, and Forstater, will continue to be cited for their theoretical contributions.
Excellent episode with one of the best #MMT minds available. Our entire lives were taught myths about how our monetary system works. L. Randall Wray gives us the knowledge and tools to turn that around and destroy those harmful myths like “our hard earned tax dollars pay for government spending.” #learnMMT
Another fab episode. The way I see it is if #ElonMusk of all people can take the time to #LearnMMT, the left can as well. It's as political as 2 + 2 = 4.
This is a bit of an unrelated rant, though maybe not since Wray did briefly mention Minsky's family. I was listening to last week's Ralph Nader Radio Hour, for which Minsky's son Alan Minsky is the executive producer (or some similar title), and Nader and his 'progressive' monetarist economist guest were going on and on about the dangers of the national debt, how the debt needed to be paid off, and Nader even made a "and our grandchildren are going to pay for it!" reference. Holy London, gag me with a spoon!
Now, before anyone loses respect for the Minskys and suggests that Wray have an intervention with the younger Minsky, I have strong reason to think that Nader calls all the shots on that show as far as guests and content goes and so maybe Minsky figures the 'good' Nader outweighs the 'bad' Nader. Maybe so, Nader does still engage in valuable advocacy. The sad part is that I have reason to think Nader knows about MMT, but I think he's afraid of contradicting anything he's said in his ~70 year career and I think he thinks the whole 'taxpayer money' quip has value in progressive politics even if all evidence in the last 50 years indicates otherwise.
Sorry for the rant about another program, but it is just sad to see Minsky's legacy reduced in some ways. I know Hyman Minsky was no MMTer, but he certainly made valuable academic contributions, as mentioned by Wray in this episode, in addition to mentoring Wray.
This really is a master class in Modern Monetary Theory
This is a very good interview with Wray. These interviews with the 'Big 3' of MMT should not be taken for granted especially given the news (at least it was news to me) this past week on the 1Dime podcast where Mosler announced he has stage 4 prostate cancer. As we unfortunately know, once 'founding' economic theorists die (hopefully that won't happen soon for Warren or any of the other MMTers!) or otherwise wind down their careers, their ideas tend to become misinterpreted and eventually lose practical importance in part because of that. The more that's out there of these founders explaining their research and ideas, maybe there will be less reason for misinterpretations.
This is not to dismiss any of the other younger MMTers, but we know that the likes of Mosler, Bilbo, and Wray, along with Kelton, Fullwiler, and Forstater, will continue to be cited for their theoretical contributions.
Excellent episode with one of the best #MMT minds available. Our entire lives were taught myths about how our monetary system works. L. Randall Wray gives us the knowledge and tools to turn that around and destroy those harmful myths like “our hard earned tax dollars pay for government spending.” #learnMMT