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    • Modern Money Primer
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L. Randall Wray

Senior Scholar L. Randall Wray is a professor of economics at Bard College. His current research focuses on providing a critique of orthodox monetary theory and policy, and the development of an alternative approach. He also publishes extensively in the areas of full employment policy and, more generally, fiscal policy.
Do Bond Sales & Borrowing Finance US Deficit Spending?

Do Bond Sales & Borrowing Finance US Deficit Spending?

November 23, 2024February 22, 2024 by L. Randall Wray

Professor L. Randall Wray responds to this question and debunks the misunderstandings and fallacies surrounding it.

Categories Economic Justice, New Economic Perspectives Tags Deficit, Federal Reserve, MMT
Towards a Libertarian/Austrian Modern Money Theory

Towards a Libertarian/Austrian Modern Money Theory

October 20, 2024August 16, 2023 by L. Randall Wray

Any time there is an MMT post, the comments are dominated by conspiracy theorists, haters of government, goldbugs, and victims of alien probings who are certain that MMT-ers are united in their effort to ramp up government until it consumes the entire economy.

Categories New Economic Perspectives Tags Federal Job Guarantee, Federal Reserve, MMT, Treasury
Tax Bads, Not Goods

Tax Bads, Not Goods

October 20, 2024June 28, 2023 by L. Randall Wray

Once we understand what taxes are “for”, we can start to think about what kinds of taxes make sense.

Categories Environmental & Ecological Justice, New Economic Perspectives, Technology & Innovation Tags Capitalism, MMT, Taxation
An Alternative Meme for Money: Conclusion

An Alternative Meme for Money: Conclusion

October 21, 2024June 21, 2023 by L. Randall Wray

The monetary system provides the power to do good, and the power to do bad is the other side of the coin.

Categories New Economic Perspectives Tags Capitalism, MMT
An Alternative Meme For Money, Part 7: Framing Deficits

An Alternative Meme For Money, Part 7: Framing Deficits

October 21, 2024June 21, 2023 by L. Randall Wray

A government deficit will result if the nongovernment sector has a surplus—a perfectly sustainable balance.

Categories New Economic Perspectives Tags Capitalism, Deficit, MMT, Sectoral Balances
An Alternative Meme for Money, Part 6: Alternative Framing on Inflation

An Alternative Meme for Money, Part 6: Alternative Framing on Inflation

October 21, 2024June 5, 2023 by L. Randall Wray

If there’s no inflation danger, there is no point in taxing the rich before keystroking the poor.

Categories New Economic Perspectives Tags Inflation, MMT, Taxation
An Alternative Meme for Money, Part 5: A Spending Meme

An Alternative Meme for Money, Part 5: A Spending Meme

October 21, 2024June 5, 2023 by L. Randall Wray

Wherever this flag’s flown, We take care of our own. 🎵 Progressives need a new meme for money. This series is addressed to them.

Categories New Economic Perspectives Tags MMT, Social Security, Sovereignty, Taxation
A Meme For Money, Part 4: The Alternative Tax Meme

A Meme For Money, Part 4: The Alternative Tax Meme

October 21, 2024June 5, 2023 by L. Randall Wray

Let us continue to develop an alternative frame for money. As you know, MMT says that “taxes drive money”. Let’s develop that further.

Categories New Economic Perspectives Tags MMT, Social Security, Taxation
A Primer on Government Surpluses

A Primer on Government Surpluses

October 21, 2024June 4, 2023 by L. Randall Wray

It is difficult to believe that our economy can continue to grow robustly as the government sucks disposable income and wealth from the private sector by running surpluses.

Categories New Economic Perspectives Tags Deficit, MMT, Sectoral Balances, Taxation
A Meme for Money, Part 3: Framing the Alternative Approach

A Meme for Money, Part 3: Framing the Alternative Approach

April 8, 2025June 1, 2023 by L. Randall Wray

We need to let go of the myths and begin with the state and its money.

Categories New Economic Perspectives Tags Barter, Debt, Taxation
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