Larry Randall Wray (born June 19, 1953) is a professor of
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
at
Bard College
Bard College is a private liberal arts college in Annandale-on-Hudson, New York. The campus overlooks the Hudson River and Catskill Mountains, and is within the Hudson River Historic District—a National Historic Landmark.
Founded in 1860, ...
and Senior Scholar at the
Levy Economics Institute
Founded in 1986 as the Jerome Levy Economics Institute, the Levy Economics Institute of Bard College is a nonprofit, nonpartisan public policy think tank. The purpose of its research and other activities is to enable scholars and leaders in busi ...
. Previously, he was a professor at the
University of Missouri–Kansas City
The University of Missouri–Kansas City (UMKC) is a public research university in Kansas City, Missouri. UMKC is part of the University of Missouri System and one of only two member universities with a medical school. As of 2020, the university ...
in
Kansas City,
Missouri
Missouri is a state in the Midwestern region of the United States. Ranking 21st in land area, it is bordered by eight states (tied for the most with Tennessee): Iowa to the north, Illinois, Kentucky and Tennessee to the east, Arkansas t ...
,
USA
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
, whose faculty he joined in August 1999, and a professor at the
University of Denver
The University of Denver (DU) is a private research university in Denver, Colorado. Founded in 1864, it is the oldest independent private university in the Rocky Mountain Region of the United States. It is classified among "R1: Doctoral Univ ...
, where he served from 1987 to 1999.
[ He has served as a visiting professor at the University of Rome, ]Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
, the University of Paris
, image_name = Coat of arms of the University of Paris.svg
, image_size = 150px
, caption = Coat of Arms
, latin_name = Universitas magistrorum et scholarium Parisiensis
, motto = ''Hic et ubique terrarum'' (Latin)
, mottoeng = Here and a ...
, France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area ...
, and the UNAM
The National Autonomous University of Mexico ( es, Universidad Nacional Autónoma de México, UNAM) is a public research university in Mexico. It is consistently ranked as one of the best universities in Latin America, where it's also the bigge ...
, in Mexico City
Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital city, capital and primate city, largest city of Mexico, and the List of North American cities by population, most populous city in North Amer ...
. From 1994 to 1995 he was a Fulbright Scholar at the University of Bologna
The University of Bologna ( it, Alma Mater Studiorum – Università di Bologna, UNIBO) is a public research university in Bologna, Italy. Founded in 1088 by an organised guild of students (''studiorum''), it is the oldest university in continu ...
. From 2015 he is a Visiting professor at the University of Bergamo.
Wray is a past president of the Association for Institutionalist Thought and served on the board of directors of the Association for Evolutionary Economics The Association for Evolutionary Economics (AFEE) is an international organization of economists working in the institutionalist and evolutionary traditions of Thorstein Veblen, John R. Commons and Wesley Mitchell. It is part of the Allied Social ...
. He has served, along with fellow post-Keynesian
Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...
William Mitchell William Mitchell may refer to:
People
Media and the arts
* William Mitchell (sculptor) (1925–2020), English sculptor and muralist
* William Frederick Mitchell (1845–1914), British naval artist
* William M. Mitchell, American writer, ministe ...
of the Charles Darwin University
Charles Darwin University (CDU) is an Australian public university with a main campus in Darwin and eight satellite campuses in some metropolitan and regional areas. It was established in 2003 after the merger of Northern Territory University ...
, Australia, as co-editor of the ''International Journal of Environment, Workplace, and Employment''.
Education
Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University
Washington University in St. Louis (WashU or WUSTL) is a private research university with its main campus in St. Louis County, and Clayton, Missouri. Founded in 1853, the university is named after George Washington. Washington University is r ...
in St. Louis.[ He came to Economics relatively late in his academic career after studying ]psychology
Psychology is the scientific study of mind and behavior. Psychology includes the study of conscious and unconscious phenomena, including feelings and thoughts. It is an academic discipline of immense scope, crossing the boundaries between ...
as an undergraduate.[Mazzucato and Wray: Making Finance Work for Innovation]
, Institute for New Economic Thinking
Publications
A student of Hyman P. Minsky while at Washington University
Washington University in St. Louis (WashU or WUSTL) is a private research university with its main campus in St. Louis County, and Clayton, Missouri. Founded in 1853, the university is named after George Washington. Washington University is r ...
in St. Louis
St. Louis () is the second-largest city in Missouri, United States. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which e ...
, Wray has focused on monetary theory
Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it ...
and policy, macroeconomics, financial instability, and employment policy. He is a prominent proponent of Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of t ...
in macroeconomics."Debt, Deficits, and Modern Monetary Theory: An Interview with Bill Mitchell"
, ''Harvard International Review
The ''Harvard International Review'' is a quarterly international relations journal published by the Harvard International Relations Council at Harvard University. The ''HIR'' offers commentary on global developments in politics, economics, busi ...
'', 16 October 2011
Wray has published widely in journals and is the author of ''Understanding Modern Money: The Key to Full Employment and Price Stability'' (Elgar, 1998) and ''Money and Credit in Capitalist Economies'' (Elgar 1990). He is the editor of ''Credit and State Theories of Money'' (Edward Elgar 2004) and the co-editor of ''Contemporary Post-Keynesian Analysis (Edward Elgar 2005), ''Money, Financial Instability and Stabilization Policy'' (Edward Elgar 2006), and ''Keynes for the twenty-first century: The Continuing Relevance of The General Theory'', Palgrave, 2008.
Wray is also the author of numerous scholarly articles in edited books and academic
journals, including the ''Journal of Economic Issues
The ''Journal of Economic Issues'' is an academic journal of economics. The current editor-in-chief is William Waller ( Hobart and William Smith Colleges).
It is published by Taylor & Francis on behalf of the Association for Evolutionary Economics ...
'', the '' Cambridge Journal of Economics'', the ''Review of Political Economy'', the ''Journal of Post Keynesian Economics'', the '' Economic and Labour Relations Review'', the French journal ''Economie Appliquée'', and the ''Eastern Economic Journal
The ''Eastern Economic Journal'' is a quarterly peer-reviewed academic journal covering all aspects of economics. It was established in 1973 and is published by Palgrave Macmillan on behalf of the Eastern Economic Association. The editors-in-chief ...
''.[
]
See also
* Universidad Central, Colombia
*Chartalism
In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with whi ...
*Post-Keynesian economics
Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...
* Heterodox economics
*Fiat money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometim ...
vs. commodity money
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods.
This is in contrast to representat ...
* Government accounting
References
External links
University of Missouri–Kansas City
official website
Center for Full Employment and Price Stability
official website
Association for Institutional Thought
official website
Association for Evolutionary Economics
official website
"Ignore the Raters"
by L. Randall Wray, ''The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...
'', April 18, 2011
{{DEFAULTSORT:Wray, L. Randall
1953 births
Living people
21st-century American economists
Modern monetary theory scholars
Post-Keynesian economists