Larry Randall Wray (born June 19, 1953) is a professor of

Economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

Bard College Bard College is a private college, private Liberal arts colleges in the United States, 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 ...

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 ...

Kansas City The Kansas City metropolitan area is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). With and a population of more ...

Missouri Missouri is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it is bordered by eight states (tied for the most with Tennessee ...

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 university, private research university in Denver, Colorado. Founded in 1864, it is the oldest independent private university in the Mountain States, Rocky Mountain Region of the United States. It is ...

, 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 re ...

, 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 France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

, 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 bigges ...

, in

Mexico City Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital and largest city of Mexico, and the most populous city in North America. One of the world's alpha cities, it is located in the Valley o ...

. From 1994 to 1995 he was a

Fulbright The Fulbright Program, including the Fulbright–Hays Program, is one of several United States Cultural Exchange Programs with the goal of improving intercultural relations, cultural diplomacy, and intercultural competence between the people of ...

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 continuo ...

. 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 A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

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 Wei ...

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 Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

, 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 betwe ...

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

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 Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

, 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, busin ...

'', 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 ''Cambridge Journal of Economics'' is a peer-reviewed academic journal of economics. The journal was founded in 1977 by the ''Cambridge Political Economy Society'' with the aim of publishing articles that followed the economic traditions esta ...

'', the ''Review of Political Economy'', the ''Journal of Post Keynesian Economics'', the ''

Economic and Labour Relations Review ''The Economic and Labour Relations Review'' is a quarterly peer-reviewed academic journal covering the fields of economics, labour relations, and policy. The editor-in-chief is Diana Kelly (University of Wollongong) and the Emerita Editor is Anne ...

'', 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 ...

''.

References

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 ...

'', April 18, 2011 {{DEFAULTSORT:Wray, L. Randall 1953 births Living people 21st-century American economists Modern monetary theory scholars Post-Keynesian economists

Education

Publications

See also

References

External links