Modern Monetary Theory, the Biden Administration and post-Covid recovery: with Prof Randall Wray

Why you should watch: The basic premise of MMT is that governments can go on spending while there are resources that are underutilized, and while inflation is not a constraint. So, why not spend one's way out of the Covid crisis - investing in a 'progressive ' agenda that would kill (at least) two birds with one stone? It is an idea that has wide, and increasing, appeal - even if it flies in the face of the conventional wisdom, which seems (at least in the UK) to have shifted the debate from deficit spending to concern about how we are going to pay for the measures we have already taken. In the US, supporters of MMT have hopes for the Biden Administration - even though Biden himself is anything but an economic radical. One of the founders (and most articulate proponents) of MMT is Randy Wray. This is the second video we have done with him since the pandemic hit - and since the Democrats won back the White House.

Moderator: Andrew Hilton (CSFI)

Randall Wray is Professor of Economics at Bard College in NY State, and a Senior Scholar at the Levy Economics Institute. He is a former Professor at the University of Missouri-Kansas City, where he developed the fundamentals of MMT with, among others, Stephanie Kelton. His PhD is from Washington University, in St Louis, where he was a student of Hyman Minsky.

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Edited by Alex Treptow