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

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

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 within the Hudson River Historic District ...

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 busin ...

. Previously, he was a professor at the

University of Missouri–Kansas City The University of Missouri–Kansas City (UMKC or Kansas City) is a Public university, public research university in Kansas City, Missouri, United States. UMKC is part of the University of Missouri System and has a UMKC School of Medicine, medic ...

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 t ...

Missouri Missouri (''see #Etymology and pronunciation, pronunciation'') 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 border ...

, USA, 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, United States. Founded in 1864, it has an enrollment of approximately 5,700 undergraduate students and 7,200 graduate students. It is classified among "R1: D ...

, where he served from 1987 to 1999. He has served as a visiting professor at the University of Rome,

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

, the

University of Paris The University of Paris (), known Metonymy, metonymically as the Sorbonne (), was the leading university in Paris, France, from 1150 to 1970, except for 1793–1806 during the French Revolution. Emerging around 1150 as a corporation associated wit ...

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

, and the

UNAM The National Autonomous University of Mexico (, UNAM) is a public research university in Mexico. It has several campuses in Mexico City, and many others in various locations across Mexico, as well as a presence in nine countries. It also has 34 ...

, in

Mexico City Mexico City is the capital city, capital and List of cities in Mexico, largest city of Mexico, as well as the List of North American cities by population, most populous city in North America. It is one of the most important cultural and finan ...

. 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 ...

Scholar at the

University of Bologna The University of Bologna (, abbreviated Unibo) is a Public university, public research university in Bologna, Italy. Teaching began around 1088, with the university becoming organised as guilds of students () by the late 12th century. It is the ...

. From 2015 he is a visiting professor at the University of Bergamo, located in Italy. He was a visiting professor at Masaryk University in the Czech Republic. Wray is a past president of the Association for Institutionalist Thought and served on the

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

of the

Association for Evolutionary Economics The Association for Evolutionary Economics (AFEE) is an international organization of economists working in the Institutional economics, institutionalist and Evolutionary economics, evolutionary traditions of Thorstein Veblen, John R. Commons and We ...

. 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 of the

Charles Darwin University Charles Darwin University (CDU) is an Australian public university with two campuses in Darwin and six satellite campuses in metropolitan and regional areas of the Northern Territory. It was established in 2003 after the merger of Northern Ter ...

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, as co-editor of the ''International Journal of Environment, Workplace, and Employment''.

Views

In a 2011 ''New York Times'' article he accused Standard & Poor of "attempt ngto influence the political debate in Washington" concerning government debt by downgrading US debt from stable to negative. L. Randall Wray has been a long-time proponent of Modern monetary theory (MMT) and has written and spoken about the subject extensively. Wray and his fellow MMT advocates have gained at least some acceptance among mainstream economists and business leaders working on Wall Street.

Education

Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University 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. Its subject matter includes the behavior of humans and nonhumans, both consciousness, conscious and Unconscious mind, unconscious phenomena, and mental processes such as thoughts, feel ...

as an undergraduate.Mazzucato and Wray: Making Finance Work for Innovation
, Institute for New Economic Thinking

Speeches and Lectures

On April 6, 2018, Wray gave a lecture at St. Francis College, located in New York City, about Modern Monetary Theory. In this lecture he takes the viewer through the history of MMT and then lists the main benefits of the theory. On November 20, 2019, Wray gave Congressional testimony, which he called the "Reexamining the Economics of Costs of Debt".

Publications

A student of Hyman P. Minsky while at Washington University in

St. Louis St. Louis ( , sometimes referred to as St. Louis City, Saint Louis or STL) is an independent city in the U.S. state of Missouri. It lies near the confluence of the Mississippi and the Missouri rivers. In 2020, the city proper had a populatio ...

, Wray has focused on monetary theory and policy,

macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...

, financial instability, and employment policy. 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'' (Elgar 2004) and the co-editor of ''Contemporary Post-Keynesian Analysis'' (Elgar 2005), ''Money, Financial Instability and Stabilization Policy'' (Elgar 2006), and ''Keynes for the twenty-first century: The Continuing Relevance of The General Theory'' (Palgrave 2008). He coauthored ''Macroeconomics'' (Macmillan 2019), with William Mitchell and Martin Watts. 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''.

References

The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...

'', April 18, 2011 {{DEFAULTSORT:Wray, L. Randall 1953 births Living people 21st-century American economists Modern monetary theory scholars Post-Keynesian economists Washington University in St. Louis alumni University of Missouri–Kansas City faculty University of the Pacific (United States) alumni University of Denver faculty

Views

Education

Speeches and Lectures

Publications

See also

References

External links