Randall Wray

Randall Wray is an author, economist, and Senior Scholar at the Jerome Levy Economics Institute. He is particularly known for his work advocatimg Modern Monetary Theory (MMT) — a macroeconomic approach that focuses on the role of government spending in the economy. Wray has authored and co-authored numerous books about MMT, including Understanding Modern Money: The Key to Full Employment and Price Stability (1998), Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (2012), and The Future of Money: How Digital Currencies will Drive the Global Economy (2021).

Throughout his work, Wray has used a variety of economic ideas and models to explore how money functions in a modern economy. His writing has been academically rigorous, but also highly accessible — making complex ideas easier to understand. Wray has been especially influential in his exploration of the role of government spending and taxation in the economy. His arguments have been particularly relevant during the COVID-19 pandemic, as governments have had to make difficult decisions about the appropriate level of government spending to support their citizens.

Wray’s first book, Understanding Modern Money, was published in 1998. In this text, Wray provided an overview of the core concepts of MMT. He argued that governments need to spend more money than they collect in taxes to stimulate the economy, create jobs, and drive inflation. Wray also argued that by issuing currency, governments can borrow without interest and create new money to stimulate the economy. The book was widely praised and became a must-read for economists, policy-makers, and students of economics.

Wray’s follow-up book, Modern Money Theory, was published in 2012. In this work, Wray explained the core principles of MMT and how they are applied in the real world. He argued that economic crises and recessions can be managed using fiscal policy — such as government spending and taxation — rather than relying on traditional monetary policies such as interest rate changes. He also argued for new forms of taxation to manage the money supply and for the government to provide a basic income for citizens to ensure economic security.

In his most recent book, The Future of Money, Wray explores the impact of digital currencies and blockchain technology on the global economy. He argues that digital currencies are the future of money and will have far-reaching implications for the way the global economy functions. He further argues that governments must take steps to ensure the safe and responsible use of digital currencies and to develop the appropriate regulatory frameworks.

Throughout his works, Wray has written thoughtfully and insightfully about economic issues. He is highly respected in the field of macroeconomics and his ideas have been closely followed by policy-makers and economists alike. His writing is accessible to a wide audience and has made complex economic concepts easier to understand. He has been especially influential in his exploration of the role of government spending and taxation and his arguments have been particularly impactful during the COVID-19 pandemic. For these reasons and more, Randall Wray is an important voice in contemporary economic discourse and his work will continue to be influential for years to come.