Articles by L Randall Wray
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Modern Money Theory: How I Came to MMT and What I Include in MMT
L Randall Wray | New Economic Perspectives – TRANSCEND Media Service,
22 Jul 2019
I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near the end, which summarize what I include in MMT.
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Debt-Free Money: A Non-Sequitur in Search of a Policy
L Randall Wray | New Economic Perspectives – TRANSCEND Media Service,
8 Jul 2019
In discussing money, G.F. Knapp (one of the developers of the State Money Approach, adopted by Keynes and by Modern Money Theory) made a useful analogy with the cloakroom token. When you drop off your coat at the cloakroom, the attendant offers you a token, usually with an identification number. The token is evidence of the debt of the cloakroom, which owes you a coat. Some hours later you return with the token. The attendant returns your coat.
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