L. Randall Wray recently presented in Berlin at an event marking the release of the German translation of his book Understanding Modern Money. The presentation (in English) may be seen below, including responses by Doris Neuberger and Dirk Ehnts.
Wray begins with a brief history of the development of MMT and his role in that development. He then lays out his version of the central points that constitute MMT (at 27:24)
And for those who have been following the reactions in popular media, in which the conversation has shifted to the dangers of inflation, a segment that begins at 35:05 will be of interest. Here Wray discusses his view, following his reading of Minsky, that the job guarantee is crucial for achieving full employment without generating inflationary pressures or financial instability.Multiplier Effect
This Time Is Different: Wray on Modern Monetary Theory
Michael Stephens
2 comments:
Here Wray discusses his view, following his reading of Minsky, that the job guarantee is crucial for achieving full employment without generating inflationary pressures or financial instability.
And when robots and automation have almost completely eliminated the need for human labor, almost all of us (except the rich) will be paid to waste our time (a JG) instead of enjoying the leisure we could have had with honest financing of automation?
”And when robots and automation have almost completely eliminated the need for human labor, almost all of us (except the rich) will be paid to waste our time (a JG) instead of enjoying the leisure we could have had with honest financing of automation?”
Luckily not everyone is as locked in in their own thoughts as you so there will be endless of opportunities where the definition of what is paid work will change and the amount of working hours will be less.
But we’re not there yet so back to reality. A JG is a must.
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