Tuesday, January 29, 2013

Randy Wray — Global Financial Crisis Explained: The Theory of Social Costs

I recently came across a video of one of my talks on the Global Financial Crisis, or, Global Economic Crisis, that provides a clear antitdote to orthodox thinking. You can view it here:
“The Financial Crisis Viewed from the Perspective of the Social Cost Theory”, Social Cost Workshop, Wright State University, Ohio, April 27, 2012; video here (begins approximately at the 23 minute mark) :

Here is a summary of the argument, and a link to a relevant paper is at the bottom. This is perhaps my clearest presentation on the topic.
Economonitor — Great Leap Forward
Global Financial Crisis Explained: The Theory of Social Costs
L. Randall Wray | Professor of Economics, UMKC

1 comment:

Nobody said...

Good summary. Third World, here we come! Ugh.

Even today, when I tell friends and acquaintances about how Clinton was a terrible POTUS & how he and GOP screwed everything up via surpluses and deregulation, they look at me like I'm crazy. The deficit/debt myths are still strong among average Americans.

I like the bit at the end about how the FED is the most "left-wing" institution in D.C. That says more about D.C. than it says about the FED, of course.