Friday, July 18, 2014

Magpie — Does Wray Accept the Labour Theory of Value?

Well, I don't know if things have changed for L. Randall Wray (professor of Economics at the University of Missouri-Kansas City, and Research Director of the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College), but back in 1999 (my emphasis):
Magpie's Asymmetric Warfare

I would say that Randy's position has not changed on this and it is one of the reasons for government using it's monopoly power over the currency to set a price anchor in terms of the money value of an hour of unskilled labor.

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