Great Depression

Randal Wray: Banks are bigger than in ’07, are cooking their books to show profits – need regulation and people need increase in purchasing power and jobs program to avoid bigger crash

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L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City, a Senior Research Associate at the Center for Full Employment and Price Stability, as well as a visiting Senior Scholar at the Jerome Levy Economics Institute of Bard College. He is a past president of the Association for Institutionalist Thought (AFIT) and has served on the board of directors of the Association for Evolutionary Economics (AFEE). A student of Hyman P. Minsky while at Washington University in St. Louis where he earned his Ph.D. in economics (1988), Wray received his B.A. in Social Sciences (1976) from the University of the Pacific, Stockton, and his M.A. in economics (1985) from Washington University in St. Louis. Professor Wray has focused on monetary theory and policy, macroeconomics, and employment policy. He is currently writing on modern money, the monetary theory of production, social security, and rising incarceration rates (Penal Keynesianism). He is developing policies to promote true full employment, focusing on Hyman P. Minsky’s “employer of last resort” proposal as a way to bring low-skilled, prime-age males back into the labor force. Wray”s research has appeared in numerous books and journals including Journal of Post Keynesian Economics, Journal of Economic Issues, Review of Political Economy, Review of Social Economy, Eastern Economic Journal, Challenge, Economies et Societés, Monnaie et Production, The Economic and Labour Relations Review, The Durell Journal of Money and Banking, International Papers in Political Economy, Coyuntura Agropecuaria, Social Science Perspectives Journal, Social Justice, Commercio Exterior, Street Light, and Political Economy: Studies in Surplus Approach. Professor L. Randall Wray is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990).

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