L. Randall Wray
In the Wall Street Journal
, Bard economist and leading scholar of Modern Monetary Theory L. Randall Wray comments on how important elements of MMT, including the claim that a government need never default on debt issued in its own currency, are now accepted by much of the economic and financial establishment. “We got five or six trillion dollars of spending and tax cuts without anyone worrying about payfors, so that was a good thing,” says Wray. “In January , MMT was a crazy idea, and then in March, it was, OK, we’re going to adopt MMT.” L. Randall Wray is Professor of Economics and Senior Scholar at the Levy Economics Institute of Bard College.