Bard economists Stephanie Kelton and L. Randall Wray.
Bard economists L. Randall Wray and Stephanie Kelton weigh in on if and how principles of Modern Monetary Theory have been incorporated into the U.S. economy since the start of the pandemic. “The jobs guarantee would make a lot more sense than ramping up jobless benefits and paying airlines $300,000 per job,” or mailing checks to households that didn’t need the money, says Randall Wray, a senior scholar at the Levy Economics Institute in New York and coauthor of the first MMT textbook. “Even if in the beginning you couldn’t put the people to work because of safety concerns, you at least would be targeting the spending” to people who were out of work. L. Randall Wray is professor of economics and a senior scholar at the Levy Economics Institute of Bard College. Stephanie Kelton is professor of public policy and economics at Stony Brook University and a research associate at the Levy Institute.