PAUL JAY Modern Money Theory, or MMT— is it way to fund the Green New Deal? That’s next on The Real News Network.
Hi, I’m Paul Jay at The Real News. There’s a lot of debate, discussion going on in economic circles about modern money theory and is it the way to fund a big infrastructure program, a Green New Deal program, a full employment program? We’re going to continue our discussion and debate about that. We’ve already done a little bit of that and we’re going to continue to. But today, joining us to have a discussion, perhaps debate about this is L. Randall Wray. He’s a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute of Bard. He’s the author of many books, including one of the foundational books of modern money theory, called Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. Also joining us is Dean Baker. He’s a Senior Research Economist at the Center for Economic and Policy Research (CEPR). Thank you both for joining us.
PANEL Thanks for having me on. Thank you.
PAUL JAY Okay, Randall. Again, give us the very basics of what MMT is. And then we’ll ask Dean to give us his thoughts,…