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Macro N Cheese

Ep 271 - Defining Value with L. Randall Wray

Apr 6, 2024
Economist L. Randall Wray discusses the labor theory of value in MMT, neoclassical economics, and the importance of understanding money in a capitalist economy. He compares Keynes and Marx, emphasizes the federal job guarantee, and highlights the structure of the capitalist economy in determining the value of money.
53:48

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Understanding the labor theory of value and liquidity premise theory are crucial in comprehending money in a capitalist economy.
  • Synthesizing Keynesian, Marxian, and MMT theories offers a comprehensive view of capitalism's dynamics and implications for the working class.

Deep dives

Understanding Modern Monetary Theory and Labor Theory of Value

In this podcast episode, Randy Ray, a senior scholar in economics, delves into the compatibility of Keynesian and Marxian economic theories with Modern Monetary Theory (MMT). He emphasizes the importance of understanding how capitalism operates as a monetary production economy that begins with money to aim for more money, a concept shared by Keynes and Marx. Ray underscores the significance of synthesizing these heterodox economic approaches to gain a comprehensive understanding of capitalism's dynamics and its implications for the working class.

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