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
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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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