Episode

L. Randall Wray: The Value of Money: A Survey of Heterodox Approaches

Podcast: Deep Dive
Published: Feb 8, 2025
Duration seconds: 1539
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Summary

Google LM generated podcast: This Levy Economics Institute working paper surveys heterodox economic theories of money's value, rejecting orthodox views linking it solely to scarcity or price levels. The paper integrates several heterodox approaches: reinterpretations of Marx's labour theory of value by Graeber and Foley; Keynes's liquidity preference theory as developed by Minsky and Kregel; and MMT perspective on sovereign currency.