# Bob Responds to Randall Wray on Sectoral Balances

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Text version: https://stenobird.com/podcast/the-human-action-podcast-1569402/bob-responds-to-randall-wray-on-sectoral-balances.md
Podcast: [The Human Action Podcast](https://stenobird.com/podcast/the-human-action-podcast-1569402)
Published: 2026-04-10T17:32:28+00:00
Episode link: https://mises.org/podcasts/human-action-podcast/bob-responds-randall-wray-sectoral-balances
Audio file: https://dts.podtrac.com/redirect.mp3/cdn.mises.org/2026-04/HAPod-545-20260410.mp3
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## Resource

After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth. Related: Is Paying Down Government Debt Bad for the Economy?: Mises.org/HAP545a Bob's Article, "Does History Show Government Debt Paydown Causes a Crash?": Mises.org/HAP545b The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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