Economics Professor Randy Wray answers the questions:
What is Money?
Why is at accepted?
What is the relationship between money & government?
What backs up our money?
Can the US government run out of money?
You may be surprised by the answers!
From the first seminar of the "Modern Money and Public Purpose" series at Columbia Law School.
To watch the full seminar, including Q&As, and for a list of suggested readings, please visit the Modern Money & Public Purpose website:
L. Randall Wray, Ph.D. is a Professor of Economics and Research Director for the Center for Full Employment and Price Stability at the University of Missouri-Kansas City. He is also a Senior Scholar at the Levy Economics Institute of Bard College. Dr. Wray was a student of Hyman P. Minsky, whose work on financial instability has received significant attention following the global financial crisis. He is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998), and currently blogs at New Economic Perspectives and at Great Leap Forward.