Randy Wray was one of the finalists for our #NotTheNobel prize in October and is one of the world’s leading advocates of Modern Monetary Theory (MMT). It might sound like an obscure bit of economic theory but MMT grabbed attention when US Democrat Congresswoman, Alexandra Ocasio-Cortez, started talking about it.
So we decided to talk to Wray to understand better what exactly MMT is, and why it has gained such recent prominence. It turns out it may be key to avoiding climate breakdown. But for MMT to be adopted, it would also mean lots of important people admitting that they had previously been wrong. So how is that going to turn out?