{"title":"L Randall Wray","description":"\u003cp\u003eDelve into the groundbreaking economic insights of L. Randall Wray, a leading voice in Modern Monetary Theory. Explore his key works and challenge your understanding of finance and policy. Browse now.\u003c\/p\u003e","products":[{"product_id":"why-minsky-matters-book-larry-randall-wray-9780691178400","title":"Why Minsky Matters","description":"Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919-96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. 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He outlines a program in which the government acts as employer of last resort, thereby providing employment and training to the otherwise unemployed, and stabilizing the wage scale which acts as a brake on inflation.  This permits greater price stability without requiring conventional methods such as wage and price controls or countercyclical monetary policy.  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