Modern monetary theory - Mitchell and Wray Q2

This is Question 1 in a series of Modern monetary theory interviews - Professors Bill Mitchell and Randy Wray. See billy blog (http://bilbo.economicoutlook.net/blog) for more information on this approach to macroeconomics. You can also get more information from Centre of Full Employment and Equity (http://e1.newcastle.edu.au/coffee).

Questions asked:
A fundamental or central part of the research of both of you is centred on the nature of money. Could you perhaps talk a little bit about the nature of money and particularly explain to non-economists what fiat money is and what the implications it has on policy formation?

Category:

Education

Tags:

• Modern monetary theory
• Professor Bill Mitchell
• Professor Randy Wray

[johammbass]

A couple of retards

[Mephisto808]

The subject matter was so interesting it forced me to suffer through the incredibly annoying electrical hum noise in the background of the audio