Why am I passionate about this?

I’ve been studying money since the early 1980s, when my dissertation advisor—the late and great Hyman Minsky—warned me not to do “Genesis”, origins stories of money. But I couldn't resist. I'm one of the founders of Modern Money Theory (MMT), an approach developed over the past three decades that has garnered tens of thousands of followers and earned the hatred of the elite. And, yet, those who know how money really works—or who embrace public policy pursuing the public interest (Bernie Sanders, Alexandria Ocasio-Cortez), and even central bankers—have admitted that government cannot run out of money. I’ve written hundreds of academic papers, more blogs, many books, and given hundreds of interviews presenting the MMT alternative.


I wrote

Making Money Work for Us: How MMT Can Save America

By L. Randall Wray,

Book cover of Making Money Work for Us: How MMT Can Save America

What is my book about?

In this book, leading Modern Money Theory (MMT) advocate L. Randall Wray explains that the only real constraints on public…

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The books I picked & why

Book cover of Payback: Debt and the Shadow Side of Wealth

L. Randall Wray Why did I love this book?

Yes, that Margaret Atwood!

The one whose book, The Handmaids Tale is targeted by book banners. This one is more subversive, covering money from every angle—religious, historical, literary, ecological, and psychological—not limited to the economic perspective. She provides a fascinating dive into money’s nature in five short chapters that transcribe a series of entertaining lectures she gave on Canadian radio.

If you’ve ever wondered why so many words related to money (redemption, debt jubilee, balance) have religious overtones, she explains why. She’ll help you to understand the relationship between Saint Nick, patron saint of thieves and pawnshops, and that other red-suited (and sooted) Old Nick who also keeps track of who’s been naughty. As they say, “time compounds all debts” but “death pays all debts.”  

It is my favorite book on the nether side of money—debt.

By Margaret Atwood,

Why should I read it?

1 author picked Payback as one of their favorite books, and they share why you should read it.

What is this book about?

Payback is an intelligent, wide-ranging book that examines the metaphor of debt and the role it takes in our lives. "Debt" is like air - something we take for granted and never think about until things go wrong. This is not a book about debt management or high finance, but about debt as a very old, central motif in religion and literature and also in the structuring of human societies. She looks at the language of debt in the Old Testament - what was 'owed' to God, and why. She then turns to investigate debt as sin in medieval and…


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Book cover of The Origins of Money

L. Randall Wray Why did I love this book?

This is based on a lecture given by Grierson in London in 1970. (Do you see a pattern? Lectures can make entertaining books.)

He was the world’s most famous numismatist (expert on coins). A professor at the University of Cambridge, UK, for seventy years (!), he spent most of his salary collecting medieval coins, donating 20,000 of them to the university’s museum—the world’s premier collection. But coins were invented around 700 B.C., while money has been around for 6000 years.

In this book he speculates on money’s origins (in Babylonian temples)—linking it to the ancient practice of Wergeld (blood money). He hypothesized that money originates as a measure of debt owed to victims. Hence, the link of money to debt and sin made by Atwood. Money is not a “thing” but a record of indebtedness.

Today, it is tax debt that drives money: you work hard to get money to pay the tax collector, who, like Old Nick, keeps track. Pay your debts and you are redeemed!

By Philip Grierson,

Why should I read it?

1 author picked The Origins of Money as one of their favorite books, and they share why you should read it.


Book cover of The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy

L. Randall Wray Why did I love this book?

This one’s by a member of the home team—a former student, colleague, collaborator, and fellow MMT conspirator.

Kelton was an advisor to Bernie Sanders, served as chief economist for the Senate Budget Committee, and is a frequent guest on all the important media outlets. She explains the basics of MMT and why they are important—especially right now as Congress is hog-tied trying to figure out what to do to prevent Uncle Sam from defaulting as we broach the debt limit.

Read this book and you’ll never again confuse Uncle Sam’s budget with your own. You can run out of money! Uncle Sam cannot. Uncle Sam’s budget deficit puts money in your pocket! His debt is your asset!

If you are worried about the government’s deficit and debt, take a deep breath, and read this book now 

By Stephanie Kelton,

Why should I read it?

3 authors picked The Deficit Myth as one of their favorite books, and they share why you should read it.

What is this book about?

THE INTERNATIONAL BESTSELLER

'Kelton has succeeded in instigating a round of heretical questioning, essential for a post-Covid-19 world, where the pantheon of economic gods will have to be reconfigured' Guardian

'Stephanie Kelton is an indispensable source of moral clarity ... the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all' Naomi Klein

'Game-changing ... Read it!' Mariana Mazzucato

'A rock star in her field' The Times

'This book is going to be influential' Financial Times

'Convincingly overturns conventional wisdom' New York Times

Supporting the economy, paying…


Book cover of The General Theory of Employment, Interest, and Money

L. Randall Wray Why did I love this book?

This choice is obvious and tough.

The book is notoriously difficult. However, it ranks with Darwin’s Origins of the Species, and Einstein’s General Theory of Relativity as among the most important and revolutionary books ever.

It’s no exaggeration to say that Keynes changed everything in the same way that Darwin and Einstein had. It will change the way you see the world if you make the substantial effort. Keynes argues that it is the organization of our economy around money that causes unemployment—not high wages or lazy workers.

Here’s my one sentence summary: firms only hire the number of workers they need to produce the output they expect to sell at a profit. If they cannot make money from hiring you, you are unemployed.

By John Maynard Keynes,

Why should I read it?

2 authors picked The General Theory of Employment, Interest, and Money as one of their favorite books, and they share why you should read it.

What is this book about?

John Maynard Keynes's 1936 General Theory of Employment, Interest and Money is a perfect example of the global power of critical thinking. A radical reconsideration of some of the founding principles and accepted axioms of classical economics at the time, it provoked a revolution in economic thought and government economic policies across the world. Unsurprisingly, Keynes's closely argued refutation of the then accepted grounds of economics employs all the key critical thinking skills: analysing and evaluating the old theories and their weaknesses; interpreting and clarifying his own fundamental terms and ideas; problem solving; and using creative thinking to go beyond…


Book cover of The Case for a Job Guarantee

L. Randall Wray Why did I love this book?

If you find Keynes’s explanation of unemployment depressing, here’s the antidote: another from the home team—Pavlina is a former student and current colleague.

Her solution is a universal job guarantee provided and funded by the Federal government. This isn’t welfare; wages are paid for useful work that promotes the public interest. Unlike private firms, government doesn’t need profits and cannot run out of money (see Kelton’s The Deficit Myth).

Pavlina explains the details: how the government finances the program; why it stabilizes wages and prices so that it cannot be inflationary; how the program will be run; and what kinds of projects will be undertaken.

She provides a clear, concise, detailed examination of policy that will permanently end the scourge of unemployment.

By Pavlina R. Tcherneva,

Why should I read it?

1 author picked The Case for a Job Guarantee as one of their favorite books, and they share why you should read it.

What is this book about?

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false.

In this book, leading expert Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates…


Explore my book 😀

Making Money Work for Us: How MMT Can Save America

By L. Randall Wray,

Book cover of Making Money Work for Us: How MMT Can Save America

What is my book about?

In this book, leading Modern Money Theory (MMT) advocate L. Randall Wray explains that the only real constraints on public policy are physical resources, technological capacity, and political will--but never lack of money. He shows how modern sovereign governments spend by keystroking money to bank accounts. While taxes serve other important purposes, they do not – contrary to popular belief – fund spending. If we recognize this, and reframe how we think about money and debt, we can marshal our national wealth to make us richer, eliminate unemployment and “look after our own.” We can make money work for us – all of US.

The companion Money for Beginners an illustrated version for our younger readers will be released in March.

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Norvel: An American Hero

By Kenneth F. Conklin,

Book cover of Norvel: An American Hero

Kenneth F. Conklin Author Of Norvel: An American Hero

New book alert!

Why am I passionate about this?

I am deeply passionate about human resilience. From Louis Zamperini's unwavering spirit in the face of war and captivity to Santiago's quiet determination against nature's harsh realities to Michael Jordan's relentless drive to overcome setbacks, these narratives resonate with me on a profound level. I'm particularly drawn to how these stories explore not just physical resilience but emotional and psychological strength as well. They serve as a powerful reminder that true victory lies not in the outcome but in the unwavering spirit we bring to life's struggles. 

Kenneth's book list on human resilience and remarkable achievements

What is my book about?

This book tells the inspiring story of Norvel Lee, an Olympic gold medalist who overcame tremendous adversity. Born in segregated Virginia, Lee faced racial discrimination, limited education, and a speech impediment. Despite these challenges, he became a Tuskegee Airman, educator, and mentor. The book chronicles Lee's journey from the mountains of Virginia to Olympic glory, showcasing his unwavering determination and resilience.

Readers will be captivated by Lee's courageous fight against Jim Crow laws and his groundbreaking civil rights case. This powerful narrative not only highlights Lee's remarkable achievements but also serves as a testament to the human spirit's capacity to…

Norvel: An American Hero

By Kenneth F. Conklin,

What is this book about?

NORVEL: An American Hero tells the incredible story of Norvel Lee, a man whose unwavering determination and courage allowed him to overcome obstacles and achieve greatness. Born in a time of racial discrimination. Norvel faced numerous challenges early in life. However, he refused to be defeated and used his intelligence and athletic abilities to propel himself towards success. As he grew into a young man, Norvel continued to face adversity but his commitment to his community, country, and family never waivered. His unprecedented achievements in business, sports, and military service makes him a true representation of the American dream. This…


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