Prices Are More Than Supply and Demand | L. Randall Wray Money And Inflation

We discuss L. Randall Wray's heterodox perspective on pricing in his working paper "Money And Inflation"

Full episode: https://youtu.be/E450WRL0MJU

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Notes:
L. Randall Wray's Paper https://tools.bard.edu/wwwmedia/resources/files/924/WP%2012%20-%20Money%20and%20Inflation%20-%20Wray.pdf

Explore the Post-Keynesian theory of inflation through a detailed breakdown of Randall Wray money inflation paper, challenging traditional views. This video delves into Endogenous money supply explained, showing how money emerges from market activities rather than external controls. Learn about Administered prices in economics and how firms set them to achieve goals beyond market clearing. We provide a Critique of neoclassical economics, highlighting its flaws in assuming equilibrium and relative prices. Similarly, the Austrian economics money critique reveals misconceptions about money dictating prices. Discover MMT inflation views that tie inflation to spending and deficits. Understand Hyman Minsky price formation and its emphasis on nominal commitments. The discussion covers Aggregate markup pricing at macro levels, ensuring surpluses for investment. See how Government deficits corporate profits link directly, as seen in recent economic events. We explain Wage price spiral explained in the context of labor struggles. Explore Incomes inflation Post-Keynesian perspectives on capital-labor conflicts. Unpack Oligopolistic pricing processes that allow firms to maintain markups. Differentiate Exogenous vs endogenous variables, with interest rates as exogenous and money supply as endogenous. Gain insights into Market power and loans, where control over prices secures financing. Clarify Nominal vs real prices and why nominal matters in a monetary economy. Challenge the Equilibrium myth in economics, as real-world prices are administered. Identify Cost push inflation factors like rising energy costs. Examine Demand side inflation MMT through investment and government spending. This Heterodox economics money theory offers a fresh lens on pricing and inflation dynamics.