Bard Economist L. Randall Wray Wins 2022 Veblen-Commons Award

Bard Economist L. Randall Wray

L. Randall Wray, professor of economics and senior scholar at Levy Economics Institute of Bard College, has won the 2022 Veblen-Commons Award.

This award is the highest honor given annually by the Association for Evolutionary Economics (AFEE) in recognition of significant contributions to evolutionary institutional economics.

Named after the founders of institutional economics, Thorstein Veblen (1857-1929) and John R. Commons (1862–1945), and awarded since 1969, the Veblen-Commons Award is presented to scholars “on the basis of their contributions to a better understanding of both the economic process and the behavior of the major institutions that shape that process and society’s goals and values” (Trebing, 1992, 333).

By recognizing significant contributions to institutional analysis, this award furthers the goal of institutional economics to make the world a better place.

Recipients of the Veblen-Commons Award have made outstanding contributions to institutional economics in the tradition of Veblen and Commons.

Award recipients have focused their work on some of the most important topics confronting human society. Such topics include exploring the underlying power relations within society, the origins and implications of inequality, feminist economics, the origins of discrimination, the enabling myths of the dominant groups, the continuing conflict between rights and duties, the possibilities offered by modern technologies and the use of those possibilities for good or ill, the causes of financial crises, among others.

Previous recipients include Levy scholars James Galbraith (2020), Jan Kregel (2011), and Hyman P. Minsky (1996).

L. Randall Wray is a senior scholar at the Levy Economics Institute and professor of economics at Bard College. He is one of the original developers of Modern Money Theory.

Wray’s most recent books are Why Minsky Matters (Princeton University Press, 2016), and A Great Leap Forward (Academic Press, 2020), and Handbook of Economic Stagnation(with Flavia Dantas; Elsevier, 2022). Four new books will be published in 2022/2023: Making Money Work for Us (Polity Press, Fall 2022), Money For Beginners (with Heske Van Doornen; Polity Press, 2023), Modern Monetary Theory: Key Thinkers, Leading Insights (editor; Edward Elgar Publishing, 2022), and The Elgar Companion to Modern Money Theory(with Yeva Nersisyan; Edward Elgar Publishing, 2023).

Wray is the author of Money and Credit in Capitalist Economies (Edward Elgar Publishing, 1990), Understanding Modern Money (Edward Elgar Publishing, 1998), The Rise and Fall of Money Manager Capitalism (with É. Tymoigne; Routledge, 2013), Modern Money Theory (Palgrave Macmillan, 2012; 2nd rev. ed., 2015), and Macroeconomics (with William Mitchell and Martin Watts; Red Globe Press, 2019).

Wray previously taught at the University of Missouri–Kansas City and at the University of Denver, and has been a visiting professor at the Universities of Paris, Bologna, Bergamo and Rome, as well as UNAM in Mexico City.

He holds a BA from the University of the Pacific and an MA and a Ph.D. from Washington University, where he was a student of Minsky.

He has held a number of Fulbright Grants, including most recently at the Tallinn University of Technology in Estonia. He is the 2022 Veblen-Commons Award winner for contributions to Institutionalist Thought and will be the 2022-2023 Teppola Distinguished Visiting Professor at Willamette University, Salem Oregon.

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