Bard Economist L. Randall Wray Wins 2022 Veblen-Commons Award in Recognition of Significant Contributions to Evolutionary Institutional Economics

ANNANDALE-ON-HUDSON, N.Y.—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), John F. Henry (2017), 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.

Learn more about the Veblen-Commons Award here.
About Bard College
Founded in 1860, Bard College is a four-year, residential college of the liberal arts and sciences located 90 miles north of New York City. With the addition of the Montgomery Place estate, Bard’s campus consists of nearly 1,000 parklike acres in the Hudson River Valley. It offers bachelor of arts, bachelor of science, and bachelor of music degrees, with majors in more than 40 academic programs; graduate degrees in 13 programs; eight early colleges; and numerous dual-degree programs nationally and internationally. Building on its 162-year history as a competitive and innovative undergraduate institution, Bard College has expanded its mission as a private institution acting in the public interest across the country and around the world to meet broader student needs and increase access to liberal arts education. The undergraduate program at our main campus in upstate New York has a reputation for scholarly excellence, a focus on the arts, and civic engagement. Bard is committed to enriching culture, public life, and democratic discourse by training tomorrow’s thought leaders. For more information about Bard College, visit bard.edu.

This event was last updated on 08-02-2022

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