Mike Norman Economics

Last week, Thomas Fazi and I had a response to a recent British attack on Modern Monetary Theory (MMT) published in The Tribune magazine (June 5, 2019) – For MMT. The article were were responding to – Against MMT – written by a former Labour Party advisor. In – Part 1 – we considered how the MMT critique was not really about MMT at all. We provided a more accurate summary of what MMT is and what it is not. In this second Part we consider the way the former advisor’s article misrepresented...

The elephant in the room now is that the tech market is global and the rising demand is in non-Western emerging economies, where price point can be determinative. Huawei is succeeding because it can produce highly competitive products not so much because they are superior technologically but because they are adequate and less expensive than the competition. Apple has chosen to position itself as a luxury product and so it is not chiefly threatened. But the bulk of tech market is...

Important. Demonstrates the need for a return to political economy" to right the balance, which has swung too far in the direction of economic liberalism.The problem is that the assumptions on which economic liberalism is based are ideological and not empirical, seeming to contradict what actually happens institutionally especially in democratic societies regarding "public goods." Economic liberalism assumes that public goods are only needed as a result of "market failure," so the solution...

Putting some numbers on it. Political CalculationsCalifornia's "Staggering" Homeless Count

Cyberwar — it's on. But still low grade.Sputnik InternationalMost Cyber Attacks in 2018 Came from US, Chinese Report Warns Sputnik InternationalBolton Says US Engaging in Offensive Cyber Ops to Show Russia, Others 'Price' of Interference Sputnik InternationalUS-China Trade War Only Part of Larger Global Conflict – Cyber Security Analyst RT‘They will pay a price’: Bolton says US has expanded ‘offensive cyber operations’ against Russia

Chinese tech giant Huawei is allegedly in discussions with Russia to implement the Russian Aurora operation system (OS) on its devices, the Bell reported on June 10th. Southfront Huawei In Discussions To Install Rostelecom’s Aurora OS On Its Devices: MediaSee alsoHopefully, all this will lead to more competition in the field of operating systems down the line. Once the Chinese, Russians and Indians gear up it is going to be a new game. And we are beginning to see that. Huawei's OS, which...

Two can play that game.Cold War on. US military-industrial complex elated.Sputnik InternationalChinese Flotilla Sails Between Okinawan Islands of Japan - Reports

I think this is partly correct. Probably more significant is the weaponizing of the USD in the economic aspect of hybrid warfare that the US is now carrying out against a number of countries a d sending a message that "you are either with us or against us" (ht G. W. Bush). Wars run two ways.Historically, gold has been the most secure reserve asset — the ultimate in safety, if one can protect one's gold holdings. Powerful nations are betting that they can do do in the event of loss of trust...

Simon Wren-Lewis's response to Bill Mitchell proves Bill's point. I can't wait to see Bill's smackdown, if he bothers to respond. I don't have the time to waste. SWL is out of his league here.SWL doesn't get that the conventional approach is neoliberal. Reiterating it and saying it is not neoliberal doesn't cut it. I have little hope that SWL or the rest of the left neoliberals will ever get it. They will have to be replaced. New StatesmanLabour's fiscal credibility rule isn't neoliberal...

The Trump administration likes the steps Bolsonaro took. It wants to starve Cuba of access to hard currencies that the body leasing of doctors provides. It is also one of the reasons why it targets Venezuela: Around 50,000 Cuban health professionals work in 66 countries worldwide, although around half of those work in Venezuela, with an additional 11,456 in Brazil. The Cuban doctors in Brazil are gone and the U.S. is pressing for those in Venezuela to leave. Trump's National Security...