Mike Norman Economics

Useful critique of MMT. Martin Wolf at least took the time to read Randy Wary's Modern Money Theory. His areas of agreement with MMT are mostly factual, whereas his criticisms appear to be mostly opinion. In addition, he is unaware of what some of the other MMT economists have written about his areas of concern. Most seriously, his solution is more technocracy, which ignores the agency problem. But worth a read. Financial TimesStates create useful money, but abuse it Martin Wolf

The post is interesting from the POV of history of economics. Antony P. Mueller points out how MMT owes more to Kalecki than to Keynes. His criticism of MMT goes astray in assuming the conventional economic view of debt-financed fiscal deficits crowding out private sector productive investment. MMT shows how this assumption is erroneous in that the net spending after taxes injects the exact amount of bond issuance in offset. It's the spending that funds Treasury security issuance.  In...

Robert Heilbroner hits it out of the park in this short article, originally a speech. It's a fun read, too.Grasping RealityRobert Heilbroner (1996): The Embarrassment of Economics: Weekend ReadingBrad DeLong | Professor of Economics, UCAL Berkeley

Richard Wolff says that China's capitalist system of state control of many leading undustries, with a tremendous amount of central planning and regulation, has given them 10% growth rate each year for 25 years and that's why they will never give it up.Trump may eventually negotiate a new trade deal and Huawei and will no longer be considered a threat, which will make him look good to his base. [embedded content]

Those science fiction movies aren't so mad after all and we could end up in a war with artificial intelligence which would wipe us out in a jiffy. Destroy one part of it, and rather like Medusa, millions of new parts would spring into action everywhere. It has no central brain, because it's artificial intelligence would have spread itself all over the world, designed that way by itself to preserve itself from attack. But it was all originally programmed to do this by us.People think that...

MMT gone viral. Untested economic model has big implication on country's planned tax hike and debt policy Nikkei Asian ReviewGrowing Modern Monetary Theory debate rattles Japan officials Staff

Most important, after a 40-year period in which capital has won out decisively over labor, there is much likelihood that global economic policy is to shift back in a much less business-friendly direction. Not only will that weigh on economic growth, but it’s also likely to push inflation higher. And that’s something markets are not currently prepared for. FinenewsDarren Williams: «How Populism Affects Our Business» Darren Williams | Global Economic Research Group for Fixed Income

GND and MMT make it to India.LiveMint (India)Opinion | India's ailing economy needs a green pill for revival Rajrishi Singhal | consulting editor of MintCritical article on MMT but well-researched and worth reading. Modern monetary theory has provided hope that the current economic problems can be solved if we look at things in a "new" light. Blinded by this hope, the fact that this theory is not "new" and has failed in the past has remained hidden. Business Today (India) Ravi Saraogi, CFA...

Another positive article. (Ukiah was my home town for awhile.)The Ukiah Daily Journal — OpinionAnother Voice: Escaping the black hole of debt Crispin B. Hollinshead, Ukiah resident