Mike Norman Economics

Distinguishing currency acceptance from currency value therefore carries a social significance. So long as a sovereign government’s currency is accepted, neither the currency nor society is ultimately beholden to the law of value. Since a currency can be made viable irrespective of (marxist) value considerations, a currency-issuing government can override the law of value whenever this is the political will. This opens the way for an extension of not-for-profit activity and, if desired, a...

Good "debate." Lays important issues on the table. Short read.TRNNThe MMT Debate With Dean Baker & Randall Wray

Bill Totten resurrects Randy Wray's remark on what MMT economists do and why some of the criticism directed at them is poorly aimed. Timely, now that MMT has gone mainstream and is getting a lot of criticism.Bill Totten's WeblogWray: MMT Primer – Blog #1 Responses (June 8, 2011) Bill Totten

Ralph makes some good points.RalphonomicsArticle in the Frankfurter Allgemeine by Dirk Ehnts on MMT. Ralph Musgrave

Dirk Ehnts asks, what zero lower bound.econoblog 101Monetary policy and the zero lower … oh, wait!Dirk Ehnts | Lecturer at Bard College Berlin

The looming debate. The American public overwhelming wants changes. Now the debate begins in earnest (again) over how to structure this reform. While this article takes a negative angle, it lays out some of the key issues that will be prominent in the ensuing debate. What MMT has to contribute is understanding of how real resources economically and competing interests politically are the actual issue, whereas the financial issue of affordability is a non-issue for a government that funds...

Anyone who has followed the nuts and bolts of the Chinese miracle launched by Little Helmsman Deng Xiaoping in 1978 knows that Beijing is essentially exporting the mechanism that led China’s own 800 million citizens to, in a flash, become members of a global middle class. As much as the Trump administration may bet on “maximum pressure” to restrict or even block Chinese access to whole sectors of the US market, what really matters is BRI’s advance will be able to generate multiple, extra...

More on pluralism in economics. Traditionalism has something to say to liberalism about both substance and process. What is Islamic Economics? A paper by Hafas Furqani “Defining Islamic Economics: Scholars’ Approach, Clarifying The Nature, Scope and Subject-Matter of The Discipline” lists more than 21 definitions, citing in addition several authors who state that there is no need for such a definition. Why is there such a variety of definitions, and what can be done to arrive at consensus...

Weekend reading.The American ProspectKarl Polanyi Explains It All Robert Kuttner

Interesting reveal here where didactic trained STEM students (training for mastery of physical systems) walk out on a dialectic Liberal Art trained moron attempting to lecture them that a physical system was responsible for their classmate death.Hope for GenZ.Students at a vigil for the STEM School shooting in Highlands Ranch reportedly walked out of the event after Democrat politicians Jason Crow and Michael Bennet made remarks and students said the tragedy was being politicized.Outside,...