Mike Norman Economics

Video and transcriptTRNNTrump Up in Polls; Who Benefits From Economic Growth?Paul Jay interviews Dean Baker and Randy Wray

The U.S. under Donald Trump is exacerbating tensions with Iran, leading many to fear war may be just around the corner. Any military conflict would have dire consequences for Europe, but the Americans remain undeterred.… Germans not happy.Spiegel OnlineRising Tensions: Trump's Iran Escalation Poses a Threat for Germany Staff

On April 18, 2019, a redacted version of Robert Mueller's report on "RussiaGate" related activities was released to the public. This article focuses on Volume I Part III titled "Russian Hacking & Dumping Operations" and provides details of the errors made, critical omissions, lack of conclusive evidence and reliance on assumptions and speculation. We will also look at problems relating to attribution methods used, countervailing evidence that has clearly been disregarded and other...

...no arrangement can be made with the United States anymore, since it is increasingly non-governable entity with utterly corrupt political institutions at the very top.Two years ago I stated: The only way of the United States out of present day pitiful state will be only with removal of most of current"elites" and "experts" who served them for so long. Thus America's losing the faith in this kind of expertise is a good thing.... The US has a deficit of soft power, becoming more feared...

“I don’t think people really understand what is at stake,” says Alex Camera, CEO of Audio Control, a privately held, small business manufacturing audio sound equipment near Seattle, Washington. He imports electronic components from China and makes things like power amplifiers for cars. They design it and put it together in Washington. “Trump says China is paying these tariffs, but they are not. I am. U.S. companies are paying it at the port.” Tariffs are port taxes due at the time of...

Fiscal support to the economy is unprecedented.

Milton Ezrati gets some of it, misses on other of it.The National InterestUsing Modern Monetary Theory to Your Advantage Milton Ezrati | contributing editor at the National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, the New York-based communications firm

Is it plausible that programs costing 34 percent of current US GDP can be financed without running up against those pesky real resource constraints, or by exceeding it only by a tolerable margin? I very much doubt it, which is another way of saying that I doubt that GND can be paid for only by diverting substantial amounts of presently-employed real resources from their current uses. Now we are getting down the nitty gritty — the real resources constraint. I have emphasized previusly that...

A must-read (not least because of the interview videos where Leijonhufvud gets the opportunity to comment on the ‘madness’ of modern mainstream macroeconomics)! Axel Leijonhufvud's On Keynesian Economics And The Economics Of Keynes: A Study In Monetary Theory is a free download at archive.org here.Lars P. Syll’s BlogAxel Leijonhufvud — the road not takenLars P. Syll | Professor, Malmo University

Some fans of MMT have cited Japan as a success case, saying Tokyo has been able to boost fiscal spending without causing inflation as the central bank keeps the government's borrowing cost ultra-low through its massive stimulus programme.  Kuroda said Japan was not resorting to MMT, as the government commits to getting the country's fiscal house in order. "Japan has deployed economic stimulus policies. But the government believes it's important to restore fiscal health and make fiscal...