Mike Norman Economics

There's another element behind the market correction. It's temporary, but you should know what it is.

Economies are human constructs, not inevitable natural phenomena. Humans make up the rules that participants must follow when playing the game, and as the economy grows and evolves, humans must change the rules of play in ways that optimize the well-being of the majority of participants. In this piece, we argue that the MMT fiscal policy proposition of government spending into the private sector, with inflation being the only limiting factor, is not only needed for a real recovery from the...

Schumpeter did not like Knapp's Chartalist theory.econoblog 101Schumpeter on Knapp in his 1954 HEA Dirk Ehnts | Lecturer at Bard College Berlin

We did this before (New Deal). We can do it again (Green New Deal). The article shows why the ND and GND are similar as responses to environmental degradation. Most have forgotten what a paroblem this became in the US in the 30s. Kevin Baker refreshes our memory. The present threat is potentially much graver and presents a greater challenge than the Great Depression did, as bad as it was. HarpersWhere Our New World Begins Kevin Bakerht Yves Smith at Naked Capitalism Several leading...

The way in which Modern Monetary Theory (MMT) has become politicised and misrepresented is quite something. The critics have all fallen into the same pattern. They rehearse a few statements that they claim represents what MMT is about, and, which they know will shock people who read and/or listen to them to conclude that the proponents of MMT understandings are crazy. A whole host of wannabees are now jumping on the bandwagon. And last week, 5 Republican Senators in the US Congress tabled a...

You gotta love the zombies and mindless investors who sell on every headline. They just keep adding to my bank account.

Marx’s dialectic is unique, Marshall says, because it straddles two distinctive ideas of modernization and modernism. Typically, analyses of each have been set apart. Modernization, on the one hand, has meant sustained economic development and industrial expansion, large-scale social planning and urban growth, bureaucratic regulation and rationality, the shattering of traditional cultures, perpetual progress and productivity. On the other hand, modernism suggests something more artistic and...

Summary of the threat posed by climate change with a clock on it to some extent.RedditFound this, thought it was pretty good for people who don't realise what's going on Posted by u/sonofadistance ht Yves Smith at Naked CapitalismSee alsoMagpie's Asymmetric WarfareThis is the Situation. MagpiealsoForbesWhy Renewables Can’t Power Modern Civilization: They Were Never Meant To Michael Shellenberger

Tariffs are paid by importers, not exporters. Doh.ReutersExplainer: Who pays Trump's tariffs - China and other exporters or U.S. customers?

The eagle has conveniently forgotten that the original, Ancient Silk Road linked the dragon with the Roman empire for centuries – with no interlopers outside of Eurasia, muses Pepe Escobar. Consortium NewsPEPE ESCOBAR: The Eagle, the Bear and the Dragon