Mike Norman Economics

This is the second and final part of my series on Scotland as I prepare for a visit to Edinburgh and Glasgow this week. You can see the details from my – Events Page – and I urge interested readers to support the events that are run by activists. I will be talking about issues pertaining to the monetary arrangements that might accompany a move to Scottish independence. I have noted in the past that this is a controversial issue in itself that is also made more divisive because it has become...

On the Indian economy, with a reference to MMT thrown in. If Ramanan sees this, perhaps he will comment.Financial Express (India)Ability to grow amid global declining trend a hallmark of IndiaSushim Banerjee

The media, financial community and zombies have this wrong. Tariffs and trade "wars" are already creating a bullish outcome.

The BRI forum’s key takeaway was Beijing’s ability to execute a masterful geopolitical Sun Tzu maneuver – realizing that for the scheme to proceed more smoothly it would have to address key questions about debt sustainability, anti-corruption, consultative processes, plus emphasize “bottom-up” negotiations. Scores of nations across the Global South, as well as some aspiring to developed world status, have adopted the Chinese investment and development model over financing from Washington...

US media not even pretending anymore. Prepping the American public for military intervention? RT Fake news alert: CNN says Venezuelan opposition leader Juan Guaido 'won election in January'

Changes in expenditure rather than changes in the money stock are causal in economic performance. Changes in money stock do not necessarily result in changes in expenditure. Velocity of money depends on liquidity preference. If the money stock increases while the population increasingly desires to save rather than spend, no change in economic performance will follow. A chief point of the General Theory is that spending as "effective demand" drives an economy. As a consequence fiscal...

What I hope to achieve is to set out a framework based on Modern Monetary Theory (MMT) principles to allow the protagonists to make their own decisions, free of the neoliberal sort of monetary myths that I think have dominated the independence debate to date. I am always cautious discussing the pro and con of situations where I have no direct material stake and a less than full understanding of specific cultural and historical influences that are at work. But the Scottish question is...

An economy’s minimum wage equates a unit of the currency to an amount of labor time. For instance, in marxist terms, a minimum wage of $15/hour sets a dollar equal to 4 minutes of simple labor power. At a macro level, this enables currency value to be defined in terms of simple labor. There are, however, at least two ways in which this connection between currency value and labor could be drawn. One way would be to adopt a labor command theory of currency value. In effect, modern monetary...

Apt Kaldor quote, giving Singh advice on development economics.The Case for Concerted ActionAshwani Saith: Ajit Singh Of Cambridge And Chandigarh – An Intellectual Biography Of The Radical Sikh EconomistV. Ramanan

Orwellian indeed. Evidence-free "truth" — when evidence suggests otherwise. Only this is not fiction.Consortium NewsOrwellian Cloud Hovers Over Russia-gate Ray McGovern, CIA analyst for 27 years, with special expertise on Russia, and prepared The President’s Daily Brieffor Presidents Nixon, Ford, and Reagan, and co-founder of Veteran Intelligence Professionals for Sanity (VIPS)See alsoSic Semper Tyrannis The Malevolent Farce that is Mueller and the Russia Hoax Larry C Johnson, former CIA...