Mike Norman Economics

[embedded content] Only 1:15.Chimp scrolling Instagram on iPhone proves it’s just like us

I had this letter in the FT this morning in response to a piece from Gavyn Davies, which continued the standard neoclassical economist's tradition of entirely missing the point about modern monetary theory…. Tax Research UKIn the FT this morning: modern monetary theory is the answer to the new normal Richard Murphy | Professor of Practice, International Politics, School of Social Sciences, City, University of London; Director, Corporate Accountability Network; Co-founder, Green New Deal...

AbstractThis paper focuses on the different development strategies of China and India, particularly regarding the role of manufacturing and services, for long-run productivity growth, external competitiveness and financial fragility. The findings appear to support the argument that productivity improvements in manufacturing drive productivity improvements in other sectors. They also substantiate previous findings that the Indian services-led growth trajectory has had limited success in...

I had t his call all the way back in December at the bottom. What's next for stocks, gold, the dollar, bonds, oil?

On Sunday, May 12, 2019, I will be presenting a workshop in London on – Local Government Funding: Challenging the Status Quo. Basically, I will be speaking about the way in which flawed understandings of the capacities of currency-issuing governments, combined with a vicious, ideological attack on working people from a government fully invested in neoliberal transfers to the elites, have ravaged the capacity of local government in the UK to deliver essential public services. See the Events...

Wow, Ben Norton packs quite a lot in half an hour from Russia-Gate through to WW3 and everything inbetween! The ruling elite own the media and don't care about us, or democracy, or a better society, says Ben Norton, and that they only care about their imperial control of the world.Ben Norton says the mainstream media are only interested in profits and the Russia-Gate nonsense was very profitable for them, plus their propaganda suited the establishment. Now Julian Assange is being portrayed...

Readers are probably aware that there is quite a lot of discussion of Modern Monetary Theory (MMT) and the potential for fiscal experimentation batting around at the moment. Others have weighed in on this already, and I have little to add. It is striking, however, that most of the push-back — where there is push-back — is not focused on trying to discredit the idea that we should engage in fiscal experimentation. Indeed, the notion that we should engage in fiscal experimentation seems to...

What then is the escape from capitalism? What would be the essential features of a socialist economy, one the would be really achievable? Exactly the right question. It's not just about there but getting from here to there. The former is utopian, the latter involves being realistic. This is not primarily a theoretical question but a practical one.Marx concluded that capitalism is based on a monetary production economy, and that monetary production economies tend toward capitalism, as China...

Eiteman and Guthrie conclude their paper with this statement: “If the beliefs of businessmen in general coincide with those included in this sample, it is obvious that short-run marginal price theory should be revised in the light of reality.” That was in 1952…. Another thing conventional economics reverses and gets backwards. "Reality is a bitch."econoblog 101The problem with the supply curveDirk Ehnts | Lecturer at Bard College Berlin  

"But how will we pay for it?" The bill for all the negative externality that has been socialized is coming due.TruthdigThe $70-Trillion Climate Bill Coming Our WayTim Radford / Climate News Network