Mike Norman Economics

Lars Syll schools Douglas Carr (The Hill op-ed) on austerity and the Swedish economy. Lars P. Syll’s BlogSweden as a case of MMTLars P. Syll | Professor, Malmo University

Gold buying like this functions as ‘off balance sheet deficit spending’. It’s off balance sheet as the payments by the CB don’t count as fiscal expenditures as they are accounted for as CB asset. And it’s functionally state deficit spending as the purchases add income in the form of net financial assets to the non government sectors: China’s on a bullion-buying spree. The world’s second-largest economy expanded its gold reserves for the fourth straight month, adding to optimism that...

Hatzius sees bigger risks in private debt than public deficit BofA, Standard Chartered say MMT only helps in sharp downturns BloombergWall Street Economists Wade Into the MMT Debate in a Big WayKatia Dmitrieva

In Part 1, I introduced the discussion about the use of industry policies in the Keynesian period after World War 2. Most nations adopted a mixed planning-market based system for allocating productive resources and the state was always central in setting out planning parameters, direct ownership and employment, and regulation. It was a system that researchers described as being “highly successful”. Two approaches to industrialisation were taken: (a) export-oriented (for example, South...

The cost of giving up currency sovereignty. Even Germany isn't doing well under the euro now. Lars P. Syll’s BlogMMT perspectives on the euroLars P. Syll | Professor, Malmo University

I was hoping that Pavlina would bury Noah's criticism of her paper, and she greatly exceeded my expectations.MUST-READ. This is much more than a smackdown. Lotsa links, too.New Economic PerspectivesMMT, Models, MultidisciplinarityPavlina Tcherneva | Assistant Professor of Economics at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability

Short, and positive toward MMT.Wall Street blessings have helped. AxiosThe upside of printing money Felix Salmon

Historian Rebecca Spang’s latest History News Network piececon MMT and history is both timely and thought-provoking. In addition to its biting critique of economic orthodoxy and other valuable insights, the essay sets into relief a productive ontological debate about money and its historical manifestations. Part of the present breakdown of the neoliberal consensus, the insurgent popularity of MMT in contemporary discourse has enlivened conservations about the nature of money and its role in...

In 1975, Tony Benn, a Left Labour member in the British Parliament and Secretary for Industry. At the time, the Prime Minister and Chancellor were becoming attracted to Monetarism and started framing and implementing the austerity-type fiscal strategies that are common today. Benn opposed this approach, and, instead proposed a far-reaching alternative economic strategy that involved increased industrial planning to revitalise British industry. The growing ‘free market’ orthodoxy at the...

If you are following the debate about what neoliberalism is in terms of a behavioral definition instead of a conceptual one, this is a good read. It contends that neoliberalism is based on conceiving freedom in terms of consumers' freedom of choice in markets as the "new politics." It takes the meaning of "consumer society" to a new level.JacobinHow Neoliberalism Reinvented DemocracyAn Interview With Niklas Olsen