Mike Norman Economics

When you say we can't spend what you are really saying is you are okay with lack. I am not.

"We were never going to find a contract signed in blood saying, 'Hey Vlad, we're going to collude,'" one Democratic aide said. By Ken Dilanian WASHINGTON — After two years and 200 interviews, the Senate Intelligence Committee is approaching the end of its investigation into the 2016 election, having uncovered no direct evidence of a conspiracy between the Trump campaign and Russia, according to both Democrats and Republicans on the committee. NBC News - Senate has uncovered no direct...

Previously I have discussed how Marx’s well known aggregate equalities have been shown to hold under single-system interpretations of his theory of value. In the July 2018 edition of the Cambridge Journal of Economics, there is a noteworthy paper by Ian Wright that reconciles the classical labor theory of value with Marx’s prices of production within a dual-system framework. As with single-system interpretations, Marx’s equalities also hold under Wright’s approach. However, they do so in a...

I don't link to the NYT since it stopped being a newspaper. Alex Douglas explains Paul Krugman's criticism there of MMT based on r > g.This is not a new criticism. It is a neoclassically based argument. It was raised when Thomas Piketty's Capital in the 21st Century made r > g famous.The expression r > g itself was criticized at the time, and I won't repeat it. Suffice it to say that that is a monetarist view that suffers from the insufficiency of neoclassical assumptions about...

The iconic business magnate and philanthropist also dismissed “modern monetary theory” as “crazy talk”. The theory has been embraced by progressive US politicians such as Bernie Sanders and Ocasio-Cortez, and, curiously, President Donald Trump. It dictates that governments should not be concerned about deficits because they control the printing of their own currency. This leads to the conclusion that inflation should instead be managed with interest rates. Does Bill Gates implicitly advance...

Real estate -- particularly residential real estate -- is an extremely important factor when discussing recessions in the modern era. To a certain extent, real estate is where economic theory goes to die. One possibility is that the theory was largely developed when the norms in real estate investment were conservative, so attention was moved to the industrial sector. However, the herd tendencies in the housing market may now overwhelm the industrial cycle. (This article is a set of notes...

Mint Press NewsMass Protests in Haiti, Like France’s Yellow Vests, Threaten Modern Oligarchic Structure Whitney WebbMint Press NewsHow the Media Manufactures Consent for Regime Change in Venezuela Alan Macleod Moon of AlabamaRussiagate Is Finished Venezuela - 57% Say Maduro Is Their Legitimate President bNEOTrump Re-Sets the Sail for U.S. Nuclear Supremacy Salman Rafi SheikhReutersPompeo warns allies Huawei presence complicates partnership with U.S. ReutersApple iPhone sales in...

Nassim Taleb gets the smackdown. Bill Mitchell – billy blogThose Imbecilic Keynesianisticists are loose – lock up your … whatever!Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

It occurred to me recently that everything has gone wrong since Milton Friedman died in 2006. Enuff said. PowerLineThe Laffer Curve of the Left? Steve Hayward

How close is the US to a "Minsky moment" in the financial cycle?ReutersRed flags emerge as Americans' debt load hits another record Jonathan Spicer