Mike Norman Economics

My new essay examines the question from three points of view: the coverage provided by tax data in the world economy, the consistency of tax data with other sources of information on income inequality, and the peculiarities of tax-based measurement of inequality in the United States. It goes on to make a comparison with measures drawn from other forms of administrative data—specifically payroll records, used by the University of Texas Inequality Project—which are generally more consistent...

...the standard Judd 85/86 result that the optimal rate of taxation of capital income* goes to zero as time goes to infinity is what mathematicians call a boo boo (oopsie). The asserted theorem is false as explained by Ludwig Straub and Ivan Werning.… Angry BearOptimal Taxation of Capital Income 2019 (let them Bern) Robert WaldmannSee also * We just raised the federal tax rate on capital gains and dividends from 15 percent to 23.8 percent, but most economists say these tax rates should be...

I have read an article from Hyman Minsky which is only 6 pages long but contains some major arguments of his thought. There are also some very nice quotes to take out of the text. The article was published in the FRBNY Quarterly Review issue of spring 1992 on pages 77-82. Minsky attacks equilibrium economics: econoblog 101Minsky in 1993 on the Non-Neutrality of MoneyDirk Ehnts | Lecturer at Bard College Berlin

Half-informed.Many of the points made have been dealt with in the MMT literature, but the author seems to be only superficially informed about it. Almost no one has taken the time to educate themselves on MMT in a serious way before offering shoot from the hip criticism.On the other hand, these are valid considerations and if people are not informed about the MMT solutions, more education is required. That includes educating MMT evangelists so that don't just spread slogans or perpetuate...

In yesterday’s short blog post – Some Brexit dynamics while across the Channel Europe is in denial (January 2, 2019), I noted that various European Commission officials were boasting about how great the monetary union had been over the last 20 years. European Commission President Jean-Claude Juncker had the audacity (and delusion) to claim it had “delivered prosperity and protection to our citizens. it has become a symbol of unity, sovereignty and stability”. I think he was either drunk or...

Was short for a year. Just took major profit.

Zero HedgeAmerica's Defeat In Syria Is A Crisis Of Empire [how Putin outplayed the US Deep State] Tyler Durden EcnsResolving Taiwan question, complete reunification a historic task: Xi EcnsXi delivers speech at gathering marking 40th anniversary of Message to Compatriots in TaiwanThe Fourth Political TheoryGeopolitics: Theories, Concepts, Schools, and Debates Alexander DuginMint Press NewsLand of the Free – Unless You Want to Criticize Israel Philip RoddisFort Russ NewsRegime Change in...

If there’s one thing I’ve learned in my twenty plus years of market-watching it is that markets hate uncertainty. Uncertainty breeds volatility and volatility usually prefaces a panic.…No matter how powerful you are, you can’t dictate to markets for very long without there being a comeuppance. Even the Fed understands this. That’s why for the past ten years central banks have embarked on a communications policy to massage markets first, to prep them for any changes in monetary policy....

India has done well to put in place the nuts and bolts of a payment mechanism for its trade and investment transactions with Iran against the backdrop of the US withdrawal from the Iran nuclear deal (known as the Joint Comprehensive Plan of Action) in May last year followed by the imposition of sanctions against Iran.... India PunchlineIndia sequesters Iran ties from US predatory strikeM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service

‘Make America Great Again’: Trump’s slogan seems both to yearn for a time when the United States had more influence, and to call for its pre-eminence to be restored. In its own way, it asserts that the US is – or should be – different. In fact it was only Trump’s predecessor, Obama, who was the first president to talk regularly about American exceptionalism, yet to Trump it is something that is long lost and it is his job to recover it. Yet belief in the US’s exceptional nature has been a...