Mike Norman Economics

Physician Ted Noel first admits that AOC went though rigorous math training to obtain her undergrad degree in International Relations and Economics, and then accuses her of making trivial math mistakes.  He then shoots from the hip himself, cooking up an off the cuff model of why AOC is clearly wrong.  Dr. Nolan  thinks he can just extemporize a response off the top of his head based on his undergrad math degree as part of his pre-med training when we are talking about launching another...

You can tell a lot about an idea from who likes it. You can tell even more about it by who doesn’t like it. And some of America’s most obtuse pundits do not like the Green New Deal.... SplinterThe Awful Takes on the Green New Deal Are Already Rolling In Paul Blest

Of course, currency sovereigns are self-funding so they don't need to cut other programs for funding purposes. However, currency sovereigns are constrained by the availability of real resources. In this case, choices must be made based on priorities with respect to real resource allocation.WHAT THE WORLD WANTS AND HOW TO PAY FOR IT USING MILITARY EXPENDITURES

Being unable to compete in terms of the technology itself or the pricing thereof, the US is instead forced to resort to so-called “lawfare” and infowars in order to undercut its Chinese opponent. The replacement of outdated American technological infrastructure with updated Chinese systems will also deal a heavy blow to the NSA’s ability to vacuum up countless communications, which is probably the real reason why the US is in such a frenzy to stop Huawei from expanding to Europe and...

Trump’s Energy Dominance plan is predicated on keeping control of the flow and pricing of oil around the world. This is why he’s meddling around in Venezuela, a project more than twenty years in the making by the U.S. but which he philosophically agrees with.He has no ability to stop the drive within our government to keep the Middle East a powder keg because Israel acts as if peace is an existential threat.But none of that will change the trend that now dominates, which is that the U.S.,...

In his “Manifesto of the Communist Party” (1848), published together with Frederick Engels, Karl Marx calls for “measures” — by which he means “despotic inroads on the rights of property” –, which would be “unavoidable as a means of entirely revolutionising the mode of production,” that is, bringing about socialism-communism. Marx’s measure number five reads: “Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.” This...

Good article. Covers the field. MMT is one of the seven.Bloomberg BusinessSeven Fixes for American Capitalism Peter Coy, David McLaughlin, Matthew Boesler, Carolynn Look, Katia Dmitrieva, Shawn Donnan, and Andrew Mayeda

This morning I responded to leading Modern Monetary Theory (MMT) proponent Stephanie Kelton's Huffington Post op-ed, "How We Can Pay for a Green New Deal," with a tweet observing that "MMT often boils down to nothing more than an especially naïve sort of Keynesianism: assume an unlimited excess supply of every resource save money balances, and, voila! monetary expansion can costlessly finance all the projects we like!" My comparison of basic MMT arguments with plain-vanilla Keynesianism is...

It seems now very opportune that I recently posted three times on my blog my views on Modern Monetary Theory (MMT), an increasingly attractive theory for the left to justify government spending to meet the ‘needs of the many’. For just this week, left Democrats in the US Congress, led by the rising star Alexandria Ocasio-Cortez (AOC), a member of Democratic Socialists of America, launched what they call the Green New Deal (GND), an alternative programme for a future US government to adopt...

To reiterate, we didn’t need people’s money to fund the war effort. And in case you don’t believe me, take the word of someone who was there. Beardsley Ruml, Chair of the Federal Reserve Bank of New York, published a piece in American Affairs in 1946 entitled “Taxes for Revenue are Obsolete.” Guess what he says! John Harvey might also have pointed out that this how the US government self-funds the military now, and everything else it spends money on, including Social Security. FDR knew...