Mike Norman Economics

Michael Liebowitz makes up his own theory of inflation to criticize MMT and the inflation constraint. See It Market Modern Monetary Theory and its Fictional Discipline Michael Lebowitz

This article goes into the controversial Green New Deal package put out by U.S. freshman Congress member Alexandria Ocasio-Cortez (known on Twitter as AOC) and veteran lawmaker Senator Edward Markey. Majority Leader Mitch McConnell moved to bring the legislation to a vote in the U.S. Senate. However, the probability of such legislation passing would require a Democrat figure in the White House, but it outlines what key party members feel about capitalism, Modern Monetary Theory (MMT),...

"Socialism."While Iain Murray presents an ideologically biased argument agains the GND and MMT, he brings up points that need to be addressed for popular consumption, since it is likely that many people think this way. The GND is not a proposal but an idea for a proposal. A lot of things need to be spelled out that aren't yet. In fact, it is probably not possible to do so at this point, at least comprehensively, since significant pieces are lacking and need to be modeled, developed,...

The latest internal polls reveal that 40 years after the Islamic Revolution, over 70% of Iranians of all social classes have zero trust in any negotiations involving the US government. And that even includes an increasing number of millennials, for whom the Islamic Revolution is just an echo of a distant past. That may not be the exact sentiment in Teherangeles, California – the capital of the Iranian diaspora, which may number over half a million people worldwide, mostly...

It is clear that once dominance of the US Dollar and the system which sustains it is removed, consequences for the United States could be catastrophic. The question is NOT about IF US Dollar will survive as world's reserve currency--this is not even up for a debate--it is WHEN and HOW the departure will happen. Reminiscence of the FutureAbout US Dollar and Sanctions, Yet Again.Andrei Martyanov

I confess I expected better. Paul Mason misses the fact that it is not ‘hit and hope’ it is actually the way money IS created – the neoliberal deceit is the ‘fact’ that we tax and spend. The Treasury has after all, admitted as much as, indeed, have the Bank of England in September 2017: “Regarding whether taxation is necessarily required to finance government spending the answer is no, it is not. Along with raising money by taxation, governments can borrow money and they can create money...

Barkley Rosser either makes a bad mistake in starting with Marx's definition of "socialism" as state-ownership of the means of production as exclusive, or he is carrying water for the ownership class that uses this arbitrary definition to demonize the opposition to its rent-seeking and parasitic rent extraction, e.g., by socializing negative externality, the result of which is now climate change. I suspect that he was shooting from the hip and shot himself in the foot instead of hitting his...

The increasing uprising against Modern Monetary Theory (MMT) in the media is salutory because it means our ideas are now considered to be a threat to the mainstream economics (for example, Paul Krugman now buying into the carping) and to the heterodox tradition (for example, the British economists who self-identify with that tradition). The high profile debate around the Green New Deal has been associated with MMT and this has brought all sort of crazy attacks on MMT from those who think...

Paul Krugman has piled onto the "MMT explained by non-MMTers" bandwagon, with a critique of Functional Finance. Functional Finance is largely associated with the Old Keynesian Abba Lerner, and is one of the key intellectual roots of Modern Monetary Theory (MMT). In my view, the most interesting part of the article is that it contradicts the commonly made assertion that there is very little new in MMT (which Krugman hints at in the article as well). In presenting his summary of Functional...

Elliott Abrams is held to account in front of Congress, but the slippery scaley-back wiggles out of it by refusing to answer the question. He's feels no guilt and never has because the media is never held him to account. Would anyone in Putin's government be allowed to get away with war crimes like his? The U.S. lectures the World but no country lectures America about its long history of crimes against humanity. [embedded content] Rep. Ilhan Omar (D-MN) has a heated exchange with Elliot...