Mike Norman Economics

To combat inequality and oligarchy, we need to tax the accumulated wealth of the billionaire class, not just income. Reintroducing high taxes on the rich seems to be popular now, even in the U.S. with 45% of Republican voters supporting the idea. Alexandria Ocasio-Cortez says the 70% tax will only kick in after someone has earned over $10 million. Wow, that's going to be some fight!  Anyway, no more worry that some people raise about the oligarchs capturing all the MMT deficit spent...

Having been involved with MMT for over 18 years, I feel as I had a small part in this and I am very gratified to see it become part of the national discussion.

Not bad for a critical article. Looks like the days of just mocking MMT are about over. Now critics have to be careful of looking foolish.National Review‘Modern Monetary Theory’: Helpful but Prone to Misuse Alan Cole

I attempted to link directly to the source of the post, which ZH crossposted, but got the message that the site''s bandwidth limit had been exceeded. Apparently MMT is going viral. AOC is a big deal. She has changed the national conversation.The "criticism" is pretty standard, from the gut rather than the head. Dealing with the truth is hard.Zero HedgeThe Disturbing Rise Of Modern Monetary Theory (MMT)Mark Jeftovic via Guerilla-Capitalism.com

Strain and Veuger never try to meet the burden they set for themselves with their frenzied rhetoric. The key test of a theory’s validity is its predictive ability. A theory that is so weak that it is a “joke” made by “luna[tics]” should collapse as soon as its predictive ability is tested. What predictive failures do Strain and Veuger demonstrate MMT scholars have made? None. What predictive failures do they attempt to show MMT scholars have made? None. That failure even to attempt...

Things seem to come in cycles. We have been at this for some years now – trying to articulate the principles of Modern Monetary Theory (MMT) in various ways in various fora. There is now a solid academic literature – peer-reviewed journal articles, book chapters in collections, and monographs (books) published by the core MMT group and, more recently, by the next generation MMT academics. That literature spans around 25 years. For the last 15 odd years (give or take) there has been a growing...

[embedded content] We spend an inordinate amount of time thinking about, and in various ways ‘styling’ our hair. It’s not entirely silly; we’re trying to tell the world – through the language of keratin strands – about who we are.

The neocon metamorphosis is nearly complete as many of the neocons, who started out as Democrats, have returned home, where they are being welcomed for their hardline foreign policy viewpoint. Philip Geraldi seems to making the mistake, as some people on the right do, of equating all liberals as evil, conflating those, say, who run the porn and gambling industry with those who are evirenmentalists, the trade unionists, the LBGT community, the left, the psychological profession, etc....

Next installment. Clint invites comments and constructive criticism pre-publication.Clint Ballinger1000 Castaways, Chapter 2: System Two

More about Blanchard than MMT but worth a read since it provides more evidence that MMT is getting noticed — and attacked by the mainstream (read Establishment). Both are positive signs. When they can no longer ignore you, they attack you.. Naked KeynesianismFunctional Finance, MMT and Blanchard's Presidential Address Matias Vernengo | Associate Professor of Economics, Bucknell UniversitySee also Below the text of the first Godley-Tobin Lecture by James K. Galbraith. A global...