Mike Norman Economics

My new working paper “The Fiscal Theory of the Price Level in Overlapping Generations Models” is now available here. The paper, joint with Pawel Zabczyk of the IMF, is also available as CEPR Discussion Paper 13432 and as NBER Working Paper 23445. Here is a teaser from the abstract…. Given the recent publicity for deficit spending by Olivier Blanchard writing on his PIIE blog, or the interview with Stephanie Kelton in Barrons, we think our paper is timely. We demonstrate that sensible...

Keynes quote. Lars P. Syll’s BlogKeynes on the limits​ of econometric methodsLars P. Syll | Professor, Malmo University

The story is widespread on social media but the Daily Mail is the only corporate medium that a search turns up a day later. News suppression? Daily Mail (13 Jan 2019)French riot police are now using semi-automatic weapons with live ammunition against Yellow Vest protestors as Macron's law and order crisis spirals Sophie Law On Twitter. Click the link for a video. Largest yellow Vest protest yet. This is growing and spreading. The French people will not let the globalist government...

Ellis Winningham — MMT and Modern MacroeconomicsUnderstanding Money, Federal Spending, and Federal Tax Liabilities Addressing Some Concerns with MMT and Overt Monetary Financing“Monetising The Debt” is Derp“Printing Money” – Yet Again Ellis Winningham

So much ink has been spilled for so long on the national debt, it might be nice if that $22 trillion plus on the red side of the US balance sheet just didn't really matter.That's exactly the thinking behind a new school of economic theory that the government should be spending more, not less.…  But people like Stephanie Kelton, Sanders' economist in 2016, a professor at Stony Brook University, and a proselytizer for this view toward currencies and national economies, argues that the...

These two videos are pretty hard hitting. Cameron, the guy who made them, seems to be a very smart young man who has read a lot of books and really knows how to articulate his views. He says he has Asperger's Syndrome, which I would have never have guessed, but it might explain why he is so 'full on' in his videos, which makes for riveting viewing. I share his views entirely.All empires are brutal. Top 10 US-Backed Atrocities and Authoritarian Regimes [embedded content] What The...

It's not essential as it two and a half years old, but Col. Lawrence Wilkinson, who is a lifetime Republican, seems to support Bernie Sanders who he says is not really that radical. And it's interesting what Col. Lawrence Wilkinson says about the millenials at the end of the interview.But his idea that Trump might hate the Republican Party and is out to destroy it may be not current, though, as Trump seems to be doing so much of what they want. It's interesting, though, that Col. Lawrence...

I'm starting to believe that the Western aristocracy do indeed worship Satan. They are stark-raving-mad! And yet they have billions and their families will live in opulence for generations, if not forever. So what are they bothered about?The elite lecture us about the protestant work ethic, well, all they have to do is invest their money wisely and do some long term investment in green technology to become world leaders in a new lucrative industry and they will earn a ton. Reliance on oil...

For the first time, the nation's defense hierarchy is no longer dominated by men. My mum used to say to me that if women run the world there wouldn't be any wars. From the executive leadership of top weapons-makers, to the senior government officials designing and purchasing the nation’s military arsenal, the United States’ national defense hierarchy is, for the first time, largely run by women. As of Jan. 1, the CEOs of four of the nation's five biggest defense contractors —...

Pavlina Tcherneva: There is nothing more crippling to a bold policy agenda than the myth that the government can run out of money. This myth is behind every But how will you pay for it? objection to proposals such as a Green New Deal and Medicare for All. New House Majority Leader Nancy Pelosi (D-Calif.) has even proposed instituting self-defeating PAYGO (pay as you go) rules, which would require all new government spending to be matched with increased revenue, wrongly prioritizing the...