Mike Norman Economics

"None of the distinguished members of the committee arrived at the seemingly obvious conclusion: that maybe the United States should not fight such a war" Off the planet madness! Taiwan can fight its own battles.  Surely the aristocracy know that no one will win these wars because all life on Earth would perish. But the elites intend to get all the American people on their side for the war effort, and all of science, commerce, engineering, everything.  A bipartisan commission...

UnsilentMajority  @The_UnSilent_ Number of people who go bankrupt every year because of medical bills: UK - 0 France - 0 Spain - 0 Portugal- 0 Denmark - 0 Australia - 0 Iceland - 0 Italy - 0 Finland - 0 Ireland - 0 Germany - 0 Netherlands - 0 Sweden - 0 Japan - 0 Chile - 0 Canada - 0 United States - 643,000 3:12 AM · Nov 15, 2018

The first section of the previous post outlined basic steady state relationships in a simplified economy with a job guarantee. There are various ways of expressing the same relationships that shed light on what is going on in the model. Here, a few ways of thinking about the levels of total income and job guarantee spending are noted.... heteconomistSome Aspects of a Steady State with a Job GuaranteePeter Cooper

Again, Moon of Alabama comes up with the best analysis to date IMHO.Moon of AlabamaKeeping Bin Salman In Place Will Hurt Trump's Policies

It is Wednesday and I am doing the final corrections to our Macroeconomics textbook manuscript before it goes off to the ‘printers’ for publication in March 2019. It has been a long haul and I can say that writing a textbook is much harder than writing a monograph not only because the latter are more exciting in the drafting phase. The attention to detail in a textbook that runs over 600 pages is quite taxing. Anyway, that is taking my attention today. ? Yay! I also plan to write some...

The debt limit in the United States is currently not an object of worry, but it represents one possible avenue to default. From the perspective of a non-American, it is rather difficult to understand how such a strange custom could arise. This article outlines very briefly the history of the debt limit, and then moves to discuss the risks associated with it. This issue underlines the argument that default risk in floating currency sovereigns is political risk, not financial.... Bond...

Well, I don't like the warmongering Democrats much, but they seem to represent a more robust and growing economy, while the Republicans win seats in the red rural states. This divide is slowing the US down, says John Harwood, but the Republicans won't let the government spend more money on the red states to bring them up to speed as the Democrats would like, for instance, by spending more money on training. Among other results, this year's midterm elections affirmed this much: in Washington,...

LK picked this up, pretty good discussion:Three Cheers for Tucker Carlson!: Heroic Economic Populist:https://t.co/oNxhsP7g5Z pic.twitter.com/7JYL5Rh4Ze— Lord Keynes (@Lord_Keynes2) November 21, 2018

Creditors argue, for instance, that if you forgive debts for a class of debtors – say, student loans – that there will be some “free riders.” Students freed from debt will benefit, while students who were able to carry and pay off their debts had to “meet their obligations.” It is further argued that if student debts are forgiven (or “junk mortgage” loans written down to fair real estate valuations), people will expect to have bad loans written off. This is called a “moral hazard,” as if...

US economist Stephanie Kelton, who served as Bernie Sanders' economic adviser during the 2016 presidential campaign, is currently touring Australia to promote the concept she says isn't too good to be true. "There is nothing to prevent the Australian government, if it chose to do so, from funding a large-scale government job program that would offer employment to anybody who wanted work and couldn't find it anywhere else in the Australian economy," she said.  "Let the private sector...