Mike Norman Economics

It is essential to understand the pathologies of the uber-rich. They have seized total political power.… The uber-rich live in an artificial bubble, a land called Richistan, a place of Frankenmansions and private jets, cut off from our reality....  Political theorists, from Aristotle and Karl Marx to Sheldon Wolin, have warned against the rule of the uber-rich. Once the uber-rich take over, Aristotle writes, the only options are tyranny and revolution.… Corporate capitalism, which has...

In this blog post, I want to clarify a few things about the rule that inform my previous assessments.... Important if you are a British voter, but also instructive concerning the MMT point of view on progressive policy. Bill Mitchell – billy blogThe British Labour Fiscal Credibility rule – some further final commentsBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Gets huge cheers from the crowd...President Trump: "I'm a nationalist." pic.twitter.com/3lxCrtSkrN— MSNBC (@MSNBC) October 23, 2018

Executive summary The high point of global governance was reached in the mid-1990s around the creationof the World Trade Organisation. It was hoped that globalisation would be buttressed by a system of global rules and a network of specialised global institutions. Two decades later these hopes have been dashed by a series of global governance setbacks, the rise of economic nationalism and the dramatic change of attitude of the United States administration. From trade to the environment, a...

#MAGA successes becoming attractive and bringing workers in droves...Wow great question https://t.co/xs9k6DOK62— Breitbart News (@BreitbartNews) October 23, 2018

Last month, Philip Alston, the United Nations Special Rapporteur on extreme poverty and human rights (whose important work I have written about before), issued a tweet about the new poverty and healthcare numbers in the United States along with a challenge to the administration of Donald Trump (which in June decided to voluntarily remove itself from membership in the United Nations Human Rights Council after Alston issued a report on his 2017 mission to the United States). The numbers for...

Nice summary of MMT in relation to public finance and public policy. MMT now has its own rock-star economist.Stony Brook University NewsCutting-Edge Economist Stephanie Kelton Delivers Presidential Lecture Liza N. Burby

Supposedly another "10%" cut before the elections...Trump says ‘major tax cut’ on the way for middle class https://t.co/KLlwoEmIOT— FOX Business (@FoxBusiness) October 22, 2018

President Trump is about to get an earful from Americans hurt by the escalating trade war. Zero Hedge"This Is Just The Very Tip Of The Iceberg" - Spike In Tariffs Paid By US Businesses Tyler Durden

THE MUST-READ OF MUST-READS on the links between behavioral finance and macro: John Maynard Keynes (1936): The State of Long-Term Expectation: The General Theory of Employment, Interest and Money: Chapter 12: "If I may be allowed to appropriate the term _speculation for the activity of forecasting the psychology of the market, and the term enterprise for the activity of forecasting the prospective yield of assets over their whole life, it is by no means always the case that speculation...