Mike Norman Economics

"Hayekian communism" an oxymoron? Branko Milanovic says not at all.Global InequalityHayekian communismBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International PeaceSee also After amply discussing income inequality in Europe and the US, economists are now looking at...

Stephanie and Noah debate.Bloomberg OpinionJust When Should We Start Worrying About Deficits? Stephanie Kelton and Noah Smith

Strategy and tactics. Important for MMT activists.Bill Mitchell – billy blogExploring the effectiveness of social media – Part 2Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Revealing expose on the methodology that non-science people are trained to think within... Eric Ruder: The #dialectic and why it matters to Marxists http://t.co/agu61OYiZ9 #Marxism — Critical Reading (@CriticalReading) July 9, 2015 For centuries stretching back to the ancient Greeks and culminating in the scientific revolution of the Enlightenment era, the development of scientific knowledge about the world had largely consisted in breaking up everything in the world into discrete parts,...

From the Perspective of Conventional Economic Analysis, the Post-Keynesian Approach to Inflation Is Mystifying. If We Focus on the Modern Monetary Theory (MMT) School of Thought in Particular, It Is Very Easy to Either Find Claims That "MMT Has No Theory of Inflation," or Non-MMTers "Explain" the MMT Inflation Theory Is Some Random Trivial Relationship That They Just Made Up. The Key to Understanding Post-Keynesian Approaches Is That It Takes a Completely Different Approach to Understanding...

Very positive piece. The last mile has all but closed. Down With TyrannyStephanie Kelton: "One Tweet At A Time"

We need to challenge the logic of capital. Elizabeth Warren’s Accountable Capitalism Act only further entrenches it.... JacobinAccountable Capitalism or Democratic Socialism? Stephen Maher | PhD candidate at York University in Toronto

With respect to to this post, readers might be interested in a long set of follow-up debates below. h/t Patrick Bond, whose contribution was just published here at Human Geography. David Harvey Denies Imperialism In a major critique of David Harvey’s work, the radical political economist John Smith takes on Harvey’s claim that the “East” is now exploiting the “West,” a statement, he argues, that is backed up by nothing more than his authority. Harvey could not be more wrong, or about a...

Even if free trade is ultimately broadly beneficial, the fact remains that as trade has become freer, inequality has worsened. One major reason for this is that current global trade rules have enabled a few large firms to capture an ever-larger share of value-added, at a massive cost to economies, workers, and the environment....  The only significant exception to these trends is China, which has designed industrial policies specifically to increase the share of domestic value-added and to...

Rob Johnson and George Soros: A Better Bailout Was Possible: "A critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors.... When President Barack Obama’s administration arrived, one of us (Soros) repeatedly appealed to Summers... [for] equity injection into fragile financial institutions and... writ[ing] down mortgages to a realistic market value.... Summers objected that ... such a policy reeked of socialism and...