Mike Norman Economics

Short review of Dani Rodrik's latest book, Straight Talk on Trade: Ideas for a Sane World Economy. In that sense the title of the book is rather misleading. Although it is discussed a lot, this is hardly just a book about trade. Indeed the subtitle “Ideas for a sane world economy” conveys a better picture of what it is about. The book is based on a collection of articles written for Project Syndicate and elsewhere, and occasionally the joins show. But that feeling quickly gets lost in a...

Neoliberalism versus market socialism with Chinese characteristics. Which wins? Since Deng introduced market socialism, China has been kicking butt in terms of growth rate, defying neoliberal predictions, while neoliberal economies have been mired since the 2008 crisis. What's up with that? Adair Turner explains. What is overlooks, however, is the history of the US, which adopted the American System over the British system as a result of Alexander Hamilton's influence and followed...

Symptoms showing why both deconstruction and inclusion are necessary in economics to avoid cognitive sclerosis.Coppola CommentBeyond disappointment Frances Coppola

It appears to come from right-wing loon and goldbug Edmund Contoski: WCEG — The Equitablog Note to Self: Where Does the Use of "Takers" as in "Makers and Takers" and "A Nation of Takers" Come From? : It appears...Brad DeLong

During my recent hiatus from blogging, I have been pondering an important paper presented in June at the History of Economics Society meeting in Toronto, “The Standard Narrative on History of Macroeconomics: Central Banks and DSGE Models” by Francesco Sergi of the University of Bristol, which was selected by the History of Economics Society as the best conference paper by a young scholar in 2017....  Sergi’s paper is too long and too rich in content to easily summarize in this post, so...

Infographic EcnsThe Thought on Socialism with Chinese Characteristics for a New Era

And remember that stimulus year (FY2009) included the $350B of capital to banks just to cover the $Ts of non-risk assets the Fed created in the first place and crashed the whole system; ie not spending for government consumption or transfer payments. And FY2018 is starting out even higher. Now is not the time to be calling for a recession next month. HIGHEST SPENDING SINCE OBAMA'S STIMULUS https://t.co/ryzOmR9rGd — DRUDGE REPORT (@DRUDGE_REPORT) October 20, 2017

Workers World400,000 workers hit the streets in FranceG. Dunkel

The Job Guarantee proposal is a core part of the policy analysis of Modern Monetary Theory (MMT). If implemented, it would be expected to cause a structural change in the economic structure, and so analysis techniques that extrapolate current conditions would be inapplicable. Although this analysis is aimed at the Job Guarantee, the basic principles would be applicable for other measures that cause a structural change in the labour market, such as the Universal Basic Income. (In fact, it's...

Veterans Today Editorial [Editor’s note: I am pretty sure there will be nothing of any great importance or consequence exposed by the release of these files. Rather, this is a cynical attempt to paint Trump as being, in some way, ‘anti-establishment’ and opposed to the so-called ‘Deep State’. Of course, nothing could be further from the truth, he is completely and utterly a puppet of precisely the same ‘Deep State’ that played a key role in the murder of JFK and has been running the US ever...