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Mike Norman Economics

Brian Romanchuk — Should We Care About Seigneurage?

I believe I have a better understanding of Eric Lonergan's arguments regarding whether fiat money is a liability of a state with currency sovereignty. (This discussion does not apply to commodity money, or a state using a money issued by an entity not under its direct control.) If I am correct, I would phrase his argument as: the existing accounting treatment of money is incorrect, since it does not account for seigneurage revenue. (Seigneurage has multiple English spellings; I was using...

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Robert Locke — The New Paradigm that emerged in economic s after WWII

As an historian, I am somewhat appalled at the inability of economists, including those on this blog to get the history of their own discipline straight.  The obsession has been with neoclassical economic’s attempt to turn economics into a physico-mathematical discipline as Walras phrased it, and the economists usually discuss this attempt within the historical context of their discipline pre-1945, with references, to  Walras, Marshall, Keynes, and others. It  became clear to me over...

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Pepe Escobar — The Spanish Civil War, revisited

Backgrounder on Spain and Catalonia. The intractability of the political problem is that Catalonia – the most European of all Spanish regions and historically in favor of republicanism and federalism – contests the very essence of the Spanish system. To scrap this outdated constitution – written immediately after Franco’s demise and drenched in amnesty for Franco-ists – is as important as self-determination. To say that the Bourbons face a legitimacy crisis is a major understatement....

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Eliana Johnson — Nikki Haley was Trump’s Iran whisperer

This is pretty incendiary in that UN Ambassador Haley apparently went around US Secretary of State Tillerson. The question is who is running US foreign policy, the secretary of state or an ambassador?If this is true and Tillerson has any cojones, he will resign and let Trump appoint Haley, to whom he initially offered the position of secretary of state.At this point, Tillerson is not only damaging his reputation but he is also looking like a fool. He should bow out.Oh, and it gets worse....

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Eric Zuesse — NYT: $100,000 Russian Facebook Political Ads Prove Censorship Need

Censorship moves into high gear as TPTB move to control the narrative. Russiagate is another instance of "disaster capitalism" with the Establishment attempting to seize control of the narrative that resulted from damaging revelations about the Clinton campaign. The new narrative is that the Russian government led by Vladimir Putin is nefariously using covert operations to undermine Western liberal democracy.Washington's BlogNYT: $100,000 Russian Facebook Political Ads Prove Censorship...

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Richard N. Haass — The US Cannot Go It Alone On Iran

The voice of the Establishment speaks. Haass is president of CFR.Project SyndicateThe US Cannot Go It Alone On IranRichard N. Haass, President of the Council on Foreign Relations, previously served as Director of Policy Planning for the US State Department (2001-2003), and was President George W. Bush's special envoy to Northern Ireland and Coordinator for the Future of Afghanistancrossposted at Asia Times also Trump Is Strengthening Iran’s Radicals Abbas Milani

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Simon Wren-Lewis — How Neoliberals weaponise the concept of an ideal market

As a result, I would tend to suggest a slightly different definition that seems to work quite well today. The definition would be: neoliberalism is a political strategy promoting the interests of big money that utilises the economist’s ideal of a free market to promote and extend market activity and remove all ‘interference’ in the market than conflicts with these interests. This replaces a definition based on following an idea (the author’s market neoliberalism), by one of interests...

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Healthcare Hijincks

Looks like a pretty good article on the situation here at Health Affairs Blog.Trump's ending of the CSR payments might end up as fiscal stimulus via increased tax credits for resultant increases in qualifying premium payments.Excerpt: The Consequences Of Ending The CSR Payments  The effect of terminating the payments has been well analyzed, including a report from the Congressional Budget Office.  It will drive up premiums as insurers attempt to cover the cost of the reductions. As...

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