Mike Norman Economics

Corporate media initiates "self-censorship" since government censorship is illegal.  The result is the same and few believe that the move is self-initiated.Disobedient MediaFacebook Cracks Down On Independent Media, Under Guise Of ‘Enhancing Relationships’Elizabeth Vos

Let me conclude that while I agree with Dean that lowering the value of the dollar may will certainly tend to increase the quantity of exports and lower the quantity of imports as well as tend therefore to increase employment somewhat, this does not mean that I necessarily support a "talking down the dollar" policy. One obvious problem, mentioned by Summers, is that a too obvious and aggressive such nationalist policy is likely to call forth retaliation from other nations, just as an...

The Tories say we need to save money. Hmm, but they gave it to all their banker friends who stashed it in the Caiman islands. The public is duped again by a complicit press which is owned by the One percent. Chunky Mark talks about 'bankrupt Britain'. Well, over 40 years of neoliberalism, AKA Thatcherism, or Monetarism,   - this wonderful new economic system dreamt up by the Conservatives - and we are busted as usual. KV A campaign group backed by Professor Stephen Hawking has been granted...

Despite the $millions pumped into it by Billionaires, climate change deniers are losing the argument. The young are certainly concerned about man made climate change. There is no climate change skepticism in China.  KV Jonathon Cook Below is a fascinating 9-minute segment of Al Jazeera’s programme The Listening Post on why climate scepticism persists only in what it terms the Anglosphere media – those in the United States, UK, Australia and Canada. Paradoxically, the media in other big...

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The problem of inflated prices lies in property speculation. That’s what we need to clamp down on There is no two ways about it, I do like Ann Pettifor, although I like Positive money too who she has differences with about fractional reserve banking.  Excerpts - Everyone – from the government, to housing charities, to housebuilders – has bought into the conventional wisdom that the dysfunction that racks our housing market is a matter of demand and supply. We’re not building enough...

Theoretical studies of output and growth often focus on the behavior of equilibrium output. The usefulness of this approach depends on there being a tendency for actual output to converge on equilibrium output. With such a tendency present, studying the behavior of equilibrium output will tell us something about the behavior of actual output. It is therefore of interest to spell out the process by which an economy in disequilibrium is thought to tend toward equilibrium. A first step is to...

A few weeks ago, in my three part series answering questions about Modern Monetary Theory (MMT), I addressed the issue often raised about the fiscal policy emphasis in MMT, that it is difficult to time government spending injections to match the cyclical need. These criticisms go back a long way and were used by the likes of Milton Friedman to build up his case against discretionary fiscal activism in favour of monetary rules. Of course, that was an ideological preference, given the...

The problem of time consistency is one of the most profound in social science. With applications in areas ranging from economic policy to counterterrorism, it arises whenever the effectiveness of a policy today depends on the credibility of the commitment to implement that policy in the future. For simplicity, we will define a time consistent policy as one where a future policymaker lacks the opportunity or the incentive to renege. Conversely, a policy lacks time consistency when a future...

Mentions MMT and Stephanie Kelton. Charleston Gazette-MailAlan R. Knight: We don't need a balanced budget amendment Alan R. Knight. retired editor of New England Farmer newspaper and formerly associate editor of American Agriculturist magazine, where he also wrote “The Uncommon Market,” an award-winning column that explored both the local and global marketplace into which farmers sell their products.