Mike Norman Economics

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.

Welcome to the reputation economy, where the individual social graph — the social data set about each person — determines one’s value in society, access to services, and employability. In this economy, reputation becomes currency. The reputation economy is based on the simplistic, but effective star ratings system. Anyone who’s ever rated their Uber driver or Airbnb host has actively participated. But what happens when algorithms, rather than humans, determine an individual’s reputation...

On finalizing Basel III. BISAndreas Dombret: "Basel III - Are we done now?" Statement by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the Institute for Law and Finance Conference on Basel III, Frankfurt am Main, 29 January 2018.

The notion that property owners should pay extra for their proximity to the subway is called “value capture” and has long been debated in urban planning circles. Now Gov. Andrew M. Cuomo, a Democrat, has made value capture a prominent part of his plan to salvage the subway system by proposing to give the Metropolitan Transportation Authority the power to designate “transit improvement subdistricts” and impose taxes. Marginal RevolutionThe Return of Henry George?Alex Tabarrok | Bartley J....