Mike Norman Economics

MMT alert.Could be better, but not bad. The WeekThe national debt, explained The Week Staff

The United States can strike back with its own systems, of course,but on balance the U.S. military demands access, while the Chinese military wins by denying that access. Please notice that Chinese strategy is based on defense (denial of access) rather than offense (access). So is Russia's and also Iran's.The Chinese "threat" to the US is chiefly economic, and one the present trajectory, China surpasses the US economy in the next decade in output owing to its sheer size, even the US...

One of the findings of the dynamic information equilibrium approach (see also my latest paper) is that nominal output ("GDP") has essentially the same structure as the size of the labor force. The major shocks to the path of NGDP roughly correspond to the major shocks to the Civilian Labor Force (CLF). Both are shown as vertical lines. The first is the demographic shock of women entering the workforce.... With the positive shock of women entering the labor force ending, immigration is a...

Steve Keen writes satire.RTWhy economics is too important to be left to the (academic) economistsSteve Keen | Professor and Head Of School Of Economics, History & Politics, Kingston University, London

Neoliberalism arrived with globalization or else globalization arrived with neoliberalism; that is how the Great Regression began. [1] In the 1970s, the capital of the rebuilt industrial nations started to work its way out of the national servitude in which it had been forced to spend the decades following 1945. [2] The time had come to take leave of the tight labour markets, stagnant productivity, falling profits and the increasingly ambitious demands of trade unions under a mature,...

Matias Verengo sums up the Latin American crises, present and past. Manufactured.Naked KeynesianismThe Latin American CrisisMatias Vernengo | Associate Professor of Economics, Bucknell University

Carillion builds schools, roads, hospitals – and it’s meant to be a big part of HS2. What’s more, if it goes bust, the bill will be picked up by taxpayers It looks like the usual load of shady deals. Maybe there are some things that the government can do much better than the private sector? You may never have heard of Carillion. There’s no reason you should have. Its lack of glamour is neatly summed up by the name it sported in the 90s: Tarmac. But since then it has grown and grown to...

When put out a video by Yanis Varoufakis here recently I had some people saying that Varoufakis was part of the problem, not the solution (I'm paraphrasing). Well, in this article F. William Engdahl really does lay into Yanis Varoufakis for letting Greece down and selling the country out to the  mega banks,Troika–ECB, IMF and EU.  Putin had offered Greece a superb deal to leave the EU and join BRICS, but would have anyone been brave enough to take that option and would the Greek ruling...

More fake news from the Democrats. At its most basic, the report must be seen as a shot in the bitter partisan conflict which is currently raging in the US between President Trump and his Democratic Party opponents. That the primary target of the report is actually President Trump – who continues to say that he wants better relations with Russia – is confirmed by these words in the report.... While this may be political on the part of Democrat and Never Trumpers, it also reflects the view...

The debate goes on.Lars P. Syll’s BlogIs economics — really — a science?Lars P. Syll | Professor, Malmo University