Mike Norman Economics

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...

The Syrian Army soldiers have found a large volume of Israel-made arms and ammunition in ISIL positions in the newly-liberated town of Al-Mayadeen in Southeastern Deir Ezzur, field sources revealed on Friday. The Arabic-language Elam al-Harbi quoted a commander of the army as saying that the Syrian army soldiers discovered a large volume of heavy and semi-heavy arms and ammunition, a part of them made in Israel, while carrying out mop-up operation in regions that were under...

Some falsely assume that as a result of neoliberal globalization the national state has largely been superseded by transnational capitalism to the degree that national sovereignty no long matters very much. International liberals think that this is a good thing, since competition among nation states has led to conflicts and conflagration.Bill Mitchell and Thomas Fazi argue otherwise. What has taken place rather is state capture. ...core capitalist countries have not been characterised by a...

Maldistribution. Symptom or cause? A market ideology that causes widespread misery has no future. The Automatic EarthIs Capitalism Dead or Merely Dying? Raúl Ilargi Meijer The transition from the age of hunting-gathering to the agricultural age wrought a drastic social, political l and economic transformation, as did the transition from the agricultural age to the industrial age. So it can be safely assumed that the transition from the industrial age to the information age will also...

When Marx’s theory of value is interpreted in a simultaneist way, it is relatively easy to calculate the ‘monetary expression of labor time’ (or MELT)....  There is an additional complication when it comes to measuring the temporal MELT. The temporal MELT is the appropriate measure if Marx’s theory of value is interpreted in a temporal way (as in the ‘temporal single-system interpretation’ or TSSI).... Wonkish. heteconomistOn Estimating the Monetary Expression of Labor Time in a Temporal...