Mike Norman Economics

Chart below showing the 10-yr UST rate over the 6 months of US govt Treasury operations under the  so-called "debt ceiling!" and to present.You can see at Point A, which is the recent high in the yield, the date is March 14th which is the last day Treasury could net issue UST securities before the "debt ceiling!" was hit the next day March 15th.Then at Point B, which is the recent bottom in the yield, the date is September 8th, which is the recent day the "debt ceiling!" was again suspended...

Of interest to Kaldorians, Post Keynesians, and modern monetary theorists (MMT).EconospeakHow I Came To No Longer Be A Kaldorian EconomistJ. Barkley Rosser | Professor of Economics and Business Administration James Madison University

Peirce is pronounced like "purse." Peirce’s primary focus in his career was on logic. Until late in his career, he considered ethics and aesthetics to be largely frivolous topics. Then around 1900 he saw them as absolutely necessary to understanding logic. His thinking was that you first need to decide what you value above all, second how one should deliberately act to best obtain what you value and third how you should best represent what you plan to act upon prior to acting in the world....

Italy is experimenting with giving tax-cuts to its citizens in exchange for public services―such as pulling weeds and cutting grass. Wow. What an amazing idea! The government issues a tax credit, and uses it to pay a citizen in exchange for the citizen’s services to the government. The government could even make this arrangement more formal by printing the tax credits on pieces of paper called “LIRIES” (or something like that) and paying for the weed-whacking services with this “cash.” That...

Bernstein knows that federal tax revenues do not fund federal expenditures. His column shows that he is worried solely about realpolitik rather than real economics, conceding that “deficits don’t seem to hurt the economy.” New Economic PerspectivesJared Bernstein Shows the Costs of Not Understanding Sovereign CurrenciesWilliam K. Black | Associate Professor of Economics and Law, UMKC

First int'l conference of Modern Monetary Theory, cosponsored by the Binzagr Institute for Sustainable Prosperity, whose president is DU's Fadhel Kaboub. Denison Associate Professor of Economics Fadhel Kaboub is profoundly interested in the economics of poverty. As such, he is the president of the Binzagr Institute for Sustainable Prosperity, which co-sponsored the first international conference of Modern Monetary Theory (MMT) from Sept. 21 through 24, 2017 at the University of Missouri –...

I have returned from the first Modern Monetary Theory Conference, and I am feeling complacent about the state of theory within Modern Monetary Theory (MMT). I am looking at this from a particular perspective, which I will explain in this article. Other aspects of Modern Monetary Theory are obviously a work in progress, which I hope to discuss in a later article.... Bond Economics The State Of MMT Theory Is GoodBrian Romanchuk

The United Nations Trade and Development Report 2017 was published last week and carried the sub-title “Beyond Austerity: Towards a Global New Deal”. It is amazing that 9 years after the crisis emerged we are still discussing austerity and its on-going damaging consequences. Effectively the crisis interrupted the neoliberal agenda to increase the incomes shares of the elites at the expense of the workers, with growth being a secondary consideration if at all. Austerity was the means by...

As shown over and over again when significance tests are applied, people have a tendency to read ‘not disconfirmed’ as ‘probably confirmed.’ Standard scientific methodology tells us that when there is only say a 10 % probability that pure sampling error could account for the observed difference between the data and the null hypothesis, it would be more ‘reasonable’ to conclude that we have a case of disconfirmation. Especially if we perform many independent tests of our hypothesis and they...

This is one the most damning exposés of Western imperialism I've seen where the US and its allies have been caught red handed lying and installing brutal dictatorships. How they got away with it is unbelievable, but just get the compliant media to repeat the same lies often enough and it becomes reality and even the Guardian is complicit.  And so we see yet again how everything we are told is in reverse where good is trounced by evil. Now the same is being done to Venezuela and you can see...