Mike Norman Economics

They said the end would jump higher when the BoJ ended negative interest rates. Instead, the end crashed. 

And there is indeed a ‘current account constraint’ – if you are a small open economy you need things you can sell in order to get the stuff you don’t have.MMT really applies, as many others suggest, uniquely to the US as it issues the world’s reserve currency.If you are not the US and your Sovereign Currency is weak, it will drive import inflation so it really means that your currency is not properly sovereign. MMT does recognize this constraint by treating it with more nuance.MMT's basic...

A brief note on the EU, Egypt, Palestine, and CopenhagenMMT's man on the ground in the Global South. Global South Perspectives—Reflections & Analysis by Fadhel KaboubClimate Reparations, not "finance"Fadhel Kaboub, Associate Professor of economics at Denison University (on leave) and President of the Global Institute for Sustainable Prosperity. He currently serves as the Under-Secretary-General for Financing for Development at the Organisation of Educational Cooperation in Addis Ababa,...

 Interesting post that deal with some of the same concepts as MMT but is not MMT. It's an interesting take. He has seen both sides, having grown up in a communist country (Yugoslavia). He is former hedge fund manager, commodities trader and author based in Monaco. He now blogs on geoeconomics and geopolitics at TrendCompass on Substack.Alex Krainer's TrendCompassUntangling the "socialism" vs. "capitalism" dichotomyAlex Krainer, The Naked Hedgie"For full disclosure, I do have a university...

In a keynote address to a conference on “Geopolitical Changes” at Kozminski University, Warsaw, on January 29, 2024, Professor James Galbraith called for economics to break with equilibrium dogma and re-found itself on the life principles that govern physics, biology and every existing mechanical and social system. Noting the distinguished presence of Professors Francis Fukuyama and E.S. Phelps, Galbraith called attention to the spectacular fallacies of “an end to history” and a “natural...

Chronological order. Randy Wray and Stephanie Kelton each make the list.Lars P. Syll’s BlogTop 25 Heterodox Economics BooksLars P. Syll | Professor, Malmo University

I have received several E-mails over the last few weeks that suggest that the economics discipline is finally changing course to redress the major flaws in the curricula that is taught around the world and that perhaps Modern Monetary Theory (MMT) can take some credit for some of that. There has been a tendency for some time for those who are attracted to MMT to become somewhat celebratory, even to the point of declaring ‘victory’. This tendency is not limited to the MMT public who comment...

BRICS doubled its membership at the start of 2024, and faces huge tasks ahead: integrating its newest members, developing future admission criteria, deepening the institution's groundings, and most importantly, launching the mechanisms for bypassing the US dollar in international finance.The financial plans are toward the end of the post. No details yet, but a plan is supposed to be presented at the BRICs meaning in the fall of this year. An alternative BRICs currency is not being planned at...

Joseph Stiglitz makes freshman mistakes about MMT in addressing the House of Lords Economic Affairs Committee on the sustainability of the UK’s national debt. Richard Murphy calls him out on it.Funding the Future (formerly Tax Research UK)Joe Stiglitz really should not talk about modern monetary theory when he so obviously has no clue about what it actually saysRichard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK;...

 Important for MMT aficionado's. I was asked during an interview the other day from Paris whether I was a Post Keynesian. I replied not at all and explained that I have never felt that my ideas fit into that category although in a facile sense we are all post keynesian in a temporal sense. Most progressive economists would answer yes if confronted with that question, even most of the economists involved in advancing Modern Monetary Theory (MMT). My point of departure is that while there was...