Mike Norman Economics

I have made some progress on my agent-based modelling project (in between CFL playoff games). It is now possible to interact with the simulation, making this the minimum viable space trading game. My objective was to get the economy running in a somewhat sensible fashion, so that it is possible to examine how any particular agent reacts to a coherent economy state, and thus I am free to refine behaviour....Bond EconomicsPreliminary Agent-Based Model In PlaceBrian...

Australia has a dire housing crisis, particularly in the low-income or social housing end. Since the 1990s, successive federal governments, who fund the social housing, have abdicated from their responsibilities citing a lack of funds and the need to run fiscal surpluses in order to save money for the future. While it has been starving the social housing sector, it has been investing billions of dollars in its Future Fund, ostensibly to cover future liabilities. So instead of spending funds...

Eleven minute video. Applies to everything but clearly to economics-finance and Warren Mosler's insight that launched MMT.Why the majority is always wrong | Paul Rulkens | TEDxMaastrichth/t Global Macrohttps://www.youtube.com/watch?v=VNGFep6rncY

Bond traders think the omicron variant is unlikely to change the Fed's inflation focus https://t.co/ZfdybozVEr— Bloomberg Economics (@economics) November 28, 2021

MMT is getting around.Rosa Luxemburg StiftungModern Monetary Theory in the Periphery: What does MMT have to offer developing nations?Ndongo Samba Sylla from the Rosa-Luxemburg-Stiftung, Dakarhttps://www.rosalux.de/en/news/id/41681/modern-monetary-theory-in-the-periphery

Market moves wildly in thin, holiday conditions. I've seen it a million times. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Lauren Melodia and I had an op-ed in the Nov. 21 Washington Post, challenging the idea that today’s inflation means that the stimulus measures of the past year and half were too large. I’m posting it here as well….J. W. Mason's Blog“Inflation is bad. But mass unemployment would have been worse.”JW Mason | Assistant Professor of Economics, John Jay College, City University of New York

 Why conventional macro  based on Walrasian general equilibrium— which is all of it since it assumes rationality and general equilibrium  — reduces to nonsense, as Keynes noted long ago. It's way past time to move on.Lars P. Syll’s BlogThe Sonnenschein-Mantel-Debreu TheoremLars P. Syll | Professor, Malmo Universityhttps://larspsyll.wordpress.com/2021/11/25/the-sonnenschein-mantel-debreu-theorem/

Scott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis has highlighted the limited oversight of Congress and the limited transparency of the Fed. And since a Fed promise is ultimately a Treasury promise that carries the full faith and credit of the US government, the question is whether the Fed should be able to commit the public purse in times of national crisis.One...

The British Labour Party leader (for now) Keir Starmer gave a – Keynote Speech – to the Annual Conference of the Confederation of British Industry in Birmingham on November 22, 2021. If you read it or heard it you will know that his leadership marks the return of British Labour as class traitors. He started by saying the “Labour is back in business”, which should have been ‘Labour is the agent of business’ He played up the line that Britain’s future depends on the business sector profits...