Mike Norman Economics

SEZs are enclaves that have been granted exemptions to the normal business rules governing their home countries. They are created by governments to stimulate economic development, often through a combination of tax breaks, regulatory streamlining, and exemptions from the most costly rules for businesses. Most are industrial parks, although they come in many shapes and sizes ranging from airports to full fledged cities.As tensions between China and the US grow, both countries have begun using...

It's complicated and government doesn’t seem to understand how the goods distribution system works.Naked CapitalismWhy the US Supply Chain Crisis Is Intractable and Will Get WorseYves Smith https://www.nakedcapitalism.com/2021/11/why-the-us-supply-chain-crisis-is-intractable-and-will-get-worse.html

I explain the problems by first starting with a very simple idealised economy in which money velocity is well-defined and is perhaps somewhat useful. I then add complications that appear in the real world which make velocity effectively impossible to measure....Bond EconomicsWhy We Cannot Measure Money Velocity DirectlyBrian Romanchukhttp://www.bondeconomics.com/2021/11/why-we-cannot-measure-money-velocity.html

As populist parties have surged across advanced democracies so, it seems, has a ‘globalisation backlash’. This column provides descriptive evidence on the backlash, discusses its theoretical underpinnings within standard trade models, and reviews the evidence on its drivers. It appears that globalisation is at stake partly due to reasons that are not strictly related to trade. The political sustainability of globalisation – and arguably of the international liberal order – will depend on how...

There was a conference in Berlin recently (25th FMM Conference: Macroeconomics of Socio-Ecological Transition run by the Hans-Böckler-Stiftung), which sponsored a session on “The Relevance of Hajo Riese’s Monetary Keynesianism to Current Issues”. One of the papers at that session provided what the authors believed is a damning critique of Modern Monetary Theory (MMT). Unfortunately, the critique falls short like most of them. I normally don’t respond to these increasing attacks on our work,...

 If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.https://twitter.com/elonmusk/status/1454808104256737289?t=ykiBMhYMIxwhIRdKqZP__w&s=09

This post concerns ten recent Marxist claims about MMT and one about Kalecki (a forerunner, in certain respects, of MMT). Some Marxists claim that:heteconomistComments on Recent Marxist Claims about MMT and Incidentally KaleckiPeter Cooperhttp://heteconomist.com/comments-on-recent-marxist-claims-about-mmt-and-incidentally-kalecki/

Link to Stephanie Kelton's interview with Fareed Zacharia and a more extended answer to a question she did not get a chance to finish owing to time constraint.The LensUnfinished Business: The rest of my answer to Fareed ZachariaStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie...

 Paranoid anti-establishment ideation became a fertile breeding ground for a growing segment of the left to distrust science as much as the rightMany of anti-imperialist and anti-establishment left lack psychological flexibility, and so view everything that the establishment does as being bad and  so don't trust anything from it, even when backed by science. I've been arguing with them a lot, and since Noam Chomsky's statement about the antivax isolating themselves for common decency (and he...

Quote you may wish to file. Also a link to download the article.Tax Research UKWilliam Beveridge knew that modern monetary theory was right in 1944. Why can’t modern politicians take note?Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum