Mike Norman Economics

Last week (February 15, 2024), the Japanese Cabinet Office released the latest national accounts estimates for the December-quarter 2023 – Quarterly Estimates of GDP for Oct.-Dec. 2023 (The First preliminary) – which showed that the economy had slipped into an official recession (two consecutive quarters of negative GDP growth) and in the process had moved from being the third largest economy in the world to become the fourth behind the US, China and Germany. According to the media release –...

Episode 12 – the finale for Season 1 in our new Manga series – The Smith Family and their Adventures with Money – is now available. We will let everyone calm down from the excitement for a little while to give us time to write and draw Season 2, which will begin on May 24, 2024.In the meantime, have a bit of fun with it and circulate it to those who you think will benefit …William Mitchell — Modern Monetary TheoryThe Smith Family manga – Episode 12 – the Season 1 finale – is now...

What if Social Security outlays start to go down? 

March and April tax drain will follow.

KaleckiThe Political Economy of DevelopmentJob Guarantee and Employer of Last Resort schemes: the political constraints on maintaining full employmentNick Johnson

 The US CPI data released yesterday showed that inflation continues to decline and the so-called ‘surprise’ that seems to have shocked the ‘markets’ are mostly down to the eccentric way the US Bureau of Labor Statistics calculates housing costs. The data provides no justification for further rate hikes in the US or anywhere else for that matter....William Mitchell — Modern Monetary TheoryUS inflation rate is declining – no case for further rate risesBill Mitchell | Professor in Economics and...

They sold today on a hotter than expected CPI but it’s the fiscal developments now that may help them. 

There’s no such thing as capital “flight.” Major Foreign holders of US debt. (Link) https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html

 The title might better read, Why orthodox economics is an impossible science. While so-called orthodox economics fits this bill, it doesn't necessarily apply to so-called heterodox schools like MMT.One of the characteristic criticisms of MMY economists by so-called orthodox economists (like Paul Krugman) is "Where's your model?" For neoclassical" economists, who assume formalization as a sine qua non of doing economics, required methodological assumptions include "equilibrium and...

Former Central Bank governor lectures on the theories and practices of China's ambitious central bank digital currency.China appears to be the most ambitious among major economies to develop its central bank digital currency - the digital yuan, and we have covered its development before.On October 10, 2023, Yi Gang, China’s central bank governor between 2018 and 2023 gave a public lecture at Tsinghua University entitled 数字人民币的相关理论与实践 Theories and Practices Related to the Digital...