Mike Norman Economics

This came up in the comment. Here is the link for the record. It is a useful series on the meaning of "socially necessary labour time" relevant to Marx's labor theory of value. The posts are short.EconospeakPosts on socially necessary labour timeSandwichman (Tom Walker)

It's complicated. Barkley Rosser unpacks it.EconospeakComments on Profit and CapitalJ. Barkley Rosser | Professor of Economics and Business Administration James Madison University

Usually, a question in the title of an article is a teaser and the answer is almost always "no." Not in this case. The standard argument is that economic growth is necessary to create jobs and that unemployment results from the slowing or interruption of growth.Even advocates of degrowth or a steady-state economy assume a positive connection between growth and employment. Advocates prescribe reduction of working time as a means to mitigate job losses that would otherwise result from...

In the face of moderating growth, China's leadership has a handle on the RE crisis and both exports and foreign purchase of Chinese stocks and bonds. Zero HedgeThis Shows Why The Yuan Is Defying Economic SlowdownYe Xie, Bloomberg markets live commentator and analysthttps://www.zerohedge.com/markets/shows-why-yuan-defying-economic-slowdownAlso at ZHYou can disregard ZH's commentary. They think that today's economies are replicating Seventies stagflation. Completely different conditions. And...

It beats the alternative.The LensThe Bright Side of Higher InflationStephanie 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 Sandershttps://stephaniekelton.substack.com/p/the-bright-side-of-higher-inflation

Interesting video! Capsian Report seem to be neutral, but I need to find out more about them. I don't know how correct their analysis is, but it seems feasible. The world is a pretty dangerous place, with countries still up for grabbing each others resources and wealth, if they can, so China needs to hang into its inner regions, Tibet and Xinglian, etc, as a buffer zone against attack. But these regions are poor, so the richer coastal parts of China have to subsidise them, hence communism...

Excerpt from Ours: The Case for Universal Property by Peter BarnesCapitalism as we know it has two egregious flaws: it relentlessly widens inequality and destroys nature. Its ‘invisible hand,’ which is supposed to transform individual self-seeking into widely shared well-being, too often doesn’t, and governments can’t keep up with the conse­quences. For billions of people around the world, the chal­lenge of our era is to repair or replace capitalism before its cumu­­la­tive harms become...

One of the great political changes of my adult lifetime has been the right’s abandonment of free market economics, as illustrated by the government imposing trade frictions within the UK and putting up the tax burden to what the OBR says will be “its highest level since Roy Jenkins was Chancellor in the late 1960s.” Two books I’ve read recently pose a question: might this shift be due in part to an awareness that markets are no longer the foundation of freedom we once thought they...

 The right’s favorite scare word is “elitism.’ What does it mean?When I say the elite, I mean the ruling class, but when the Right say the elite, they mean educated people and academics, like climatologists, psychologists, and epidemiologists, etc.  If there’s one epithet the right never tires of, it’s “elitism.” Republicans are constantly accusing Democrats of it this campaign season, as when Kentucky Senate nominee Rand Paul attacked President Obama as “a liberal elitist … [who] believes...

By 2030, China's carbon dioxide emissions will peak, stabilize and then decline, and by 2060, China will be carbon neutral and have fully established a green, low-carbon and circular economy, it said, reiterating the country's previous pledge.ECNSChina maps path to carbon peak, neutrality under new development philosophyXinhua (Chinese state media)