Mike Norman Economics

Important for thinking about economics and its relation to the world.Global InequalityOn the role of economics and global inequalityBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

It takes a while for the mainstream organisations in economics, banking and finance to start to realise that the framework they use cannot explain the actual events in the real world, without serious revision. The problem though, is that the overall framework is flawed and the typical ‘response to anomaly’ approach, which changes a few assumptions to get ‘novel results’ is inadequate because it leaves one blind to all the possible policy solutions. The latest example is the Bank of...

Transcript of Paul Jay interview.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Tight Fist of Special InterestsMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking Universityhttps://michael-hudson.com/2021/10/the-tight-fist-of-special-interests/

The current political era is best understood as a “great recoil” of economic globalization. It is a moment when the coordinates of historical development seem to be inverting, upsetting many of the assumptions that dominated politics and economics over the last decades. This moment corresponds to the “second movement” socialist economic historian Karl Polanyi described in his book The Great Transformation, when phases of capitalist expansion recede and are met by “societal...

"Sanctions," Iran’s new president, Ebrahim Raisi, told the UN General Assembly, "are the US’s new way of war with the nations of the world." At least nineteen countries are currently besieged by the economic warfare of US sanctions.As when they wage military war, the US is willing to accept the high civilian cost of sanctions. In their book Why Civil Resistance Works, Erica Chenoweth and Maria Stephan cite studies showing that sanctions "often harm the civilian population more than the...

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