Mike Norman Economics

 Jim O'Neil treats the political dynamic and geopolitics as irrelevant to global economics, which includes ignoring the key role that the US and UK are playing in this dynamic, precluding the economic cooperation he recommends, as the US and UK intend in order to maintain and extend Anglo-American hegemony.Project SyndicateWill the BRICS Ever Grow Up?Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK treasury minister, is a mem

Is class conflict returning to economics? David Ruccio refers us to Michal Kalecki's political aspects of full employment in his response to Martin Sandau. Short.Occasional Links & CommentaryClass conflict and economicsDavid F. Ruccio | Professor Emeritus of Economics, University of Notre Dame

At present, the pandemic is causing massive fluctuations in the labour force aggregates to the point that it is very difficult to know more than that things a bad even when conventional indicators would normally be moving in a direction that would lead to the opposite conclusion. Today (September 16, 2021), the Australian Bureau of Statistics put out the latest – Labour Force, Australia – for August 2021. The background is that the entire East Coast is in or has been in lockdown over the...

It’s Wednesday and I have now settled back into my office after being stuck away from home for 9 weeks as a result of border closures between Victoria and NSW. So I am reverting back to the usual Wednesday pattern of limited writing, although today, the topic is worthy of some extended narrative. Before we get to the swamp blues music segment, I am analysing a speech made by the RBA governor yesterday on the role of monetary policy during a pandemic, whether low interest rates are driving...

Market rallied today as I expected due to reserve drain from corporate tax payments. But upside is capped for now.

Modern Monetary Theory (MMT) can be applied to growing economies. Equally, as Jason Hickel rightly observes, MMT is also an appropriate macroeconomic framework for proponents of degrowth. The theory makes clear that a currency-issuing government always has the capacity to maintain full employment through implementation of a job guarantee, irrespective of the overall level of aggregate demand or rate of economic growth. As currency issuer, the government faces no financial barrier, nor has...

MMT at Project Syndicate!The right to employment is also included in Article 23 of the UN General Assembly's Universal Declaration of Human Rights!Project SyndicateA Just Transition Needs a Job GuaranteePavlina Tcherneva | Associate Professor of Economics at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability

Industrial Policy’s ComebackMarket fundamentalism has failed to improve economic and social conditions. Now, we need a mission-oriented approach to the economy that embraces an active role for government in spurring growth and innovation.Today it is precisely those “market mechanisms” that appear not to have delivered on their promise. An equally exhaustive review of the experience of several advanced economies during the last few decades—from the 2008 financial crisis, populist challenges...

In an excellent just-published book “Six faces of globalization” Anthea Roberts and Nicolas Lamp, produce six plausible narratives of globalization and what, according to each, went wrong or right with globalization. Their approach is to take a given narrative, present all its points as its defenders would, with rather minimal outside (i.e. their own) interventions, and in the second part of the book discuss overlaps and differences between these various narratives.Here, I will review the...

Note: This is a preliminary draft of a section from my inflation primer. It is an overview of the “modern” inflation experience for a few developed countries. I expect to add data and comments for a few continental European and Antipodean countries later. Bond EconomicsInflation History Overview (For Some Selected Countries)Brian Romanchuk