Mike Norman Economics

Economics fails not merely to account for biophysical limits to growth but to account for actual and potential alternative provisioning systems. Instead, talk of ‘the economy’ makes an implicit ontological claim that there is only a singular form of modern economy: the capital accumulating, price-making market economy. Economics has then become limited to a discussion of market capitalism and how it can be maintained in light of its evident failings. Hence, a new critical orthodoxy has...

Read Yves Smith's intro for a significant qualifier.Naked CapitalismChina is the world’s sole manufacturing superpowerRichard Baldwin | Professor of International Economics IMD Business School, Lausanne; VoxEU Founder & Editor-in-Chief VoxEU.orgOriginally at VoxEU

The latest information from Japan suggests that in December 2023, its inflation fell sharply for the second consecutive month and that one might conclude the inflation episode is coming to an end. The Bank of Japan made the assumption that this supply-side inflation was temporary and would subside fairly quickly once those constraints eased. And they were right. All the other central banks somehow convinced themselves that the inflation was demand-driven and have been needlessly pushing up...

The social cost of greenhouse gas (GHG) emissions, considered the single most important measure in addressing the climate crisis, is generally defined as an estimate of societal damages, including health harms, resulting from unpaid or externalized GHG emissions. Researchers have been calculating this cost for several decades. Federal agencies began regularly incorporating the social cost of these emissions in 2008 — today, more than 80 federal regulations reflect its use. Despite the fact...

I got a question about references for post-Keynesian theories of interest rates. My answer to this has a lot of levels, and eventually turns into a rant about modern academia. Since I do not want a good rant to go to waste, I will spell it out here. Long-time readers may have seen portions of this rant before, but my excuse is that I have a lot of new readers....Bond EconomicsA Response To A Question About Post-Keynesian Interest Rate Theories (...And A Rant)Brian Romanchuk

Pepe Escobar's forecast on Eurasian development in the coming year.Strategic Culture Foundation (sanctioned by the US Treasury Department)Year of the Dragon: Silk Roads, BRICS Roads, Sino-RoadsPepe EscobarIf SCF is blocked, you can access the article at The Alternative World here.

They all sold on the hotter than expected CPI number. Then of course the market bounced back. 

Regularly getting out of your comfort zone is something every investor should do.

This aggregate general price increase isn’t going to be reversed by November by keeping the current risk free rate static… so the Biden people are stuck with this politically … and the inequity of economic outcomes being caused by this high risk free policy rate they continue to impose…Democrats sacrificing their political prospects in a deranged defense of art degree monetarism…🇺🇸US Inflation Rate: AggregatedAverage American purchasing power eroded by 22.37% Since Jan 2020....

Daily Kos? Yep. At least some of the so-called "left" are waking up?The quotes is from a recent piece by James K. Galbraith and the post refers to Stephanie Kelton for explanation.Daily Kos"Medieval doctors drew blood; modern central bankers raise interest rates"Bethesda 1971