Mike Norman Economics

One could make a pastime observing the way that so-called ‘expert’ commentators change their commentary as the data unfolds. As one rather lurid prediction fails, their narrative shifts to the next. We have seen this tendency for decades when we consider the way mainstream economists have dealt with Japan. The words shift from those implying immediacy (for example, of insolvency), to those such as ‘could’, ‘might’, ‘perhaps’, ‘under certain conditions’ and more. The topics shift. The...

It is Wednesday and I have been quite busy today on non-writing things, including a very long lunch (yep), which may lead to progressing the development of the – MMTed – project. I also was thinking about Tunisia today. And, of course, I listened to some great jazz. So only a few snippets today as usual but hopefully something of interest....Bill Mitchell – billy blogTunisia is a classic example of the failed IMF/World Bank development modelBill Mitchell | Professor in Economics and Director...

Economism has been modern capitalism’s myth system, or in computer parlance, capitalism’s operating system. It has stressed utilitarian moral beliefs compatible with economic assumptions that are critical to neoclassical economic theories. These beliefs include the idea that society is simply the sum of its individuals and their desires, that people can be perfectly, or at least sufficiently, informed to act rationally in markets, that markets balance individual greed for the common good,...

The surge in new virus cases could have an impact on the market. Here's what you need to know.

 I used to love the Avengers as a boy. If there were any problems in the world, they would all dissappear when the Avengers was on. The Avengers - a world where there were no drugs, no divorces, no abusive parents, no difficult children, no depression, no anxiety. Just dodgy foreign agents, or a master criminal, and sometimes a mad scientist- oh, and it was chock full of S&M themes too! Diana Rigg as Emma Peel was stunning! During the 1960's Hollywood had decimated British cinema, so the...

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 Some people who recommend plant based diets say to avoid all extracted oils, and the science they present looks good, but the science for the benefits of adding some olive oil to your diet looks good too. I have trouble finding food satisfying, or filling, without some olive oil in it.New research - AbstractExtra-virgin olive oil (EVOO), a popular functional food and major source of fat in the Mediterranean diet, pos sesses a variety of healthful components, including monounsaturated fatty...

Thomas Kudrycki, Chief Technology Officer, eCurrencyI was a bit concerned about central banks using blockchain technology for their digital currencies, considering the amount of power it uses, but it isn't necessary for Central Bank Digital Currency (CBDC). Phew!  Some central banks also see Bitcoin as the central banks’ competitor andbecause of the digital currency’s association with Bitcoin, many central banks have assumed that Central Bank Digital Currency (CBDC) must be based on a...

All the "very smart" people of Wall Street shorted Treasuries because they lacked understanding of what was going on.

 It's too big. It's cannibalizing the economy. It's time for a radical plan.2014 article, but it's really good. Franklin Froer says how Microsoft destroyed companies with superior products, so we are the losers. In confronting what to do about Amazon, first we have to realize our own complicity. We’ve all been seduced by the deep discounts, the monthly automatic diaper delivery, the free Prime movies, the gift wrapping, the free two-day shipping, the ability to buy shoes or books or pinto...