Mike Norman Economics

Today, we have a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. Today, he is writing about the impact the recent decision by the Fair work Commission – Annual Wage Review 2020-21 – on June 16, 2021, which raised the National minimum Wage in Australia to $772.60 per week or $20.33 per hour....Bill Mitchell – billy blogThe working poor are still poor in AustraliaScott Baum, Professor of...

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Good post with a link to the author's latest at RT (see below).I would agree with the thrust but the major deficiency is missing the conflict between liberalism and traditionalism as chief factor in the current moment of the historical dialect. This conflict is seen not only among nations but within nations and even in social groups such as churches and political parties.This dialectic has many facets, so it is not a simple task to summarize it other than by noting major trends as they...

The Bank for International Settlements issued its annual report yesterday. Perhaps the central banks are feeling a little insecure, or perhaps they are a little more sensitive to economic reality, but the BIS felt compelled to use one third of its report to tackle inequality. Here’s the summary as given in the report: The Radford Free PressStructural DefectsPeter Radford

BackgrounderStrategic Culture FoundationThe Chinese Miracle, RevisitedPepe EscobarSee alsoThe Vineyard of the SakerThe real B3W-NATO agendaPepe Escobar

Shifting the goal posts.Moon of AlabamaBloomberg: Here Is How We Make The U.S. Look Great

"We have not merely adapted; our economy has adapted to this sanction pressure and it has even benefited us in certain aspects," the head of state said. "These so-called replacement programs, import substitution, imported equipment and technologies replacement by indigenous ones created a good impetus in developing high-technology production spheres," Putin said.Increased self-sufficiency.Globally, the trend toward national self-sufficiency is undermining key principles of liberal...

Abstract This paper reconstructs the Keynesian income – expenditure (IE) model to include distinctions between government purchases of private sector output, government production, and government job guarantee program (JGP) employment. Analytically, including those distinctions transforms the model from a single sector model into a multisector model. It also surfaces the logic behind the automatic stabilizer property of JGP employment. The model is then extended to include Kaleckian income...

The 97-year-old told CNBC in an interview alongside Berkshire CEO and billionaire investor Warren Buffett that the United States should take a leaf out of China's book and "step in preemptively to stop speculation". Read more at:https://economictimes.indiatimes.com/markets/stocks/news/berkshires-charlie-munger-says-china-right-to-clip-jack-mas-wings/articleshow/83976378.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstI said the same when they did it. They...

It’s Wednesday and I have been tied up most of the day with commitments. So we will have to be content today with a couple of snippets. The first about the on-going inflation mania and the way in which the ECB seems oblivious to it. The second about the gross incompetence of the Australia government, who has put the health of the nation at risk and forced state governments to invoke rolling lockdowns as only a small number of us are vaccinated and cases keep seeping out of a flawed...