Mike Norman Economics

 Comparison of Marx's macro and with Keynes's macro.Michael Roberts Blog — blogging from a marxist economistMarx’s reproduction schemaMichael Roberts

Last Thursday, guest blogger Scott Baum analysed 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. See his blog post at – The working poor are still poor in Australia (July, 2021). Today, I also review that decision as part of my annual surveillance on minimum wage trends in Australia. The Fair Work Commission, is Australia’s wage setting tribunal, and as...

 Washington is a laughing stock. They got a crook to testify against Assange in a kangaroo court. It was the best they could do to try to frame Julian Assange. The world knows that Washington is a criminal enterprise. [embedded content]

When basic conditions start to change (and they don't change often) then the market is becoming much more speculative and risks a major downturn. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Phil Armstrong’s Can heterodox economics make a difference? is an exemplary case study for a wish long-held for heterodox economics.[2] Armstrong’s recent contributions have revolved around the idea that if only the disparate schools of heterodoxy could work together then it would be much easier to make the case that the inertia of the mainstream could be stopped (Armstrong, 2018). This dream of the heterodox scholar would require a meeting of minds, a common framework, and a set of goals...

Surprisingly muted to positive reaction from Wall Street. It's being recognized that tech and fintech will be regulated not only in China as the US considers anti-trust action. The reality is that the baseline business model needs regulation to avoid perverse incentives undesirable (intended) consequences — monopoly, privacy violation, and the like — that concentration involves, thereby generating asymmetry of power. Capitalism encourages economies of scale and the results in asymmetries...

A team of scientists thinks the answer is "yes." A new theory says that feedback causes the laws of physics to change over time, and therefore the universe is evolving too, so maybe the perfect conditions for life are not just a matter of pure chance after all, although this doesn't mean there is a designer?The universe could be teaching itself how to evolve into a better, more stable, cosmos. That's the far-out idea proposed by a team of scientists who say they are reimagining the universe...

Last Friday (July 2, 2021), the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – June 2021 – which showed that the recovery since the catastrophic labour market collapse in March and April 2020, continues with payroll employment rising by 850,000 in June 2021. The unemployment rate rose by 0.1 points to 5.9. However, the broader labour wastage captured by the BLS U6 measure fell by 0.4 points to 9.8 per cent. The US labour market...

 How our Western diet is causing inflammation and most of our diseases, from cancer, diabetes, heart disease, organ failure, etc. Pesticides (especially Round Up), sugar, additives, high fructose corn syrup, emulsifiers, etc, are badly affecting our gut microbimone, but the antibiotics we were given as children have also damaged our gut flora. Using fermented food in our diet, like yogurt, sauerkraut, tempeh, etc can be help to restore healthy gut microbimone, and high fibre foods, like...

We are currently in an environment where people are going around repeating the mantra “more government spending means taxes must go up”.But only, of course, by people who are hard of both accounting and mathematics. It’s like the household analogy - a common fallacy.Let’s see why.…New WaylandWhy Tax Matches SpendingNeilW