Mike Norman Economics

Today is just a number-crunching exercise, which I conducted to allow me to understand where the employment losses and gains in the Australian labour market since the onset of the pandemic. The latest Australian Bureau of Statistics Labour Force data, which I analysed in this blog post – Australian labour market – stronger as working age population flattens out (June 17, 2021) – revealed that total employment in Australia is now above the February 2020 level by 130.2 thousand (1.0 per cent)....

If the rationale for buying bitcoin is the Fed's monetary operations, it's a flawed rationale. 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/

The Vineyard of the SakerA Sea Painted NATO BlackPepe EscobarThe Vineyard of the SakerWill the Russians sink a British ship the next time around?The SakerTASSRussian Security Council Secretary [Nikolai Patrushev] notes return of 'might makes right' ruleCommon DreamsIraq Says Bombings Ordered by Biden a 'Blatant and Unacceptable Violation' of SovereigntyJessica CorbettSputnik InternationalRockets Hit US Military Base in Eastern Syria Day After US Airstrike on Militia - ReportsJacobinFrance’s...

I am interested in other’s opinions on this issue.To what degree do economic policy and financial institutional arrangements contribute to complicating these issues?Tax Research UKWhat are the five evils in modern society?Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

Longish but seminal. It combines economics with economics sociology to arrive at a view of political economy that incorporates the latest thinking, although the roots lie in the classical economists and Marx, institutionalizes like Veblen, and heterodox economics subsequent to the rise of neoclassical economists. Worth a close read.Development EconomicsWe Need to Talk about EconomicsPaulo L. dos Santos, Associate Professor of Economics at The New School, and Noé Wiener, Lecturer in Economics...

Friendly critique.This is the third part in my current series which explores certain aspects of Modern Monetary Theory (MMT). Here I want to focus on unemployment and inflation….The Political Economy of DevelopmentQuestioning Modern Monetary Theory: Part 3Nick Johnson

Very positive review.MarkerI Read It So You Don't Have To: 'The Deficit Myth'Matthew McFarlane

Mostly about Britain's economic policy.The Gower Initiative for Modern Money StudiesReducing government spending now would be calamitous for the wellbeing of people

As part of my inflation primer, I hope to dig further into Japan’s post-1990 “inflation” experience, but it does appear to be an interesting example of a fiat currency achieving price level stability. This stabilisation is ignored for two reasons:western mainstream economists are convinced that 2% inflation is the “correct” level for inflation targeting, and they browbeat Japan for “deflation,” andeverybody is predicting the imminent collapse of the Japanese yen into hyperinflation due to...

On November 11, 2020, the Australian Bureau of Statistics published a very interesting new experimental dataset – Non-Discretionary and Discretionary Inflation – which was derived from the standard Consumer Price Index data. It provided us with new insights and a richer knowledge of the impacts of inflation, particularly in distributional terms. Last month (May 25, 2021), the ABS published a followup article – Measuring Non-discretionary and Discretionary Inflation – which summarised some of...