Mike Norman Economics

Modern Monetary Theory and European MacroeconomicsThis course provides an introduction to Modern Monetary Theory (MMT). During the course, students will examine the balance sheets and transactions that are relevant for understanding modern money, with a focus on the Eurozone. Furthermore, alternative explanations are brought forward that include, among others, the idea that governments spend first and collect taxes later...econoblog 101Summer School on “Modern Monetary Policy and European...

I regularly encounter mainstream economists who are confounded by the dissonance that the body of theory they have been working in introduces and then seem to think they have come up with new ideas that restores their credibility. The more extreme version of this tendency is called plagiarism in academic circles. But the less extreme version is to produce some work in which you conveniently ignore the main contributors in history but hold out implicitly that the ideas are somehow your own....

 While this post is specific to Australia, the reasons for the recent spike in "inflation" are not unique to Australia. The inflation that is now turning out to be transitory was not the result of a wage-price spiral as central bank models assume. Rather, it was a consequence of supply shocks owing to the pandemic followed by sanctions in response to the conflict in Ukraine. Now that supply chains are beginning to function again or have been replaced or substituted, the inflation metrics are...

WSJ survey results.Just the social facts, ma'amWhat's wrong? David Weakliem | professor of sociology (retired) at the University of Connecticut

In the November/December 2021 issue of Intereconomics, Françoise Drumetz and Christian Pfister examine Modern Monetary Theory (MMT) and approach it from the policy consequences that would follow. This paper is a reply to Drumetz and Pfister. It restates the core of MMT and offers some suggestions for central banks. Theories are explanations of what we see, and MMT describes money creation and destruction. Hence, MMT cannot be and is not a political manifesto. In contrast to most other...

“As the sole issuer of euro-denominated central bank money, the Eurosystem will always be able to generate additional liquidity as needed,” [ECB President Christine] Lagarde said in response to a question by an Italian member of the European Parliament.“So, by the definition, it will neither go bankrupt nor run out of money. In addition to that, any financial losses, should they occur, would not impair our ability to seek and maintain price stability.…"ReutersECB can't go bankrupt...

 Through my work at the Global University for Sustainability, I have come to know Professor Wen Tiejun. He provides a key analysis of the ten crises China has endured. I highly recommend his book to you (PDF), kindly donated to the reform community as an open access book. There are 10 lectures that accompany the book (below). Professor Tiejun and I also participated in a joint discussion you may enjoy. Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismIntroducing...

Some surprises.ShepherdThe best books to help you understand how money really worksL. Randall Wray | Professor of Economics, Bard College

I was "debating" economist Joe Lavorgna regarding MMT. Lots of things we didn't have time to get into, but that's TV.Click the link to watch the clip.https://video.foxbusiness.com/v/6323472385112#sp=show-clips

Moscow-based company Sistemma has created its own competitor to OpenAI’s ChatGPT, which runs entirely on domestic servers and in the Russian language. The project was unveiled on Sunday on the IT company’s official site. The AI is called SistemmaGPT (Generative Pre-trained Transformer) and is based on the company’s own developments, along with Stanford University research. The chatbot is intended for Russian businesses and government agencies.…The chatbot is currently in a work-in-progress...