Mike Norman Economics

98% approval of the CCP's management. Up from 95% in 2018.Interesting in that the CCP resorted to draconian measure to address the challenge and managed to get on top if it a matter of months. The priorities of governance are security, order, welfare, and distributed prosperity in that order. Liberties are adjusted to meet these priorities.The Washington PostDid the pandemic shake Chinese citizens’ trust in their government? We surveyed nearly 20,000 people to find out.Cary Wu | professor of...

Republicans, conservatives, and business interests are using the fact of recent rising prices to attack legislative proposals to increase government spending. They argue the recently passed $1.8 trillion ‘American Rescue Plan’ (Covid Relief Plan) by the Biden administration was too generous. And proposals to spend on Infrastructure ($2.2T) and American Families ($1.5T) will only stoke consumer spending and boost inflation further.They and their mainstream media friends are arguing that...

By defining today's geopolitics as a clash between democracy and autocracy, the Biden administration risks both empowering America's adversaries and undercutting its allies. And an us-versus-them approach will make it impossible to confront shared global challenges.…Biden's foreign policy is determined by the MICIMATT (Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank complex). Strategic blunder. These are the same types that gave the US Vietnam, Afghanistan, Iraq,...

Even with a strong recovery from the pandemic, creative destruction is needed to increase profitability of capital investment owing to debt overhang and excessive financialization of the global economy.Michael Roberts Blog — blogging from a marxist economistSome notes on the world economy nowMichael Roberts

Tens of millions of Americans will duly pay the taxes they owe and file for their refunds by Tax Day in 2021, which was delayed until May 17. Meanwhile, some of the wealthiest Americans will engage in complicated tax evasion schemes that will cost the U.S. government $700 billion this year, according to U.S. Treasury Secretary Janet Yellen.Tax evasion has reached such heights that the Biden administration is proposing bold measures to crack down on rich tax cheats. And academic research is...

Professor Ruccio has been quiet for awhile So I haven't been posting anything. But he has been working on the Marx book in the meantime. Here is a link that links to the updates at his place.Occasional Links & CommentaryMarxian economics—an updateDavid F. Ruccio | Professor Emeritus of Economics, University of Notre Dame

Many Westerners and economists have been predicteding China’s economic crash for many years now, but it always seems to hold up. Now an aging population without enough young people is often quoted as a reason for the next crash. But China thinks out of the box, and dramatic projects, unthinkable in the West due to short terminism, can occur in China. AI and equipment like this is reducing the need for labour. 1 floor in 3 days! A gigantic high-rise building machine is used to construct...

For years the entire financial establishment preached don't fight the Fed. Now, they're all fighting the Fed. Weird. 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

While John Stuart Mill is remembered as a philosopher (Utilitarianism and On Liberty), he is also numbered among the prominent classical economists along with Smith and Ricardo. His Principles of Political Economy was widely taught until it was replaced by Alfred Marshall's Principles of Economics.The article observes that while Mill was "progressive for his day," his day was not at all progressive. While he was a bit of a radical at the time, now his work seems quite conservative on...

Poverty, prosperity, and growth are often measured in monetary terms, most commonly as people’s income. But while monetary measures have some important advantages, they have the big disadvantage that they are abstract. In the worst case monetary measures – like GDP per capita – are so abstract that we forget what they are actually about: people’s access to goods and services. The point of this text is to show why economic growth is important and how the abstract monetary measures tell us...