Mike Norman Economics

Must-read. Peter Radford is onto something.Economics is looking in the wrong direction by emphasizing capital-labor as the variables in production and supply and demand in distribution through markets and rationing scarce goods based on price. This post sets the stage for a more holistic approach to the world system in terms of key fundamentals. The more significant factors are energy and information.In my view, the foundational element is intelligence and its creative application, which...

“Our purpose is not to contain China, to hold it back, to keep it down: it is to uphold this rules-based order that China is posing a challenge to,” Blinken said. “Anyone who poses a challenge to that order, we’re going to stand up and defend it.”Now, had Blinken been speaking to an actual journalist, he would have been asked in what specific ways defending “the rules-based order” against China would differ from trying to contain China and keep it down. He would have also been asked what...

 All are now focusing on economic and financial self-sufficiency now that globalization is on-hold for the foreseeable future. It's a consolidation phase to be expected in the historical dialectic. The process was getting ahead of itself and now geopolitics and geostrategy have intervened. Now questions arises as to whether the pause will be intensified by a new cold war and arms race, if not kinetic warfare on a regional or global scale. This implies rising uncertainty and increasing...

FDR at home. Empire abroad. These are incompatible in today's global environment.MR OnlineBiden uses first major address to lay out his program for the working classWalter SmolarekOriginally published: Liberation

Doctors are highly trained medical professionals trying to survive in a complex sociopolitical system. We have been pawns utilized by hospitals and government for our knowledge and skills, yet more recently expected not to have a voice or opinion.As a physician in private practice for 40 years, changes in the past 10 years have been difficult. It was hard for me to hear non-medical business administrators force cut-rate medicine compromising evidence-based patient care.Not just hospital...

The systematic divorce of ownership from managerial control of productive resources, a process growing organically within capitalism as it develops, makes it possible for the first time to think seriously about collective ownership of the means of production. The first question that arises is: what about the surplus? Capitalism is ideally organized to extract a surplus from the annual production and consumption of commodities and to vest ownership of that surplus in private hands. But no...

Its Wednesday and just a few items today. I have a fair number of commitments today and some writing deadlines. But I thought a brief comment on a Financial Times article last week (April 30, 2021) highlights how paradigm shift creates wedges in those devoted to the degenerative paradigm. Some embrace change more than others. Some hang on to any thread to maintain their credibility. We might write something about Modern Monetary Theory (MMT) and power tomorrow. That should appeal,...

Powell (Trump appointee) more progressive than monetarist Yellen or Biden ... While 22% of parents either stopped working or worked less in 2020 because of the Covid-19 pandemic’s disruptions, that figure jumps to 36% and 30% for Black and Hispanic mothers, respectively, Federal Reserve Chairman Jerome Powell said Monday. https://t.co/ewUE6ihuyP— Real Time Economics (@WSJecon) May 5, 2021

Hey really nice depository system you got there where Depositories can’t accept any deposits you f-ing morons...The pushing out of costly deposits is happening now. This post explains why - https://t.co/s2DJ0D5Bdw https://t.co/oIhxyAf1WY— FedGuy (@FedGuy12) May 4, 2021

Today, out of nowhere, Janet Yellen the Treasury Secretary, says interest rates probably have to go higher. NOT HER JOB! 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