Mike Norman Economics

Adam Smith's labor theory of value in a nutshell. Short.Why is is this significant now? Because rising income and wealth inequality are breathing life into defunct economists that dealt with these issues.Economic rent was front and center in classical economics and, of course, Marx. It was treated by Veblen also, who can be viewed as the forerunner of what came to be institutional economics. Economic rent is explained away in neoclassical economics (marginalism) based on marginal...

When the price monopolist (MMT 101)  has prepared its system to withstand a 55% price reduction it increases the likelihood of it happening...▪ FED WARNS OVER RISK OF ASSET PRICE DROPU.S. Federal Reserve warns over risk of "significant declines" in asset prices as valuations climb#US #asset_price #Economy pic.twitter.com/zeu2Luqvel— Arirang News (@arirangtvnews) May 7, 2021

Dominoes falling... Chamber of Commerce POV winning.... BREAKING: South Carolina and Montana to end all pandemic unemployment benefits for jobless residents ?https://t.co/3in7U2ACW5— Robert Cooper ? (@RobertCooper58) May 7, 2021 And no more stimmy until probably October:Treasury's extraordinary measures to extend the debt limit will run until around Oct. 1, per estimates from @BPC_Bipartisanhttps://t.co/Av6n1oS57N— Saleha Mohsin (@SalehaMohsin) May 6, 2021 We’re on our own for a while.......

Hey, Jeff...there's no such thing as "unfunded liabilities." 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

[Four star] Admiral James Stavridis has commanded U.S. warships in the South China Sea. In his new novel, he writes about a war between China and America – a scenario he considers to be extremely realistic.…Sounds like an intriguing novel by a guy who knows whereof he writes. He says it's aim in anti-war.  This is not a situation for sleepwalking or bluff. Accidents happen and commitments can backfire.Graham Allison [author of "Destined for War: Can America and China Escape Thucydides's...

Drawing lines is the bane of liberalism.Economics from the top downFree Speech For Me, Not YouBlair FixSee alsoMROnlineIt’s aggression when ‘they’ do it, but defense when ‘we’ do worseAlan MacLeod

Boomers remain dominant in economic and political power.Visual CapitalistRanking U.S. Generations on Their Power and Influence Over SocietyCarmen Ang

But is Marx’s capitalism at all similar to the capitalism of today? Can his ideas be relevant now, more than a century since they were formulated and during which time the world’s per capita income was multiplied by seven, and US per capita income by more than eight times?The main differences between the classical capitalist world of the 19th century and today is not however that wages are higher (Marx would not have been much surprised since he held that wages reflect “moral-historical”...

Beijing has axed a high-level channel for economic talks with Canberra, blasting Australian leaders for having a “Cold War mentality” after the country canceled two contracts linked to its Belt and Road project.In a harshly worded statement on Thursday, China’s economic planner, the National Development and Reform Commission, said the China-Australia Strategic Economic Dialogue would be paused indefinitely....While relations have been frosty for some time, halting the negotiation channel...

In a nutshell: for the US deep state, leaving Afghanistan is anathema.All this is being withdrawn is US visible presence. The shadow war goes on as US troops pull out.The extended troika [Russia, the United States, China and Pakistan, with Turkey poised to enter], at least rhetorically, is in favor of an “independent, sovereign, unified, peaceful, democratic, neutral and self-sufficient Afghanistan.” Talk about a lofty undertaking. It remains to be seen how Afghanistan’s “neutrality” can be...