Mike Norman Economics

On October 26, 2023, the US Bureau of Economic Analysis published the latest US National Accounts figures – Gross Domestic Product, Third Quarter 2023 (Advance Estimate) – which showed that “Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023”. The June-quarter 2023 growth rate was 2.1 per cent. There was broad-based growth in all the expenditure components, including those that would be most sensitive to interest rate rises. My prior, of...

Russia continues with her program of updating IL-96 line, as an intermediate wide-body solution, to IL-96-400M. This is the first aircraft of this limited series doing its take-off regime runs yesterday.Its four engines are advanced PS-90A3--a further development of venerable high-bypass ratio PS-90A. This aircraft is fully Russian made, from systems to avionics. The Russian commercial aircraft industry is self-sufficient and unaffected by sanctions.And here we are, in the new geopolitical...

I have been editing sections of my manuscript, and nothing out of that writing output is publishable here (since it is just a rehash of an earlier article). However, I am adding a new section on inflation theories that I will need to think about. This article summarises what I think I will cover.My manuscript is somewhat unusual in that I am mainly discussing the “known properties” of inflation, without offering a theory of inflation. The more usual situation is that people have extremely...

Stocks are on sale! 

Yes, you have been waiting all week to see how the Smith Family was faring as they struggle to work out where the government currency comes from. Well, Episode 2 in our new weekly Manga series – The Smith Family and their Adventures with Money – is now available. Have a bit of fun with it and circulate it to those who you think will benefit …William Mitchell — Modern Monetary TheoryThe Smith Family manga continues – Episode 2 is now availableBill Mitchell | Professor in Economics and...

Don’t be. The market is about to bounce back. 

Yves here. This post and its companion piece on neoliberal ideology illustrate the hold that economic belief systems have on policy. One big one that does not get enough mention is that neoliberal theories posit that economies have a native propensity towards equilibrium….oh, and at full employment! This charming story serves to justify capitalist systems as virtuous and self regulating. The reason this clearly false view has been successfully and aggressively promoted is not just that it...

I recorded aon September 27, 2023, a fairly long interview with Lynn Fries, who is an American Journalist producing video content at Global Political Economy or – GPEnewsdocs – which is based in Geneva.The conversations – Seeking Full Employment Without Falling Prey to Neoliberal Traps – contains access and a full transcript of the conversation.William Mitchell — Modern Monetary TheoryVideo conversation – Seeking Full Employment Without Falling Prey to Neoliberal TrapsBill Mitchell...

Latest update.The LensFinding the Money: Winning Awards and Coming to a Theatre Near YouStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

The definition of courage is being afraid and doing it anyway.