Mike Norman Economics

Jayati Ghosh speaks about the growing debt crisis in the global south, the IMF’s never-ending affinity for austerity and the need to confront the power of financial capital.Jayati Ghosh has already teamed up with Michael Hudson on this. Financial capitalism interfaces with neoliberalism, neo-imperialism, and neocolonialism by gaining control using investment and debt, enforced by the "rules-based order" to the advantage of financial capital, which the Global North/West uses to dominate the...

There appears to be confusion among those interested in Modern Monetary Theory (MMT) as to what the implications for a green transition that will fasttrack the transition to renewable energy will require by way of government. I regularly see statements that government deficits will have to be ‘massive’ for extended periods because the private (for profit) market entities will not move fast enough to deal with the climate emergency in any effective way. The confusion inherent in these claims...

A couple of should-reads by major influencers.TimeWhy the World Is on the Brink of Great DisorderRay DalioVox.eu — CEPRClimate risk stress tests underestimate potential financial sector lossesHenk Jan Reinders, Dirk Schoenmaker, Mathijs Van Dijkh/t Lambert Strether at Naked CapitalismGlobal SouthThe Age of Confrontation: Deputy Chairman of the Russian Security Council Dmitry Medvedev-on how the tectonic civilizational rift can and should be resolved amarynth

What was so evident with the massive failure of investors’ beliefs about how the economic system works. The elites were so wrong.

Education plus technology = increased productivity.Goldman shows how Krugman was wrong about the future of the Asian Tiger in the 90s. Those who lived through the similar rise of Japan post-WWII are struck by the similarities now with China. But China is a whole lot bigger and more consequential than Japan or the Asian Tigers. It is also bigger and more consequential than Germany, whose rise post-WWII was facilitated by the Allies to oppose the USSR. Now Germany is not only a vassal of the...

People ask me what’s your track record? Is it audited? To which I answer are you me? Would do exactly as I do? Every individual has their own temperament and emotional make up. People quit. And timing is not to be all end all. Patience is.

Some people may see this as a moral victory, but in the macroeconomics sense, nobody wins from this. In fact, we all lose. 

All the monetarists got it wrong. They are all going to have to cover their shorts as the economy is doing well and the market is going to go higher.

 A clever take-off on Plato using the Socratic method called elenchus (which became the template for the tradition of free inquiry and open debate as a foundation of Western liberalism).Global InequalityAthenian dialogues on global income inequalityBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist...

Still $73 billion of outstanding tax drain needs to be recovered. You need commitment to be successful.