Mike Norman Economics

In general terms, Modern Monetary Theory (MMT) defines the value of the currency as “what must be done to obtain it”. As MMT authors have noted, this general definition can be interpreted in terms of labor time. A Marxist interpretation, consistent with MMT’s general definition, is to define currency value in terms of socially necessary labor time. Two interpretations seem particularly suitable. A first approach is to define currency value as the reciprocal of the average money wage. This...

Training for Grand Canyon rim to rim hike. Doing a 30 mile walk today.

U.S. now sending warships into the Black Sea in another provocation. Putin has 100k Russian troops on the Ukraine border. 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

A war with Russia is a growing worry as the Biden Administration ratchets up the level of confrontation. 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

A Wharton report erroneously claims that the Biden infrastructure plan will "crowd out" private investment and shrink GDP. So wrong it's mind boggling. 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

I hate the mainstream scoff.Do you know the mainstream scoff? It’s the scoff people who’ve been indoctrinated into the mainstream worldview make when you say something which falls outside that worldview. Something like “Nothing of substance has changed since the Trump administration.” Or “The west sided with al Qaeda in Syria.” Or “Check out this link to an article from an alternative media outlet.”It’s any kind of swift, vapid dismissal someone makes when you offer a perspective that isn’t...

Ukraine and Russia may be on the brink of war – with dire consequences for the whole of Eurasia. Let’s cut to the chase, and plunge head-on into the fog of war.The Unz ReviewUkraine Redux: War, Russophobia and PipelineistanPepe EscobarSee alsoInternationalist 360ºBiden, Pentagon, NATO Signal Readiness to Go to War against Russia Over UkraineBaltic: “NATO Allies and Partners from Across the Globe” Prepare for “Real-World Fight” with RussiaRick RozoffAlsoTASSKiev seeking to provoke Donbass to...

 Kishore Mahbubani believes that the US would do better being an economic rival to China rather than enter an expensive cold war. The money would be better spent on the American people. The writer, a distinguished fellow at the National University of Singapore, is author of ‘Has China Won?’China is doing the opposite of the former Soviet Union. China believes the Soviet leaders failed because they lost touch with their own people, ignoring their welfare while engaged in foreign wars. China...

In order to reduce the complexity of real economic activity to equations, economists must in effect choose between supposing that there is one dominant technique for the production of each distinct commodity and supposing that there are an infinite number of techniques for the production of each distinct commodity. To put this point as simply and formulaically as I can, they have to decide whether they are going to use linear algebra or calculus. The neoclassical assumption of an infinity of...