Mike Norman Economics

The news comes the Chinese firm seeks to commercialise its chipmaking design capabilities with the hopes Kunlun will become a separate business, sources familiar with the matter said on Monday.... Sputnik InternationalChina's Baidu Raises $2bn With Investors for AI Chipmaker Kunlun Amid Global Semiconductor Shortage

 U.S. President Ronald Reagan and his secretary of state, George Shultz, as well as U.S. President George H.W. Bush, are well known to have worked effectively with their Soviet counterparts to advance bilateral arms control. What is less known is that Reagan, Bush and successive presidents also sought to convince the Kremlin to give the market economy a chance, as they believed that a transition by the Soviet Union to a market economy would have been in America’s interest. The 1992 Freedom...

Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press.We have explained that the indebtedness of the population means there is little discretionary income with which to drive the economy....The Unz ReviewIt Is Time to Remove the Debt Barrier to Economic Growth, by...

These indicators are mostly for travel and entertainment. It will interesting to watch these sectors recover as the vaccine is distributed. Calculated RiskSeven High Frequency Indicators for the EconomyBill McBride

The electronic book launch of Modern Monetary Theory and the Recovery has gone well, and I am waiting to approve the paperback edition. This means that I am now in the mode of considering my next steps. I am unsure what the subject of my next book will be, but I have a short-term project: develop an agent-based macroeconomic simulator. The first application of this simulator will be building a core MMT model - in space! To support my open source software projects, I have set up a Patreon,...

Adam Kaczynski has recently completed his PhD with a thesis on “A Post-Keynesian stock-flow consistent model of the Global Financial Crisis and the Age of Secular Stagnation”.The PDF is available here, and the corresponding code can be downloaded from Github.Abstract:This thesis is an attempt to build a dynamic, long run, Stock-Flow Consistent, Post Keynesian model of the Global Financial Crisis and Secular Stagnation. While multiple New Keynesian Dynamic Stochastic General Equilibrium...

The Federal Reserve Board released an item of good news that might be missed. The Financial Accounts for the fourth quarter showed a decline in profit share of national income to 12.0 percent, the lowest annual share since 2009. It is far too early to know if this shift will be enduring, but it is encouraging in any case. On the plus side, wages have been growing rapidly in recent months, so this shift to wages may continue for the immediate future....Beat the PressProfit Shares Fall to the...

It is clear that the Reserve Bank of Australia (RBA) management is at odds with the elected Federal Government over the current state of the economy and what needs to be done to get through the COVID-19 pandemic. The Federal government is about to significantly wind back its fiscal stimulus, which although was insufficient at the outset, did help reduce the damage that the health responses to the pandemic caused (lockdowns, etc). The Government has the view that the private sector will now...

Britain is Becoming the World’s Newest Failed StateDumb and dumber!The story goes like this. After the financial crisis in 2007, Britain had just elected a conservative government. They sold the population the foolish myth that they were “broke” — and now belts needed to be tightened. Never mind the fact that the correct way to respond to a financial crisis is to stimulate the economy. Instead, Britain began a savage course of austerity. All those famous public services — the NHS, the BBC,...

This guy says VPNs don't work and maybe even less private than your standard provider. But he says they can be useful if you are at work and you don't want your company to know where you have been browsing. [embedded content]