Mike Norman Economics

Given yesterday’s detailed monetary policy analysis, I am using today to present an array of news items and some brief analytical thoughts on central bank monetary policy. The latter is based on a very interesting speech that the governor of the Bank of Japan gave in Nagoya earlier this week. The juxtaposition with the way the Western central banks are behaving at present is stunning. There is also some self promotion and some announcements. Then we get to listen to Ron Carter. A good day...

Episode 4 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 4 is now availableBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

For the record, a MTT promo piece on the "left." Daily Kos MMT and the Deficits That MatterBethesda 1971

It follows from what has been said that a “shortage” of money with the state is not a technical shortage. Thus, it is never the lack of “money” that causes the state to be unable to spend, but always the lack of resources that causes the state to be unable to get what it wants. Money moves resources. If there are no resources, nothing is moved. However, if resources are the monopolist of money — the government with its central bank — can move it even when the political will is there. This...

Whoa!  October employment report… What about all the MMT free munnie interest income (to people who are already bazillionaires) from the higher rates somehow creating a Democrat regime economic nirvana?  Perhaps not? 🤔This and the initial 1.2% Q4 from the Atlanta Fed has this thesis not looking too good so far I’d say…U.S. hiring slowed to 150,000 jobs in October. The unemployment rate rose to 3.9% https://t.co/7dLb8rYpLg— Real Time Economics (@WSJecon) November 3, 2023

Greetings from the Pearl of Africa!Today, I had a very productive visit to Kampala, Uganda, the Pearl of Africa, with my dear friend Julius Mucunguzi (we were colleagues in Addis Ababa, Ethiopia). I had two long deep-dive conversations with senior government officials, Minister of State for Industry, the Hon David Bahati, and Uganda's Permanent Representative at the United Nations, Ambassador Aadonia Ayebare.…The effects of colonialism in Africa and how to break out of the persistent...

Episode 3 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 3 is now availableBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

This month, we speak with Larry Johnson, associate professor in the Social Foundations of Education Program at the University of South Florida, Saint Petersburg. In his pedagogy, Johnson focuses on the complex relationship between education, culture, and society with the goal of exploring policies and practices from historical and contemporary perspectives that address structural inequality, and transforming educational institutions into sites for social justice. Johnson is notably a...

Artist SpotlightEpisode One image: "If the taxpayers fund the government spending and they get the money from businesses who get it from the taxpayers when they buy things, then were do the taxpayers get it from?Episode OneThe Centre of Full Employment and Equity’s MMTed project has recently launched a new manga comic book series entitled “The Smith Family and their Adventures with Money”. A collaboration between Modern Monetary Theory (MMT) pioneer and Economics Professor William Mitchell...

One of the founding concepts of Modern Monetary Theory is sectoral balances. And its power lies in its simplicity. Every economy can be broken down into three sectors: The government sector, the private sector (which includes me and you) and the foreign sector. Assuming a balanced budget, then government spending increases our net-wealth. A government deficit is our surplus.The National (Scotland)Scotonomics: Why the UK Government's fiscal deficit is our surplus