Mike Norman Economics

Capitalism is collectivism in denial. Money only works the way it works and exists the way it exists because we all collectively agree to pretend that those made-up, imaginary conceptual constructs are real. The collective is free to change that collective agreement at any time.Capitalism is collectivism. If the collective wants to switch to another form of collectivism that doesn’t let people starve and die for not having enough imaginary numbers in their bank accounts, the collective is...

Short comment on Frank Li's new book.econinterest"History 2.0" - Blurb by Jeffrey SachsJeffrey D. Sachs, public policy analyst and former director of The Earth Institute at Columbia University, where he holds the title of University Professor

The size of public debt and deficits is not — as already Abba Lerner argued with his ‘functional finance’ theory in the 1940s — a policy objective. The size of public debt and deficits are what they are when we try to fulfil our basic economic objectives — full employment and price stability.Governments can spend whatever amount of money they want. That does not mean that MMT says they ought to — that’s something our politicians have to decide. No MMTer denies that too much of government...

Coming off a low base. That is how to view the latest data release from the Australian Bureau of Statistics of the – Australian National Accounts: National Income, Expenditure and Product, December 2020 (released March 3, 2020). It shows that the Australian economy grew by 3.1 per cent in the December-quarter after growing by 3.4 per cent in the September-quarter. But the economy is still 1.1 per cent smaller than it was this time last year. The other thing to take from the data is that it...

It’s budget day here in the UK, and traditionally that means commentators write what they would do instead. Here’s the MMT view. New WaylandBudget Day 2021NeilW

My latest book Modern Monetary Theory and the Expansion will be released on March 11, 2021 in e-book formats. It is available for pre-order at Amazon, Kobo, Apple, and others to be added. The paperback edition will be available in about a month....Bond Economics Modern Monetary Theory and the Expansion: Ebook Pre-OrderBrian Romanchuk

This account balance was planned on Feb 1st to be reduced by $800b by end of March... so ofc they have only reduced it by $100b in 4 weeks... if they are still planning (moron journos? Bueller?) on hitting the $800b balance by end March then they going to have to reduce it by the remaining $700b in 4 weeks...

You knew this was going to happen.... "screw the banksters!".... now we have to see if Dems let her win this one... Senators Elizabeth Warren and Sherrod Brown urged U.S. regulators to reject banks’ requests to extend an easing of capital requirements https://t.co/YJCkVu1SJs— Bloomberg Economics (@economics) March 2, 2021

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