Mike Norman Economics

The idea that the stock market reflects class struggle is not my own. It comes from political economists Shimshon Bichler and Jonathan Nitzan. In ‘Stocks Are Up. Wages Are Down. What Does it Mean?’, I summarized their thinking (as I understand it). Before you continue here, I recommend reading that post. But if you’re pressed for time, here’s the gist of their argument. Class struggle, Bichler and Nitzan observe, is a part of all hierarchical societies. But capitalism is the first...

Nervous headline traders sold the market on Friday on Trump news, but bought it back today on Trump news. Losing both ways. The real story is fiscal.

Australian economic history. Steven Hail is an MMT economist.MENAFN — The ConversationBig budget spending isn't new: it's a return to what worked before Steven Hail | Lecturer in Economics, University of Adelaide

ReportMcKinseyPrioritizing health: a prescription for US prosperity

If you are into KaleckiThe Case for Concerted ActionPoznań Conference On Kalecki And Kaleckian EconomicsV. Ramanan

Church adherents pose no inherent threat to liberal democracy. The problem in the US is that people in the highest positions of authority, Catholic and Protestant alike, are pushing at the barriers between church and state, erected so carefully by America’s founders to ensure that the people, not God, would govern. Part of the tug of war (historical dialectic) between liberalism and traditionalism, with fascism and communism in the background. Interestingly, Catholic social teaching,...

The World Bank was set up this way. The IMF is traditionally under the command of a European.This is why the US and West opposes the Chinese alternatives. Poaching on the Empire's territory. A new form of decolonization is urgently required to get out of the predicament in which the IFI [international financial institutions] and their main shareholders have entrapped the world in general. New international institutions must be established. This new series of articles by Éric Toussaint...

In this post, I continue the draft of sections of my forthcoming book, “Marxian Economics: An Introduction.” The first five posts (here, here, here, here, and here) will serve as the basis for chapter 1, Marxian Economics Today. The text of this post is for Chapter 2, Marxian Economics Versus Mainstream Economics (following on from the previous post). Is MMT "mainstream" yet? Biting at the edges, maybe.Notice that the mainstream neoclassical model is built in "possibility space." This...

On October 2, 2020, the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – September 2020 – which shows that while employment continued to grow, the rebound has moderated significantly. Further, the unemployment rate fell by 0.5 points to 7.9 per cent but only because the participation rate fell by 0.3 points, which saw less workers in the labour force. If the participation rate had not fallen, then there would have been only a...

Macro N Cheese – Episode 88Podcast and transcript Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismDebt Deflation and the Neofeudal EmpireSteve Grumbine interviews Michael Hudson, President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University