Mike Norman Economics

Under "capitalism" where wage labor is a factor of production, the system is based on renting out one's labor time and one is paid by the amount of labor power the employer can extract to create surplus or revenue over expenses that translates into money profits. Historically, the wage bill has been the major expense and a current (recurring) expense.  The marginalist explanation obscures this, conclude that since the factors of production earn their marginal product, works receive...

Even if you don't listen to the podcast, at least read the intro by Yves. It's short but important for MMT understanding. The problem is not government debt but private debt with respect to financial stability (crisis) and price stability (inflation). The main reason is imprudent lending, in particular when it becomes institutional policy and SOP.Naked CapitalismWhy Americans Need Debt Jubilees, Helicopter Money, and 21st-Century Greenbacks: A 45-minute Conversation with Richard VagueYves...

In this post, I continue the draft of sections of my forthcoming book, “Marxian Economics: An Introduction.” The previous 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.... Occasional Links & CommentaryEconomic theories and systemsDavid F. Ruccio | Professor Emeritus of Economics, University of Notre Dame

After opening to traffic, the bridge is expected to transport more than 3 million metric tons of cargo and 1.48 million passengers annually. Eurasia on a roll. InfoBRICSFirst China-Russia Highway Bridge Ready for Traffic China Daily

A new fiscal year begins October 1. What will that mean for the markets? Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman

A new fiscal year begins October 1. What will that mean for the markets? Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman

Detailed.OilpriceChina Is Ready To Give Iran’s Oil Industry A Major BoostSimon Watkins

The EV industry is a pillar of the ruling communist party’s controversial Made in China 2025 program aimed to dominate hi-tech fields globally. Today, the country controls nearly 70% of global electric vehicle battery manufacturing capacity, while North America has less than 10%.... OilpriceChina’s EV Ambitions Put The U.S. Auto Industry At Risk MINING.com

Abridged translation of Morality and Politics (Vladimir Solovyov, 1891).  Vladimir Solovyov (not to be confused with the contemporary commentator) is one of the premier Russian philosophers that was also a public intellectual in his day. While not well known or much read in the West, he is still regarded in Russia and stands high on Vladimir Putin's reading list. Solovyov held that is was Russia's destiny to act as a bridge between Oriental despotism and Western liberalism that he...