Mike Norman Economics

Not exactly in paradigm with MMT, but positive nevertheless.Social EuropeThe 'bazooka': Modern Monetary Theory in actionPeter Bofinger

Last week, there were some rather significant shifts in the public discourse surrounding macroeconomic policy and challenges made to the orthodox economics taboos that have been used to prevent governments from acting in the best interest of the citizens. First, the Australian treasurer broke away from the government’s previous obsession with fiscal surplus pursuit to announce that for the foreseeable future it was only going to concentrate on jobs and growth. In his statement, he basically...

Editorial calling for a Chinese "Manhattan Project" to compete technologically with the US.Note that Global Times is published by the People's Daily, official press organ of the CCP, but Global Time is not considered an official source. Global Times China needs new long tech march after US attack on SMIC: Global Times editorialSee also at Global TimesDeployment of US forces to Taiwan means war: Global Times editorial

The "FinCen Files" story reveals: getting caught not only doesn’t stop the world's biggest banks from moving dirty money, it may encourage them Substack (subscription may be required)Revenge of the Money LaunderersMatt Taibbi

Quillette (tribalism culturally and perspectivalism epistemologically)The Bias that Divides Us Keith E. Stanovich CaitlinJohnstone.com (Liberals are GOP lite — Rockefeller Republicans, but Progressives are center-left in comparison with the Left globally. The US no longer has a real left.)Why Liberals Hate Leftists Caitlin Johnstone The Intercept (Democrats not immune either. Neofascism is on the rise.)Democrats Need to Wake Up: The Trump Movement Is Shot Through With Fascism Rich...

Whilst those of us with a better understanding of how money works shout at the TV with incredulity that the same falsities are being repeated endlessly, many of those same journalists and presenters fail to make the very real connections between government spending, the state of the economy and the lives of its citizens.Whilst the implication of unaffordability and a future tax burden prevails as a reason to curtail spending eventually, the real price has been and remains a human one;...

Xu Zhijun, a rotating chairman of Huawei is on record in 2019 as saying: "If you look at the stock price of Tesla, you will know where the future of automobiles lies."His comment was foreshadowing as to where Huawei's future business efforts may be directed, according to Nikkei. In April 2019, the company set up a "smart car solutions" segment of its auto business. Their auto business currently has 5 segments: smart driving, smart cockpit platform, intelligent network, smart electric and...

Russia is joining China in developing the domestic economy as the driver of GDP.Russia and China are also increasing trade, reducing dependence on the others.Both countries are restructuring their economies owing to sanctions and increasing their strategic alliance economically as well as militarily.TASSDomestic demand to become main source of GDP growth in Russia in 2021-2023, says ministrysee alsoFinances improving as Russia de-dollarizes. But revenue from oil exports is also important,...

In summary, if we accept the premise that the government can wait for after a recession to worry about its finances, then we can say that it does not face a financial constraint. Given that the former appears to be a consensus view, the non-existence of financial constraints is not particularly radical. Bond EconomicsUnderstanding The Non-Existence Of Financial ConstraintsBrian Romanchuk

The solution to a problem that is sociological and political does not lie in abstract discussions of methodology or trying to identify philosophical mistakes. It lies in being open-minded to insights from outside economics , in constructing theories that use appropriate formal methods not theories that are constructed to show off command of formal methods whether appropriate or not. It means defining the domain of theoretical propositions and accepting the verdict of empirical data relevant...