Mike Norman Economics

 Misses the JG as a key (arguably the key) automatic stabilizer. There seems to be a lack of ability to fully grasp the nature of the contemporary economic/financial system. So the analysis remains partial; therefore, solutions are inadequate. What Dillow does importantly notice is that the system is to some degree irrational.Stumbling and MumblingBenefits for capitalistsChris Dillow | Investors Chronicle

 Longish and unabashedly pro-China, but informative. What stands out is the role of public investment.PressenzaChina, the fascinating flight of the DragonOutras PalavrasPressenza is an international news agency dedicated to news about peace and nonviolence with offices in Athens, Barcelona, Berlin, Bordeaux, Brussels, Budapest, Buenos Aires, Florence, Lima, London, Madrid, Manila, Mar del Plata, Milan, Montreal, Munich, New York, Palermo, Paris, Porto, Quito, Rome, Santiago, Sao Paulo,...

Video and transcript.Global SouthMichael Hudson: Debt, Sponsors of the wars, Future of USD and BRICSAnya K interviews Michael Hudson

This overly simplistic analysis misses the mark there is more to it than this Accounting:This is why understanding accounting is so important. If I’m a bank with $100 in assets, $90 in deposit liabilities, and $10 equity (residual), my total equity capital as % of assets = $10 / $100 = 10%. If reserves and deposits both ⬇️ by $10, now equity capital = $10 / $90 = 11% https://t.co/eKQKyCWWbW— Applied MMT Podcast 🎙️ (@AppliedMMT) August 10, 2023 The MMT people say this here which implies a...

Big opportunity up ahead.

China replicating Japan's rise? After WWII Japanese goods were infamous for being cheaply (poorly) mad. How that changed over the years. Is Chinese tech and manufacturing set to replicate that cycle? It won't happen overnight, but neither did Japan's rise. At least the challenge has been thrown down, and those who benefit most from competition are consumers.Yahoo FinanceChinese electric car giant declares war on Western rivalsHoward Mustoe

Marx called the liberalism of the US and UK "bourgeois liberalism," that is, the freedom of capital (the ownership class). to exploit labor (workers) and land (the environment). The attempt John Rawls made to answer Marx from the vantage of Anglo-American liberalism was not successful. Liberalism as freedom and equality of persons is inherently incompatible with capitalism as private ownership and control of the means of production. Neither is it compatible with distribution through markets...

Sometimes it’s so easy to take the money of the monetarist zombies. Today was a perfect example. 

Some people might’ve taken my comments the wrong way yesterday. I love dogs.

Nominal GDP targeting is the latest mainstream fad, which is allegedly going to improve central banking when compared to inflation targeting. In a certain sense, I have some sympathies. If a central bank could stabilise nominal GDP growth, it has abolished the business cycle. I am in favour of abolishing the business cycle. Doing so would not solve all economic woes, but it would be the most that can be hoped for from macroeconomic stabilisation policy. Unfortunately, there is no reason to...