Mike Norman Economics

Environmental sustainability, a green new deal and MMT. MMT opens up policy space to accomplish green objectives.Good read. Pass it along to your progressive friends that are still drinking the neoliberal kool-aid.Jason Hickel's BlogDegrowth and MMT: A thought experiment Jason Hickel

Fiscal sustainability is often invoked in mainstream discussion of fiscal policy. However, "sustainability" is rarely defined in editorial pieces. The reason for this reticence is straightforward: there is no agreed-upon definition. Unfortunately for the concept, there is no clear way of testing whether real-world fiscal policies are sustainable, nor what are the side effects of being unsustainable.This is related to what I refer to as the Fiscal Folk Theorem. If the technical definition of...

In 1850, when Western nations were the richest on earth, capitalists created the first market economy. By privatizing credit, land, and labor, they allowed human society to be regulated by the market. In 1950, when China was the poorest nation on earth, communists created an organic economy by subordinating credit, land, and labor to the service of society and trusting the government to regulate it. In 2020, after growing twice as fast, China’s economy is overtaking market economies in two...

 A 2006 study for SARS. Although most of the PPE do not confer absolute protection against SARS, it seems that they may lower exposure to the virus, leading to a lower risk of secondary transmission, and be associated with relatively mild disease and a better early outcomeViral load and outcome in SARS infection: The role of personal protective equipment in the emergency department

Moon of Alabama (read the M. K. Bhadrakumar links too)The End Of The 'Rules Based International Order'Russia Observer (satire)WHATEVER…Patrick Armstrong The Vineyard of the Saker (Putin's UN speech)75th session of the UN General Assembly : President of Russia Vladimir PutinTASSUN Charter remains main source of international law, says Putin UN Security Council permanent member must retain veto power, says Putin Oriental Review (bringing brinksmanship back?)The US’ Nuclear START Ultimatum To...

Tax flows show a slight pickup. Need more data. 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

Tax flows show a slight pickup. Need more data. 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

This continues from the previous post on Post-Keynesian Response. A large number of contributions from different areas need to be integrated to build an economics for the 21st Century. For an acknowledgement of the failure of 20th Century Macro from one of its architects, see Romer’s Trouble With Macro. This post explains Modern Monetary Theory briefly. WEA Pedagogy BlogModern Monetary TheoryAsad Zaman | Vice Chancellor, Pakistan Institute of Development Economics and former Director...

In every other science, this inability to measure the key category of the theory would be devastating. But not in the science of economics. Maybe because economics is not a science but rather pseudoscience? I have long argued that economics is philosophy dressed up with some numbers. Shimshon Bichler and Jonathan Nitzan flesh the argument out. And this is just one area. A lot of this confusion results from lack of clarity about value. The basic dualities of subject and object, idea and...

Sign of the times. Lots of numbers, all in red ink.Zero HedgeTime To Go All-In The "Big Short 3.0"? Two-Thirds Of US Hotels Say They Won't Last Six More Month At Current Occupancy LevelsTyler Durden