Mike Norman Economics

ICO report into Cambridge Analytica finds no Russian connections, no Brexit link, and largely ineffective predictive analytics that were wildly overhyped.FT - ICO’s final report into Cambridge Analytica invites regulatory questions/

THE PAST FEW YEARS have been good ones for Modern Monetary Theory (MMT). A decade ago, you would have been hard-pressed to find a mainstream economist who had even heard of this fringe school of left-Keynesian economics. But ever since Bernie Sanders made MMT proponent Stephanie Kelton a senior economic advisor for his 2016 presidential campaign, it has gradually trickled into the mainstream. In June, Kelton’s new book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s...

The textbook "The Mathematics of Financial Derivatives: A Student Introduction" by Paul Wilmott, Sam Howison, and Jeff Dewynne (Amazon affiliate link) is a standard introductory text, and describes arbitrage in the following fashion.This [arbitrage] can be loosely stated as "there is no such thing as a free lunch." More formally, in financial terms, there are never any opportunities to make an instantaneous risk-free profit. (More correctly, such opportunities cannot exist for a significant...

So many people try to convince themselves that cutting back is the way to m move forward. That's totally wrong. 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

Very few Chinese analysts are better positioned to survey the geopolitical and geoeconomic chessboard than Lanxin Xiang: expert on relations between China, US and Europe, professor of History and International Relations at the IHEID in Geneva and director of the Center for One Belt, One Road Studies in Shanghai.Xiang got his PhD at SAIS at Johns Hopkins, and is as well respected in the US as in China. During a recent webinar he laid out the lineaments of an analysis the West ignores at its...

Fewer than ten people have received this intervention outside of clinical trials, Alexandra Bowie, a spokesperson for Regeneron wrote to NPR in an email. "The only way to access the drug at this point is through a Compassionate Use request or clinical trial participation," she adds, and compassionate use requests are only approved in rare and exceptional circumstances."And we still do not know if they are effective," notes Schaffner, as the drug is still being studied in a clinical trial....

Jackson Mejia and Brian C. Albrecht updated their paper on time consistency and the Job Guarantee. For the record.Bond EconomicsMeija/Albrecht MMT Paper UpdatedBrian Romanchuk

Consortium NewsRAY McGOVERN: Trump Orders Russiagate Documents DeclassifiedIntel TodayRussia Hoax — Declassified CIA Memo Reveals Clinton RoleLudwig De BraeckeleerJacobin (the purpose of colonies is to provide resources to the core)Evo Morales Tells Jacobin: We’re Still Fighting the Multinationals Who Drove the Coup An interview with Evo Morales, former president of BoliviaRT (and economic contraction is creating conditions similar to pre-WWII)US-China standoff creating conditions similar...

The easiest way to understand DSGE macro models are that they are just arbitrage-free pricing models. If one understands how arbitrage-free pricing models are used in fixed income analysis, one can immediately grasp what a DSGE model can -- and cannot -- do.I owe this observation to Warren Mosler, who noted this in a conversation. Beyond that, I am unsure who has also noted this. Since option-pricing models are one class of models within the Dyamic Stochastic General Equilibrium family, the...

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 posts, here, here, and here.)Occasional Links & CommentaryMainstream economics today: KeynesianDavid F. Ruccio | Professor Emeritus of Economics,...