Mike Norman Economics

 The same psy-op is probably being staged against China. A trove of leaked UK government documents exposes a massive propaganda network used to shape the media narrative during the Syrian proxy war. Western government-funded intelligence cutouts trained Syrian opposition leaders, planted stories in media outlets, ran a cadre of journalists, and whitewashed the jihadist militants armed, trained and supported by the US, UK, Turkey and Gulf monarchies. "Every very single aspect of the [Syrian]...

As governments grapple with the dissonance that the pandemic is causing them – realising that their old mainstream economics narratives are not going to cut it any more but still reluctant to admit that and pass onto a new phase of creative policy making – we are observing these contradictions in both statements about fiscal policy and monetary policy. The Australian government, for example, is convinced tax cuts are required but have observed that recent tax cuts, before the pandemic...

The FRED graph above shows the potential number of hours per week spent on commuting that are being saved by working from home: Between April and July, that potential weekly time savings in each county ranges from 1 million to 1.5 million hours. *The physicist Enrico Fermi used this method to great effect in his research and teaching to get rough orders of magnitude. We wonder what Professor Fermi would have been able to accomplish if he had access to FRED… He received a Nobel Prize in...

Although it can be politically expedient to draw a thick line between capitalist decentralization and socialist central planning, the truth is that these two systems have converged on many occasions. Moreover, each was conceived for the same purpose, and elements of both could be realized in today's digital economy. China has already figured this out and established one organizational model to do it. Moreover, it's a dynamic model rather than a static one, adapting to changing conditions.In...

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