Mike Norman Economics

Important observatin by Geoffrey Hodgson on marginal productivity and system embeddedness. Conventional economists don't do systems well, as Keynes showed in their overlooking the fallacy of composition, a freshman mistake.In the Cambridge Capital Controversy, Piero Sraffa and Joan Robinson called attention to a similar mistake regarding the use of "capital" in neoclassical modeling.The list goes on.MMT economist have also pointed out many such obvious mistakes regarding money & banking...

Should-read.I would add that now the role of  corruption is being addressed acedemically and is found to be a good thing in certain respects. It is endemic to all hierachical systems and can play a positive role in the system, depending on the level of corruption, the types of corruption and the roles these types play in the system. Yuen Yuen Ang examines this in the development of China as a developing country attempting to integrate socialism with capitalism. She holds that Deng wanted to...

This is Episode 8 in the MMTed Q&A series. This week, my special guest was Warren Mosler, one of the founders of MMT. We talked about the difference between issuing bonds and overt monetary financing, and issues related to those concepts and practices. The video goes for 6.55 minutes. Bill Mitchell – billy blogMMTed Q&A – Episode 8Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

As always, follow the money, power and prestige. That's all that neo-feudal elites care about.Consortium NewsCold Wars & Profit Craig Murray

US can't let go of a changing status quo and creates a fantasy instead, Patrick Lawrence relates.Consortium NewsPATRICK LAWRENCE: Cold War Escapades in the Pacific Patrick LawrenceSee alsoBNEKhamenei tells Iraqi PM Iran will strike reciprocal blow against US for its killing of commander Soleimani

I have been bearish on the dollar based on fundamentals. It's 2-year rally (2018-2020) was driven by emotional portfolio shifts, but I always knew the primary downtrend would resume, and have been positioned accordingly. 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

Back in China, the biggest news overnight was that Jack Ma’s Ant Group is seeking a valuation of more than $200 billion as it goes public in Hong Kong and Shanghai.  Who needs Wall Street?Zero HedgeJack Ma’s Ant IPO Signals Start Of De-DollarizationYe Xie, Bloomberg

Originally called The Landlords Game, Monopoly can be used to illustrate modern monetary theory Hint: Opportunity for someone to design an MMT-based educational game.Business Day (SA) — Letters to EditorLETTER: Monopoly bored game needs a reality update Winston Travis

Transcript Barron'sAmerica Doesn't Have a Debt Problem, Economist Stephanie Kelton Says Jack Hough interview Stepahanie Kelton

Last week (July 14, 2020), a former deputy governor of the Reserve Bank of Australia (RBA), Stephen Grenville wrote an article – Modern Monetary Theory and mainstream economics converging. The title suggests a gathering of minds between two paradigms – the degenerative mainstream macroeconomics and the emerging Modern Monetary Theory (MMT). I wouldn’t represent what is happening in that way. Convergence implies a harmonious process. The reality is that some of the mainstream...