Mike Norman Economics

Brazil is arming up.SouthFrontIn Major Defence Policy Shift, Brazilian Defence White Paper Advocates Preparing For Possible War With Neighbouring CountriesSee alsoSCMPChina steps up shipbuilding with two more aircraft carriers under construction towards 2035 navy goal [of six]Sputnik InternationalPhotos: China Begins Final Assembly of Next Two Advanced Aircraft Carriers, Aims for 2021 Delivery GEFIRAChina expands amphibious forces in challenge to U.S. beyond Asia TASS Navy...

… A guaranteed alternative job replaces bank credit manipulation [by monetary policy] as the stabilisation process. The production system gets a change in output, not a dead loss. You get income in your pocket, not a debt millstone around your neck. And that's how you get to true full employment and price stability within an economic system where demand is satisfied. New Wayland BlogThe MMT Approach in a NutshellNeilW

The last six months, governments around the world have almost unilaterally committed an auto-destruction of their socioeconomic fabric and collectively of the global economy. It may never return to the “normal” of the times before COVID. That, per se, may not be a bad omen, though, as our pre-corona existence – especially in the west – was everything else but an ethical “normal”....  Anti-neoliberal screed. The tide is turning against neoliberal globalization and totalitarian capitalism,...

The seasonal phenomenon known as "sell in May and walk away" that stock market investors know may be happening in August. 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

MMT makes The American Review of Public Administration.Hat tip to Scott Fullwiler (@stf18) on Twitter.Sci-HubDouglas, J. W., & Raudla, R. (2020). What Is the Remedy for State and Local Fiscal Squeeze During the COVID-19 Recession? More Debt, and That Is Okay. The American Review of Public Administration

The evidence that is mounting is allowing researchers to better assess the damage that is emerging from the way in which we are dealing with the coronavirus. One of the important questions that will determine the future trajectory of our economy relates to how many workplaces have disappeared altogether as a result of the businesses disappearing forever as a result of the flow-on impacts of the compulsory lockdown. Last week (July 14, 2020), the Australian Bureau of Statistics released...

Alan Kohler quote. Lars P. Syll’s BlogMMT = Keynes 2.0Lars P. Syll | Professor, Malmo University

Bill Totten's WeblogThe US is Militarily & Economically Impotent Scott Ritter, former USMC intelligence officerRT‘Attempt to spoil a peace deal’: Taliban spokesman says ‘Russian bounties’ story is fake news   Sputnik InternationalPentagon Calls for NATO Spending Increase ‘to Deter Russia’'Little Green Men': Why Americans are Polarised Over Feds Effort to Restore Law & Order in Portland   AxiosTrump declines to say he'll accept results of election: "I have to see" Rashaan Ayesh...

MMT criticism has shirted away from affordability (budget constraint) and fiscal responsibility (default constraint) to an inflation constraint and a curency devaluation constraint.While this is progress, it is probably an impass such as is encountered when theories and their models are founded on incompatible assumptions.On one hand, this is likely to lead to a revisiting of economic theory in light of criticism of neoclassical economics from Keynes, Paleo Keynesians, Post Keynesians and...

James K. Galbraith quote. It's a should-read.Should also read the article from which the quote is extracted.JKG draws a parallel between Keynes and Einstein, and neoclassical economics (which Keynes called classical economics) and Newton. He makes a case that Keynes was thinking specifically of this contrast when he mounted his criticism of the economics of his day, which remains the convention of today owing to the Paul Samuelson's "bastarding" Keynes contribution in his synthesis that...