Mike Norman Economics

The United States is falling behind China when it comes to emerging technologies such as artificial intelligence and quantum computing, according to Rep. Cathy McMorris Rodgers (R., Wash.), who told the Washington Free Beacon she is working on a package of legislative measures that would boost public-private partnerships to ensure the United States does not lose its competitive edge in these markets. As China invests $1.4 trillion over the next five years to dominate the field of...

Can't make this stuff up. Who woulda thunk? Even though the impending signs were known for some time.And the post is scarier than the headline.Zero Hedge2020: The Year The Chairman Of The Joint Chiefs Went To "Check On The Troops" In D.C. Streets Tyler DurdenSee also at ZHZero HedgeShocking Evidence Suggests Coordinated Effort To Orchestrate An Uprising Inside The United StatesMichael Snyder via TheMostImportantNews.comAlsoWe're In The Thick Of It Now – What Happens Next?Authored by Mike...

Although the United States has entered a period of deepening social strife and economic depression, the Republicans who are in charge have neither the ideas nor the competence to do anything about it. The Democrats must start planning to lead, starting with a commitment to full employment…. A federal commitment to full employment is not a new idea. The US Employment Act of 1946 embraced the principle.... The best response to... objections has always been John Maynard Keynes.... “Anything we...

It is no coincidence that countries with mission-driven governments have fared better in the COVID-19 crisis than have countries beholden to the cult of efficiency. Effective governance, it turns out, cannot be conjured up at will, because it requires investment in state capacity.... Project SyndicateThe Big Failure of Small Government Mariana Mazzucato, Professor of Economics of Innovation and Public Value and Director of the UCL Institute for Innovation and Public Purpose, and Giulio...

Video and transcript.Naked CapitalismMichael Hudson: Fed’s $10 Trillion Defends Assets of the Rich Interview by Paul Jay Originally published at The Analysis

This is a draft paper called “UBI: A Bad Idea Whose Time has Come?”. The income supplements supplied due to the coronavirus pandemic have put the UBI back on the policy agenda, so it is appropriate to re-examine the idea. Click here to download the draft paper. David EllermanComments on Universal Basic IncomeDavid P. Ellerman works in the fields of economics and political economy, social theory and philosophy, mathematical logic, and quantum mechanics. His undergraduate degree was in...

I am already on record as saying that I don't see much of a chance that a progressive wins a general election before 1932, which is in basic agreement with the Thomas Neuberger's assessment. He provides some of his reasons.Naked CapitalismWhat’s the Earliest a Progressive Democrat Can Be Elected President?Thomas Neuberger Originally published at DownWithTyranny!

This is super-significant. It's why I put "capital" and "labor" in quotes or use so-called capital and so-called labor. Peter Radford concludes. I realize that this is very crude, for which I apologize. It began this morning in my rejection of the word capitalism, which is a distraction from our understanding of the creative process we apply to our environment to make the stuff we both like and need. But I do see the economy as a cycle of creativity wherein our skills are enabled by what we...

This is Part 2 of the two-part series which focuses on the question: If governments are not financially constrained in their spending why do they issue debt? Part 1 focused on the historical transition of the monetary system from gold standards to the modern fiat currency systems and we learned that the necessity to issue public debt disappeared as fixed exchange rates and convertibility was abandoned in the early 1970s. However, there are many justifications for continuing to issue debt...

They say dog owners get to look like their dogs in the end.