Mike Norman Economics

I am going to use the Wednesday blog post for the time being as the place I publish our MMTed Q&A series. There will also be some music for those who like to find some different music. I have just published – MMTed Q&A Episode 2 – on the MMTed YouTube channel (see overleaf). We covered some interesting questions and I hope you find it interesting. The program this week goes for 38 minutes. I am not a very good studio producer (given the aim is to keep it down to 30 minutes).... Bill...

Description One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false.In this book, leading expert Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the...

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Positive interview.LAProgressiveWill We Put a Broken Economy Back Together Differently This Time?Angelika Albaladejo interviews Stephanie Kelton

From the NMHC: NMHC Rent Payment Tracker Finds 80.8 Percent of Apartment Households Paid Rent as of June 6 80% making the monthly makes it seem like it's no problem. But 20% is a problem, and it is chronic. CR Note: It appears people are still paying their rent at about the same rate as last year (down just 0.7 percentage points from a year ago). The disaster relief has been key to helping people pay their bills, especially the extra unemployment benefits and the PPP. Calculated Risk...

The United States has built an economy based on global demand for advanced goods, consumer demand for frills, and ever-growing household and business debts. This economy was in many ways prosperous, and it provided jobs and incomes to many millions. Yet it was a house of cards, and COVID-19 has blown it down.... Project SyndicateThe Illusion of a Rapid US Recovery James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B....

China’s province of Shandong – home to most of the country’s independent refiners – plans to shut down as much as 500,000 bpd refining capacity at the so-called teapots as it pushes forward with a huge US$20-billion refinery and petrochemical complex in the province, industry officials told Reuters.... OilpriceChina Shuts Down Teapot Refiners To Make Room For New $20 Billion Complex Tsvetana ParaskovaalsoLow price. The Real Reason China Is Importing So Much Oil

Wang Jian wrote a famous article in 1988 that laid out the blueprint for China to take advantage of globalisation to become the factory of the world  But now, amid the fallout from the coronavirus, the veteran economist believes it is ‘increasingly urgent’ for China to rely on itself for future development .… SCMP China’s globalisation pioneer says it is now time to look closer to home amid US decoupling moves Frank Tang in Beijing

The Deficit Myth was released for sale today.The New York Times — OpinionLearn To Love Trillion-Dollar Deficits Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly chief economist on the staff of the U.S. Senate Budget Committee for the Democrat minority, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

MMT in India.The Hindu (India)Who's afraid of monetisation of the deficit? T.T. Ram Mohan, professor at IIM Ahmedabad