Mike Norman Economics

In my book “Geld und Kredit: Eine €-päische Perspektive” (3rd edition, 2020) I gave the following recommendation on p. 243 (English version available here): “This [stabilizing employment in the eurozone with fiscal measures] can be done by the ECB declaring that, in case of doubt, it will buy up all the government bonds of eurozone countries. This would make national government bonds risk-free. It must then be clarified which deficit limits are reasonable in times of upswing and recession....

As MMT has been thrust into the spotlight, misrepresentations and misunderstanding have followed. MMT supposedly calls for cranking up the printing press, engaging in helicopter drops of cash or having the Fed finance government spending by engaging in Quantitative Easing. None of this is MMT. Instead, MMT provides an analysis of fiscal and monetary policy applicable to national governments with sovereign, non-convertible currencies. It concludes that the sovereign currency issuer: i)...

There has been a small flurry of publications by neoclassical economists attempting to fit a pandemic into standard frameworks. This is what to be expected, as neoclassical models are frameworks designed to maximise the amount of publications over time. However, aggregated models are not particularly useful right now. This is true both for neoclassical as well as traditional heterodox macro models. The reason is that they do not offer much insight into either forecasting, nor are they...

Starting to miss baseball a bit...Great highlight from last season where Aaron Boone speaks truth to incompetent power...We need a lot more of this type of thing out there in general... A LOT more...Epic rant from Boone... Great video...[embedded content]

How the denier mind works.I've been debating with deniers for weeks on Twitter and it can be soul destroying, but I'm sure some are sockpuppets, that is, they are professional, paid deniers.It got interesting the other day when we got onto politics where I agreed with deniers about Hillary Clinton, but after that the liberals went mad at me. It was strange because now the conservatives were on my side about Putin, Hillary, and Russia, although it didn't last long.The liberals also started to...

There's a whole load of people on twitter, including some economists, who think we are going over the top about Covid-19. They even post articles by some top virologists who say it's no worst than common flu.They are concerned about the effect the Lockdown will have on the economy, but I think Steve Keen is right: total isolation and the National Guard or the Post Office delivering food to people's houses, and with testing kits, it should all be over in 8 weeks causing minimum harm to the...

Roger Pielke has been the darling of the deniers as he thinks climate change won't be that bad. The deniers often post his articles, but when I tweet this one they moan saying what has this to do with climate change?'Air pollution policies have in the past largely focused on making fossil fuel burning cleaner, but it may be time to include a focus on more rapidly phasing-out of fossil fuels. Every Day 10,000 People Die Due To Air Pollution From Fossil Fuels, Roger Pielke The scientists at...

These numbers are hyperbolic. Corporations borrowing to stay afloat. 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/

Nearly 8.8 million people die prematurely each year due to air pollution. I was out cycling last week and it was sunny and I noticed how fresh the air was. I put it down to Spring but when I got home they said on the news the air was fresh because of the Lockdown.I worked on diesel vehicles for years and one day a colleague said he had seen a secret government report saying that diesal fumes were one of the most cancerous substances around. It turned out to be true. The researchers argue...