Mike Norman Economics

I think Steve Keen has a point worth considering about fixation on a JG — with a caveat — I don't think he is right about canning a JG at this point.While innovation has in the past led to an increase in leisure, the digital age promises to deliver the potential for much greater leisure since the need for human labor ("jobs") will decrease. To continue focusing on "jobs" (full employment) is a sort of Luddite stance standing in the way of both increased leisure and also better ecology.The...

Oliver Blanchard's revised textbook revisits "the money multiplier." Brian explains that he does not dismiss it but adds an "epicycle."To clarify terminology, this is treated in the philosophy of science, for example, by Thomas Kuhn in his influential book on revolutions in science. According to Kuhn, science exhibits paradigms in terms of which hypotheses are advanced and theories developed. This is the process of "normal science." But as dominant theories are developed and hypotheses...

In my 2015 book – Eurozone Dystopia: Groupthink and Denial on a Grand Scale (published May 2015) – I traced in considerable detail the events and views that led to the creation of the Economic and Monetary Union (EMU, aka the Eurozone) once the Treaty of Maastricht was pushed through as the most advanced form of neoliberalism at that time. The difference between the EMU and other nations who have adopted neoliberal policies is that in the former case the ideology is embedded in the treaties,...

Harvard, MIT, Stanford, Princeton, Chicago, and the University of California, Berkeley.SlateAlmost Every Powerful Economist We Have Went to 1 of 6 Schools. That’s Not Great! Pete McKenzieh/t Naked Capitalism

The Zombie in question is neoliberalism.Equals BlogWhat will it take to kill a Zombie?Max Lawson, Head of Inequality Policy at Oxfam International & EQUALS Podcast co-host. He is also Chair of the Global People’s Vaccine Alliance

Short explainer on Marx’s theory of Alienation… [embedded content]There is apparently a whole big thing under Marx wrt this “Alienation” … So if you are believing Marx here on alienation (uneducated climate nutter Greta Thumberg e.g.) you’re likely to form apocalyptic beliefs as a result… Not ideal imo…I wonder where Christendumb gets theirs?  All the debt doomsday morons?  The perma bears?  🤔

This is what is happening with all of the doomsday/apocalypse stuff you see out there these days… whether it’s “dollar crash!”… “debt doomsday!”… Christian “end times!” … “climate!”… etc…Social Alienation Social alienation is a person's feeling of disconnection from a group – whether friends, family, or wider society – to which the individual has an affinity. Such alienation has been described as "a condition in social relationships reflected by (1) a low degree of integration or common...

Summary: The Department of Defense uses obscure accounting to conceal its true cost from America’s citizens, assisted by the mainstream press. Long-time DoD expert Winslow Wheeler shows the real cost for our War Department. Like all debunking of our mad military industrial complex since President Eisenhower warned us in 1961, he has been ignored....Defense spending and the interest on the national debt approach 3T. Add non-discretionary spending like SS and Medicare and that's some real...

In Tuesday’s fiscal statement, the Australian government made a lot of noise about dealing with the climate emergency that the nation faces but in terms of hard fiscal outlays or initiatives it did very little, deferring action again, while ‘the place burns’. The Climate Council assessment was that the government “still seems to be on a warm-up lap when it comes to investing in climate action” (Source) and recommended the nation moves from a “slow job” to a “sprint”. I have previously...

👍U.S. Interest payment is now equal to Defense spendingAnd 30% of the debt has to be refinanced in the next 12 months at todays higher rates!!Hang on! 🚀 pic.twitter.com/stDRMEkpSm— Mark Moss (@1MarkMoss) May 11, 2023 And Fed’s IOR policy (now at over 5% annual) providing $14B/mo. of additional Capital to Depository system leading to a recent all time high in Depository system Residual:Hard to imagine how the Art degree brain could see any of this as debilitating…. 🤔