Mike Norman Economics

In an interview with ProMarket ahead of his upcoming Stigler Center visit this week, UC Berkeley economist Emmanuel Saez discussed the impact of the 2017 Trump tax cuts, the disproportionate political power of the super-rich, and whether he agrees with Bernie Sanders that billionaires shouldn’t exist....ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of BusinessEmmanuel Saez: Saying Inequality Has Not Increased in the US “the Equivalent of Being a Climate...

This blog is based on the testimony I provided to the US House of Representatives. My written statement will be published in the Congressional Record (a version is also at the Levy Economics Institute: http://www.levyinstitute.org/publications/statement-of-senior-scholar-l-randall-wray-to-the-house-budget-committee. The full statement was co-authored with Yeva Nersisyan.I will argue that the Federal Government’s deficit and debt are not so scary as we are led to believe.Neither the deficit...

The Job Guarantee is the most natural implementation of the concept of having the central government act as a price setter. By making an open bid for labour at a fixed price, an effective minimum wage is created in the economy, and it will eliminate almost all involuntary unemployment. This discussion will not cover the tricky question of implementation details, but will instead discuss how this fits in with the Monetary Monopoly model.... Bond EconomicsJob Guarantee as a Policy...

Tax the rich! That has become a misguided progressive Left mantra. The intention is to maintain public services including health, education and income support which are core issues for progressives. But then the neoliberal indoctrination that has infested this group intervenes. They seem to think the government needs the money of those with lots of it before it can provide essential and progressive public services and fight the climate emergency. They support political parties that set as...

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I always thought Kim Dotcom would be more on the libertarian right, but he recently tweeted about climate change and his followers went nuts as most were deniers. Now with this tweet the same is happening, and there isn't many liberals tweeting. Kim Dotcom is a very wealthy IT serial entrepreneur who is into cryptocurrency, and so it seems a lot of his followers also thought he a was on the right. Kim Dotcom tweet.I support @SenSanders for President. No more warmongers and deep state....

This surprised me as I thought both Joe Rogan and Kim Dotcom tended towards libertarianisn. [embedded content]

Morning Star editor Ben Chacko speaks to BILL MITCHELL about the new hypothesis disproving the core assumptions of neoliberalism A good interview of Bill Mitchell.In his 1980s book on walking Britain’s coast The Kingdom by the Sea, Paul Theroux notes the Thatcher government’s determination to close branch railway lines because they aren’t profitable — before observing “though neither are motorways.” The fact that you pay for things because they are useful, rather than profitable, is the...

A non-partisan look at Johnson’s Tory Party and what Labour needs to do to win again. According to Lee Jones, Johnson’s party has shifted slightly to the left and has become more liberal, but it will still fail to tackle the problem of the financial sector in the UK. Far from being “far right” or Thatcherite, Johnson’s new project is “Red Tory”, projecting a communitarian ethos and proposing far greater state intervention in the economy. This post-neoliberal conservatism is a significant...