Mike Norman Economics

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This is a really good article.How propaganda works.... Conservatives managed to convince voters nostalgic for the days of Empire that the repeated slogan “Get Brexit Done” was somehow the guarantee of a “Rule Britannia” resurgence of patriotism. CounterpunchKenneth Surin - Labour's Patriotism Test

Government deficits are normal and even necessary to the health of most economies – that’s according to one of the world’s most influential economists, Professor Stephanie Kelton, who will be a Visiting Professor at the University of Adelaide this month.Professor Kelton is the Geoff Harcourt Visiting Professor of Economics at the University of Adelaide and Professor of Economics and Public Policy at Stony Brook University, New York. Senior economic adviser to Bernie Sanders’ 2020...

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But the state-led model is creaking Not creaking anything like the Western system, though. I can't read it all because it's behind a paywall, but I've read before how the Chinese government instructs its private companies. For instance, it told them to invest long-term into 5G technology, which has paid off handsomely..  But according to the neoclassical economists, it's best governments keep out of the market. Look where that got us!  Early in its trade dispute with China,...

Warren Mosler, one of the founders of Modern Monetary Theory (MMT) has a white paper (link) that acts as a summary of MMT. It is brief (1300 words), and does meet the objective of offering an overview of the question "What is MMT?" for more advanced readers. The brief nature of the paper means that not everything is covered, so I would point out that it does not represent all of MMT.In this article, I will summarise the contents of the white paper, discuss what I see as the main legitimate...

Marx of course supports collective ownership of the means of production. But by this he does not mean simply transferring ownership deeds from private to collective entities, but rather ensuring that the working class owns and controls the means of production. He makes this clear in writing, “When one speaks of private property, one is dealing with something external to man. When one speaks of labour, one is directly dealing with man himself. This new formulation of the question already...

Some say it is far from unique to Korea. “I think there is a middle class crisis in all wealthy countries,” Pae Hee-kyung, who runs an educational institute near Seoul, told Asia Times. Across the developed, post-industrial world, middle classes are under perceived siege from falling living standards, evaporating opportunities and rising wealth inequality. These trends have arisen against the backdrop of a globalizing world that distributes capital and jobs away from customary centers of...

"The University [of Chicago] is the best investment I ever made in my life." -- John D. Rockefeller Follow the money. Thoughts On EconomicsSome People Who Have Shaped EconomicsRobert Vienneau

The biggest welfare queen of them all.Dave Lindorff dug into the issue, recently publishing the article “Exclusive: The Pentagon’s Massive Accounting Fraud Exposed” in The Nation. Based on a series of interviews with current and former government officials, Lindorff concluded that Pentagon accounting is “phony”, composed of made up numbers designed to obfuscate and thus propelling “US military spending higher year after year”. Forbes  Laurence Kotlikoff - Holding U.S. Treasurys? Beware:...