Mike Norman Economics

Over the last few decades, I have done a lot of reading and research on the way organisations and groups deteriorate into what socio-psychologists call Groupthink, which is a system of patterned behaviour that takes the group increasingly further away from reality and sees it denying basic facts while at the same time maintaining authority for its activities and work. Academic disciplines, in particular are susceptible to this sort of dynamic, because of the hierarchical structure of the...

To flog a dead horse. Unfortunately, the horse is still alive and well in academia and central banks.The unsellability of DSGE models — private-sector firms do not pay lots of money to use DSGE models — is one strong argument against DSGE.But it is not the most damning critique of it.Lars P. Syll’s BlogWhy DSGE models are worse than uselessLars P. Syll | Professor, Malmo University

It’s Wednesday and apart from music I am talking mostly about poverty – opposites indeed. The beauty of the beat against the ugliness of enforced poverty. Enforced by government policy, which if there is political will can always eliminate systemic poverty. Yesterday (April 18, 2023), a major report was released in Australia by the grand-titled Economic Inclusion Advisory Committee – 2023–24 Report to the Australian Government. It provided a series of recommendations to the new Labor...

 This passage demonstrates that Murphy understands the accounting side of “MMT operations analysis” — not a big ask for a part time professor of accounting — but does not grasp economic theory nor its context. If literally everyone who has studied economic theory and is sympathetic to MMT states that the Job Guarantee is a core part of MMT and you do not understand them, the correct response is to reduce your ignorance, and not write a primer on MMT.Brian saved me the trouble writing this....

Ecocnomy's balances have been drained by $125 bln already from taxes and more is coming. Despite this, stocks held up well. For now. 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 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://www.pitbulleconomics.com Understanding the Daily Treasury Statement video course....

STEM Musk getting PTSD from all the stress of large scale (read expensive) testing of his hypotheses….You think art degree monetarist moron Larry Summers (or any other Art degree moron for that matter) is getting PTSD from spewing the dianoia of their untestable theses?NFW…

Despite today's nice rally, tax drain over the next 6 weeks or is going to inect lots of volatility into stocks and risk assets. 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 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://www.pitbulleconomics.com Understanding the Daily Treasury Statement video course....

Strategic Culture FoundationThe Slow Art of Whole-of-Government ‘Warfare’Alastair Crooke | founder and director of the Conflicts Forum, and former British diplomat and senior figure in British intelligence and in European Union diplomacyThe DuranAs Evgeniy Prigozhin sees it – FULL TRANSCRIPT [good analysis of the Russian position from a Kremlin insider; edited machine translation.]Seraphim HanischSimplicus, the ThinkerJohn Bolton Declares Total War on Russia [read with the above; contains a...

The International Monetary Fund (IMF) has recently published its World Economic Outlook (WEO) which has a combination of a report and an annual database of macroeconomic data (including forecasts). The beauty of this database is that the IMF has boffins that work to harmonise the data across countries. I normally do not pay too much attention to the text of the report, but it has a chapter entitled “Coming Down to Earth: How to Tackle Soaring Public Debt” which attracted some attention....

Last week (April 11, 2023), the IMF released their half-yearly update – World Economic Outlook: A Rocky Recovery, April 2023 – which excited the headlines in the media with predictions of gloom and calls for fiscal austerity and more interest rate hikes. The only good thing about these reports every six months is the accompanying datasets, which allows for fairly quick comparative analysis across nations. Other than that, the textual narratives are pure mainstream economics Groupthink and...