Mike Norman Economics

Anyone thinking this is a science is kidding themselves.

So far, in considering a simplified economy with a job guarantee, the focus has been on the demand-determined behavior of output and employment. Prices, in this exercise, have simply been taken as given on the grounds that they are not causally significant in the process. This approach does not require prices to remain constant, though, for given supply conditions, they may well do so over a fairly wide range of output for reasons to be discussed. Nor does it require that prices are...

In 1995, the sociologist Ralf Dahrendorf argued that developed countries’ “overriding task” for the subsequent decade was to "square the circle of wealth creation, social cohesion, and political freedom.” More than two decades later, most have not even attempted that feat.... The paradoxes of liberalism involve the incompatibility of social liberalism, political liberalism, and economic liberalism, in particular, a fundamental tension between accumulation and democracy. Enlightenment...

Sadly, no MMT here. Paul Mason - former economics editor for BBC Newsnight and Channel 4, outlines the difference between debt and deficit. [embedded content]

Less noncommittal about MMT. “Federal deficits and debt are not so scary. Neither is on an unsustainable path," was the opening salvo from Randall Wray, a professor at Bard College and one of the leading advocates of Modern Monetary Theory. The emerging school of thought says countries like the U.S., which borrow in their own currency, can pursue growth through deficit-spending so long as prices are under control. Wray’s paper for the committee argued that MMT has never said deficits or...

Buttigieg is probably likely to pick a Federal Reserve chairman who’s similar to Janet Yellen, Seiberg added, as he may understand the “importance of an independent central bank that can put the long-term interests of economy ahead of short-term political gains.” Buttigieg is unlikely to choose a central banker who endorses modern monetary theory, Seiberg said.... NewsMax FinanceCowen: Markets May Welcome Capitalism-Friendly Buttigieg Presidency Bloomberg

MMT featured.NewsMax FinanceCongress Is Told to Relax About Deficits as Modern Monetary Theory Joins Debate Bloomberg

Summary of yesterday's testimony before the US House of Representatives Budget Committee, including Randy Wray.Fiscal TimesDoes the Deficit Matter? Congress Asks Four Top Economists Yuval Rosenberg and Michael Rainey

Randy Wray's testimony to the US House of Representatives Budget Committee today. CONGRESSIONAL TESTIMONY: Reexamining the Economic Costs of DebtStatement by L. Randall WrayHearing before the House Budget Committee, November 20, 2019 210 Cannon House Office Building 

Sic Semper Tyrannis The Intelligence Whistleblower protection Act did not apply to the phone call ... Col. W. Patrick Lang, US Army (ret.) Reminiscence of the FutureMS-21 "Ramped Up". Andrei MartyanovCaitlin Johnstone — Rogue JournalistNow That Assange Is Safely Locked Up, Sweden Drops Its “Investigation” Caitlin Johnstone Craig Murray BlogSwedish Allegations Fit-up No Longer Needed by Intelligence Services Craig Murray, formerly British ambassador to Uzbekistan and Rector of the University...