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Mike Norman Economics

Macro Dynamics with a Job Guarantee–Part 4: Dynamic Stability — Peter Cooper

The model, in its present form, is short run in nature. It concerns an economy for which total employment, within-sector productivity and productive capacity are all taken as given. Variations in total output are achieved by workers transferring between two broad sectors that have differing productivity. In considering this economy, discussion has touched on aspects of a steady state and system behavior outside the steady state. It has been supposed, in the event of exogenous shocks, that...

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RT — Xi warns any attempt to divide China will end in ‘SHATTERED BONES’

Chinese President Xi Jinping has issued a blunt and unambiguous warning to any foreign actors trying to tear Hong Kong from Beijing, stating that such plots would not end well for the perpetrators. "Any attempt to split China in any part of the country will end in crushed bodies and shattered bones," he told Nepal's Prime Minister KP Sharma Oli in a meeting on Sunday, according to China's state broadcaster CCTV. He added that the Chinese people would consider any outside effort to divide...

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Clock ticking on Hong Kong luxury store closures if protests continue – it could end up like a third-tier city in China, LVMH executive says — Vincenzo La Torre

Hong Kong is the most important market in Asia for luxury brands – as a stepping stone to mainland China and a magnet for shoppers from there and wider region Brands are unlikely to invest more in the city now, and could start downsizing as soon as January, an adviser to the luxury retail industry says South China Morning PostClock ticking on Hong Kong luxury store closures if protests continue – it could end up like a third-tier city in China, LVMH executive says Vincenzo La Torre See...

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Gilbert Achcar – On Gutter Journalism and Purported “Anti-Imperialism”

This is a critique of all the journalists I like, especially those at Greyzone and the Western journalists who work for RT. Gilbert Achcar has a point, but I have watched loads of videos by Putin and he always seems to be fairly reasonable and sensible up me, unlike our Western bellicose politicians. I think Oliver Stone captured the Putin the way he has always appeared to me, so I'm going with that for now. Although I don't get on with his conservativism or his lack of concern about climate...

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Capitalism–not so alone — Michael Roberts

Marxian economist Michael Roberts reviews Branco Milanovic's Global Inequality. And finds it wanting. It's the assumptions, stupid.In my view, the problem is the same as it is with almost economists with whom I am familiar. They don't read widely out of their field in relevant fields like sociology, political science, and history and anthropology. They look through an economic lens that is colored by their ill-informed assumptions regarding context. Used to mathematical modeling, they are...

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MMT Heaven and MMT Hell for Chinese Investment and US Fiscal Spending — Michael Pettis

A reasonably accurate view of MMT applied to the Chinese economy. Michael Pettis sees little evidence that Chinese economists are aware of MMT, let alone using it to formulate policy. As for China, money or debt can no longer be used to fund infrastructure because the resulting increases (in money or debt) will not be matched by increases in real GDP. Beijing should, however, be able to create money or debt with no ill effects if the proceeds were used to reverse income inequality by...

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Why it is not the crisis of capitalism — Branko Milanovic

I don't think that Branco Milanovic has this quite right. First, he conflates capitalism with a market economy. Markets are ancient and can hardly be represented as evidence of capitalism.  Secondly, he notes, correctly, that capitalism as vastly extended marketization by commodifying as much as it can, thereby capitalizing it. But this is not necessarily the expansion of capitalism. It is more properly viewed as the expansion of privatization, which he notes.  Recalling the enclosure...

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