Mike Norman Economics

Bearish monetary conditions abate temporarily

A look at MMT as a social and political phenomenon that is growing. MMT is no longer "just" an macroeconomic theory as the basis for policy formulation. The ball is rolling.The New RepublicSpreading the Gospel of Modern Monetary Theory Osita Nwanevu

BruegelThomas Piketty’s New Book: Impressive Research, Problematic Solutions Jean Pisani-Ferry Harvard Business ReviewUniversities Should Be Preparing Students for the Gig Economy Diane MulcahyFast Company35% of the U.S. workforce is now freelancing—10 million more than 5 years ago Jessica KleinProject syndicateThe Asianized World Has Arrived Jonathan Woetzel, a McKinsey senior partner, a director of the McKinsey Global Institute, and co-author of No Ordinary Disruption: The Four Global...

As Hitler rose to power, in January 1933 the economic situation in Germany was dire. Stocks of raw materials had been depleted, factories and warehouses lay empty, and about 6.5 million people (about 25% of the domestic workforce) were unemployed and on the verge of malnutrition, while the country was crushed by debt and its foreign exchange reserves approached zero.Yet, from 1933-1938, thanks to Schacht, the economy recovered spectacularly (Figure 1).2 Schacht’s objective to jumpstart the...

In the last two days, some major leading indicators have been released for the US and Europe, which have suggested the world is heading rather quickly for recession. It seems that the disruptions to global trade arising from the tariff war is impacting on US export orders rather significantly. The so-called ISM New Export Orders Index fell by 2.3 percentage points in September to a low of 41 per cent. The ISM reported that “The index had its lowest reading since March 2009 (39.4 percent)”....

I am neither Democrat nor Republican, but Sanders is in my opinion the most fundamentally decent man in politics. His life-long struggle for a more equitable society is a reminder of how far we have come—and a challenge to complete the journey. #GetWellBernie

The country has stood up, but on Western terms rather than those its greatest leaders and thinkers once envisioned. China wasn't always authoritarian, and in the past it successfully ruled as a soft state. The state was considered there to serve society, rather than the other way around.China has fought back against the brutal Western imperialism, says Pankaj Mishra, with a counter harshness and industrialisation, but it's time for it to find its more gentle and tolerant tradition. Xi may...

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Who doesn't want free money? Sure, a universal basic income ($1,000 a month with "no strings attached") sounds like a good idea. But under presidential candidate Andrew Yang's plan, a UBI would replace government benefits and would be paid for by the working class, not the rich. Newsbroke's Matt Lieb explains how the "Freedom Dividend" is simply a way to maintain the current economic status quo. [embedded content]

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