Mike Norman Economics

Inequality constricts growth by: Obstructing the supply of people and ideas into our economy and limiting opportunity for those not already at the top, which slows productivity growth over time Subverting the institutions that manage the market, making our political system ineffective and our labor markets dysfunctional Distorting demand through its effects on consumption and investment, which both drags down and destabilizes short- and long-term growth in economic output Capitalism...

Definitely a should-read that advances the debate. While not an MMT-based view it does illuminate the  symbiotic relationship of technology, engineering, innovation, real resources, "money," culture and ideas in the present world system, which is ecologically unstable and is becoming unsustainable. Alf Hormborg argues that this is not simply a matter of tweaking the system through scaling technological innovation. The problem is the design of the system. The ConversationA globalised...

It is my Wednesday blog post and my relative ‘blog day off’. But there has been an issue I want to write briefly about that has come up recently and has become a recurring theme. I am writing today to put the matter on the public record so that spurious claims that arise elsewhere have no traction. As our Modern Monetary Theory (MMT) work gains popularity, all manner of critics have started coming out of the woodwork. There is now, quite a diversity of these characters, reflecting both ends...

Fed September meeting coming up...  at least he didn't mention increasing Reserve Assets to "lend out!" this time which would shut down the credit markets again and cause another GFC II....The loonie left's "neo-liberal conspiracy!"continues.......The USA should always be paying the the lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are...

There is no true democracy in the West, it's like when Ford said you can have any colour you like as long as it's black. The Guardian has been taken over by Britain's security agencies, and is now being forced to put out anti Corbyn propaganda. The security agencies say Corbyn is a risk to Britain’s national security, well, isn't that up to the British people to decide. And the British people should be allowed to choose what type of security services they want.  The security agencies...

Remember Charlie Goldsmith? Sunday Night met the energy healer last year, and put his talents to the test. We catch up with one of the people who suffered from chronic pain to find out whether their improved health really lasted. [embedded content]

Global InequalityGreatest happiness for the greatest number. Or not?Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace ZHLuongo: Trump Thumping Bolton Is A Good Start Tom Luongo Reminiscence of the FutureHe Was Never Qualified To Start With.Andrei...

Russophobic rhetoric persists in Washington, but a counter-argument is emerging. Could we finally be on our way for peace with Russia? Macron and Trump are leading the way. Trump repeated the thought in Biarritz, claiming there was support among other members for the restoration of the G–8. “I think it’s a work in progress,” he said. “We have a number of people that would like to see Russia back.” Macron is plainly one of those people. It was just after Trump sounded his theme amid...

1 in 3 ain't bad!Prem Sikka tweet: Corruption Inc: Big Four accounting firms bungle a third of US audits but are rarely fined. Friends in high places protect them. The private police force of capitalism makes millions from dud audits.  Time to shut them down. Public bodies should do audits https://t.co/ESLWr07EYp The Big Four accounting firms bungled 31% of the most recent US audits analyzed by their quasi-governmental watchdog, the Public Company Accounting Oversight Board (PCAOB). Yet...

Donald Trump has fired his national security adviser, John Bolton, in two tweets that said he “disagreed strongly” with many of his suggestions. Trump said he would be naming a new national security adviser, his fourth of his term, next week. Trump tweeted: “I informed John Bolton last night that his services are no longer needed at the White House. I disagreed strongly with many of his suggestions, as did others in the administration, and therefore I asked John for his resignation, which...