Mike Norman Economics

Assignment. Pick out the propaganda.International Business TimesWhy Costco Had To Close Its First Chinese Store Early On Day One?Dawn Geske

Modern Europe’s political structure is based on the supposition that capitalism and democracy can be compatible – so the most urgent challenge of our times is reconciling the two. In short, economic liberalism and political liberal generate paradoxes that require a comprehensive worldview (systematic set of presumptions) that balances social, economic and political liberalism for Western liberalism to survive. New StatesmanCapitalism vs democracy: Europe’s hard problem Mark...

“Any government,” writes the economist and hedge fund manager Warren Mosler, “can achieve full employment by offering a public service job to anyone who wants one at a fixed wage.” Versions of this idea have received powerful endorsements from prominent Democratic politicians in the US, including presidential candidate Bernie Sanders and Rep. Alexandria Ocasio-Cortez, who has linked a government job guarantee to a Green New Deal. Moreover, versions of a job-guarantee program (JGP), more or...

Economic Policy InstituteBlack workers endure persistent racial disparities in employment outcomesPart of the series Labor Day 2019: How Well Is the American Economy Working for Working People? Summary: Black workers are twice as likely to be unemployed as white workers overall (6.4% vs. 3.1%). Even black workers with a college degree are more likely to be unemployed than similarly educated white workers (3.5% vs. 2.2%). When they are employed, black workers with a college or advanced degree...

This is a substantial book which the author admits has been 20 years in the making. [1] It deals primarily with Moseley’s own “Macro-Monetary” interpretation of Marx’s economic writings and takes up and rebuts criticisms of this interpretation. However, the book also looks critically at the major interpretations of Marx’s economic work, by Marxist academic economists, which have emerged in the last 100 years, giving a brief description of them and critically examining their failings. Many...

Economics and teaching economics in Pakistan. Good short summary of the history of economics. Curiously, he doesn't mention MMT or even Post Keynesianism, taking a decidedly institutional approach. MMT economists draw on Post Keynesianism and institutional economics heavily, although these are not the only influences.  Global Village SpaceRevisiting Education of Economics – Dr. Omer Javed Omer Javed, institutional political economist,who previously worked at International Monetary Fund...

Curiously, no mention of MMT. But useful for the analysis showing that monetary policy is not cutting it and that fiscal policy will inevitably gain in prominence. It is now pretty widely recognized that the period of monetarism spearheaded by Milton Friedman (and the Chicago School) as the "successor" of John Maynard Keynes as international policy guru is over. The question now is, who will the new gurus be? Will the pendulum swing back to Cambridge and Wynn Godley?FA — Financial...

Barry Ritholtz, a Bloomberg columnist who runs an eponymous wealth management firm in New York, published a piece in Bloomberg Businessweek Tuesday that describes the most recent session of “Camp Kotok,” an informal, wine-fueled gathering of bankers, analysts and investors that occurs each summer in Maine. The focus of this year’s meeting was the Federal Reserve’s struggle to deal with a slowing economy against a background of low inflation, plunging interest rates, a burgeoning trade war...

Economic liberalism expressed as "free market capitalism" aka neoliberalism is incompatible with political liberalism as liberal democracy owing to the social effects of the inequality that favoring economic liberalism in the above sense leads.Lars P. Syll’s BlogEconomics — a primary reason for the rise of inequalityLars P. Syll | Professor, Malmo University

I hope that this model will be taken up by more colleagues as it is very clear now that the IS/LM model “does not work”. If you make it more realistic by saying that investment does not depend on the rate of interest (vertical IS curve) and that the central bank determines the interest rate (horizontal LM curve), then you will have wasted 3-4 lectures to explain the goods market (IS curve) and the money market (LM curve) only to conclude that both do not matter in practice. It is only a...