Mike Norman Economics

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...

It is Wednesday and a quite blog writing day for me. I have to catch a flight a bit later and finish some other things before I do that. But I receive a lot of E-mails from readers puzzled by the fact that the low-interest rate environment (even negative) has not stimulated economic activity to the point of accelerating inflation. As part of the paradigm shift that is now, finally, occurring in macroeconomic policy-making, the RBA governor Phillip Lowe continued his theme that monetary...

[James] Buchanan (who won a Nobel 1986) is the kind of economist that did not disguise he read and engaged with philosophers (especially Rawls) throughout his life.… Digressions&ImpressionsOn James Buchanan (yeah that one!), European Greatness and the fate of Good IdeasEric Schliesser | Professor of Political Science, University of Amsterdam’s (UvA) Faculty of Social and Behavioural Sciences

Reminiscence of the FuturePicture Speaks Louder Than Words.Operation "Detachment". Andrei Martyanov The American ConservativeThe Media’s Russian Radiation Story Implodes Upon Scrutiny Scott Ritter IrrussianalityFalse equivalencies Paul Robinson | Professor, Graduate School of Public and International Affairs at the University of Ottawa Oilprice.comTariffs To Decimate China’s US Crude Oil ImportsStrategic Culture FoundationThe First of Many Cauldrons Form in the Middle East Tom Luongo

Costco Wholesale Corp.’s first outlet in China opened on Tuesday and was soon overrun with customers willing to fight over discounted products and wait hours to pay for their purchases. The American retail giant had to suspend operations in its Shanghai store in the afternoon citing “heavy traffic and customer flows”, according to a text message sent by the company to consumers holding its membership card. The message was shared on Weibo, China’s micro-blogging website. The frenzy at...