Mike Norman Economics

In recent days the international policy-making elite has tried to distance itself from MMT, often going to hysterical extremes to dismiss the approach as crazy. No one does this better than the Japanese. As MMT began to gather momentum, its developers began to receive a flood of calls from reporters around the world enquiring whether Japan serves as the premier example of a country that follows MMT policy recommendations. My answer is always the same: No. Japan is the perfect case to...

If these libertarian morons really wanted to help the USCoC they would raise the gd "Debt Ceiling!" straightaway....The “Big Club” Fights Back Against Trump Tariffs – Senate Republicans, Paid by U.S. CoC, Prepare to Mount Assault… https://t.co/ezzJSIrXPG pic.twitter.com/6bBv7UBBAG— TheLastRefuge (@TheLastRefuge2) June 5, 2019

Contra Ian Stewart and James Meadway.Aside: If this is considered wonkish in the UK, the country has a problem.Tax Research UKFor MMT (long and wonkish) Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

Everything I say, they say, after I said it.

This is a very brief article where it doesn't seem like Ian Stewart has thought through MMT all that much st all as he just relies on what he has been taught about the government printed money and inflation. Ian Stewart is happy with printed money being spent on assets keeping their prices high, but not on public goods a services. And he says that MMT will crowd the private sector out, something that MMT economists are always very careful about. Now, it’s worth noting that both MMT and QE...

Like Peter May, I still think a mixed economy is best. I'm looking forward to the British Labour Party re-nationalizing the railways. There is an interesting article by Carlos Garciá Hernández here, arguing that Modern Monetary Theory (MMT) renders the Marxist theory of ownership redundant (I wonder if Paul Mason has read it?): What happened when fiat money was introduced? As we have seen, the state that issues its own money is no longer dependent on any kind of restriction in spending its...

Carlos Garciá Hernández argues that socialist parties needn't own the means of production anymore as a way to increase the standard of living and well being of the general population now we have a fiat money system. MMT shows us the way. Carlos takes a look at Marx’s economic philosophy through an MMT Lens and comes up with his own unique and updated description – fiat socialism As has already been explained in the second section of this article, such direct ownership of the means of...

Oh dear, Bill Mitchell has his work cut out. He quite likes the British Labour Party, probably because it most likely the only real mainstream leftist party left in the first world, well, half of it is, anyway. It's a shame, because if we could have public services without taxing people on average incomes too much we could easily win over the floating voter and maybe even more.It should also be noted that there is nothing inherently left-wing about MMT – it supporters include members of the...

Is inflation much higher than the official figures suggest? Jesse Colombo seems to think so, who says they are closer to 10% rather than the officially stated 2%. And much of the inflation is being hidden in asset bubbles, he says, and will burst eventually.  One of the primary ways that our modern CPI formula understates inflation is through hedonic quality adjustments. In simple terms, consumer goods that experience technological improvements are considered to have fallen in...

The "modelling" here is using military science–yes, there is such a thing–to model outcomes of military contingencies.Reminiscence of the FutureOn The Virtues Of ModellingAndrei Martyanov