Mike Norman Economics

Changes in expenditure rather than changes in the money stock are causal in economic performance. Changes in money stock do not necessarily result in changes in expenditure. Velocity of money depends on liquidity preference. If the money stock increases while the population increasingly desires to save rather than spend, no change in economic performance will follow. A chief point of the General Theory is that spending as "effective demand" drives an economy. As a consequence fiscal...

What I hope to achieve is to set out a framework based on Modern Monetary Theory (MMT) principles to allow the protagonists to make their own decisions, free of the neoliberal sort of monetary myths that I think have dominated the independence debate to date. I am always cautious discussing the pro and con of situations where I have no direct material stake and a less than full understanding of specific cultural and historical influences that are at work. But the Scottish question is...

An economy’s minimum wage equates a unit of the currency to an amount of labor time. For instance, in marxist terms, a minimum wage of $15/hour sets a dollar equal to 4 minutes of simple labor power. At a macro level, this enables currency value to be defined in terms of simple labor. There are, however, at least two ways in which this connection between currency value and labor could be drawn. One way would be to adopt a labor command theory of currency value. In effect, modern monetary...

Apt Kaldor quote, giving Singh advice on development economics.The Case for Concerted ActionAshwani Saith: Ajit Singh Of Cambridge And Chandigarh – An Intellectual Biography Of The Radical Sikh EconomistV. Ramanan

Orwellian indeed. Evidence-free "truth" — when evidence suggests otherwise. Only this is not fiction.Consortium NewsOrwellian Cloud Hovers Over Russia-gate Ray McGovern, CIA analyst for 27 years, with special expertise on Russia, and prepared The President’s Daily Brieffor Presidents Nixon, Ford, and Reagan, and co-founder of Veteran Intelligence Professionals for Sanity (VIPS)See alsoSic Semper Tyrannis The Malevolent Farce that is Mueller and the Russia Hoax Larry C Johnson, former CIA...

What your government is up to. It is illegal under the UN Charter. Quite revealing that the US military high command would sign on to it. A foreign-mounted overthrow of a sovereign state's government without a UN Security Council resolution is a war crime. Calling it a "coup" is a misnomer. This is the overthrow of a government by a foreign state using its military to do so. There is no way to verify the document appended as genuine since it is labeled "Top Secret" however. But if true,...

Lest we forget. Today's generation should know about this. It was burned into ours. Cleveland 19 NewsMay 4, 1970: 49 years later at Kent State Erin Simonek

PPP, scope, and efficiency, e.g., exploitation of asymmetry. Military spending can be deceptive depending on measurement. Comparing military spending based on PPP rather than dollar equivalence results in a very different picture. The gap in spending is not as huge as it seems.  Moreover, Russia and China only aim at defense, while the scope of the US is global, with the ability to fight two and half wars simultaneously — the European theater, the Western Pacific, and the Middle East,...

US UE: 3.6% (50 YEAR LOW!!!!)... April jobs: +263.000.... (WHO KNEW?!?!?)....  Liberal Arts trained generated figurative word "Inflation!": In the toilet... Fed: On hold (POWELL FED EMASCULATED by POTUS tweets?!?!?) ... and then.... last BUT NOT LEAST.... US Fiscal: UP 7%+ YoY (PERHAPS UNPRECEDENTED?!?!!?)...Then, can you believe it, sentiment: Still BEARISH! .. on  the backs of all the disgraced political hack Trump Derangement Syndrome sufferer's mass psychosis!!  (Thanks TDS political...

Oh my, or oy veh.Task & PurposeThe US Military Would Suffer A 'Decisive' Defeat In A War With Russia Or China, New Report SaysJared Keller