Mike Norman Economics

Despite a strong jobs report (which I called) and the lowest unemployment in 50 years, still lots of pessimism.

The thinking must be that young people don't vote anyway and when they get old, they will like their parents.Common DreamsGOP in Danger of Losing Younger Generation of Voters Over Climate Policies: Report Eoin Higgins

The expiration of US waivers on sanctions targeting Iran and its foreign trade partners ends this Thursday. This will affect India, China, Japan, S. Korea and Turkey. While China is currently the largest purchaser of Iranian crude oil, both India and China have warned that such a step could destabilise the global energy market and the Middle East.... Sputnik InternationalIndia-China Oil Bloc Proposal a Good Step, Say Energy Analysts

After 40 years of market fundamentalism, America and like-minded European countries are failing the vast majority of their citizens. At this point, only a new social contract – guaranteeing citizens health care, education, retirement security, affordable housing, and decent work for decent pay – can save capitalism and liberal democracy. Three years ago, US President Donald Trump’s election and the United Kingdom’s Brexit referendum confirmed what those of us who have long studied income...

I can hardly believe that I am typing this. A resolution has been forwarded in the Senate to condemn an economic theory: “Recognizing the duty of the Senate to condemn Modern Monetary Theory and recognizing that the implementation of Modern Monetary Theory would lead to higher deficits and higher inflation.” I guess on the one hand that we should be happy that anyone is even aware of Post Keynesian economic theory. Scholars in this area have toiled largely in vain for going on a century...

Dalio, however, agrees that MMT has weaknesses. He said, “The big risk of this approach arises from the risks of putting the power to create and allocate money, credit, and spending in the hands of politically elected policy makers.” He states that the system has been designed in a way that “highly skilled people” are in charge of decision making rather than politically motivated people. He added, “At the same time it is inevitable that we are headed in this direction.” This is both a...

A brief explanation of MMT by Richard Wolff, where he says the government does but need to borrow money when it wants to spend in the economy and can also print the money to pay off the national debt.  [embedded content] MMT or Modern Monetary Theory is becoming a point of contention in the Democratic Party,. But what is it and what does it mean? How does a government, or a political candidate use modern monetary theory, Can modern monetary theory help end the debt or the national deficit?...

Paul Craig Roberts says how the corporations drool over all the profits they will make from automation, but when there are no employees there will be no no wages so who will be able to buy anything?Think about it, say you own a small company and you completely automate it looking forward to the huge profits to be made as you don't have to pay any workers, and then ask yourself, who would worry about the long term future? Not many. Just hope for the best, I guess?At this point capitalism...

US SR182 | 2019-2020 | 116th CongressUS Congress Senate Resolution 182US State Legislature page for SR182SummarySponsorsTextsVotesResearchCommentsTrackStatusSpectrum: Partisan Bill (Republican 5-0)Status: Introduced on May 1 2019 - 25% progressionAction: 2019-05-01 - Referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S2576)Pending: Senate Banking, Housing, And Urban Affairs CommitteeSummaryA resolution recognizing the duty of the Senate to condemn Modern Monetary...

Digging into systems. Not as wonkish as it may sound. Real-World Economics Review BlogMathematics and the constructions and emergent outcomes of socioeconomic phenomena Ikonoclast Also at RWEREcological limits and hierarchical power from Blair Fix, Shimshon Bichler and Jonathan Nitzan