Mike Norman Economics — Feed Items
Primary tabs
The title of the post should be "The Trouble with Economics." Words. The point is well-taken.
The Radford Free Press
The Trouble with Words
Peter Radford
While this post is not MMT, it is consistent with MMT and implies that MMT is needed to address the issues that stem from wrong assumptions about the relationship of economics, finance, money and banking, as well as the mistaken view that money is neutral, being only a veil over what is at bottom a barter economy under the veneer of a monetary economy.
While MMT doesn't deal directly with the relationship of economics and power, being an institutional approach is incorporates the role of power implicitly in its analysis of the the relationship of economics and finance.
The bloodiest period of Soviet totalitarianism ended in the fifties, but the habits remained long after, including the advanced system of alternative media that ultimately broke the state: samizdat.
The spectacular government spending post-2008 and post-2020 appeared to upend the neoliberal logic of the past decades, enabling bold public action and opening the door to a more just and democratic social order. Specific policy choices stamped out this opportunity. These pivotal moments did, however, point to policy levers that can facilitate a breakthrough....
Modern monetary theory has been influential in helping America rise out of the recession that crippled the economy during the pandemic, writes Professor Stephanie Kelton and Dr Steven Hail.
The overwhelming number of articles appearing attack MMT pretty much as the work of the devil. Regarding the the quote, "first they ignore you, then they laugh at you, then they fight you, then you win" (misattributed to Mahatma Gandhi), we seem to be at the attack stage.
Just three countries have so far introduced CBDCs, according to the IMF, and two of them are already having serious issues.
FYI. The information space is narrowing.
Naked Capitalism
Google Demands That We Censor Our Content
Yves Smith
Biden still has a big “inflation!” political problem…. Story at National Pulse:
As the U.S. economy braces itself for the third year of an inflation surge that has substantially hiked the cost of living and sharply depressed real wages, most registered voters believe President Biden’s policies will cause prices to rise.
A poll by CBS News and YouGov released Sunday shows that 55 percent of registered voters believe Biden’s policies will trigger price increases.
This week, the UK Chancellor releases the latest fiscal statement (aka ‘the budget’) and will also have a eye to the general election which must be held before January 28, 2025. One would expect the government would stall the announcement and delay the election for as long as is possible, given the current situation and the cumulative impacts of 12 years of Tory rule, which are plain to see at all levels of British society. All the talk is of tax cuts, that typical ‘sugar hit’ approach to winning votes that soon works it way out of the system.