Mike Norman Economics

I got this from Magpie's blog, which is by Randy Wray and is very good. It's old, from 2012, so you are probably all familiar with it, but I still thought it was worth posting.Randy says how the free market equilibrium theory, the invisible hand, is a myth. Economists did manage to work out a formula for it after 80 years of trying, but it is based on everything being perfect, like being perfectly informed, eg, advertisements are completely honest, and there is no market manipulation. Some...

The actress and activist writes about how she believes recently indicted WikiLeaks founder Julian Assange is being scapegoated for Trump’s election win. Superbly written and very concise. So you say Julian Assange interfered with U.S. elections? Well, then let me tell you the truth: This whole saga of “foreign intervention” is fundamentally absurd, and mainstream opinion painfully misguided. No one interfered with the right of voters to inform themselves freely, choose their own...

Its a good idea to pay attention to the Methodology one is using... the Methodology itself may not be properly suited to the discipline one is trying to master...Backgrounder on one 'Dialectic Method' here. Dialectic or dialectics (Greek: διαλεκτική, dialektikḗ; related to dialogue), also known as the dialectical method, is at base a discourse between two or more people holding different points of view about a subject but wishing to establish the truth through reasoned arguments. Dialectic...

Mag[ie continues to fisk Paul Mason on Marxism and MMT. Magpie's Asymmetric WarfareGetting all Tied Up (4) Magpie

When I first came across the term "cultural marxism" I thought, what a load of nonsense! There it's no marxism in identity politics, so it's just a smear.BTW, Peter Jordon suffers from chronic depression and is on two different antidepressants. In a video I watched, he described how he has suffered terribly in the past. On that level I feel sorry for him. But I'm surprised it hasn't given him more empathy. [embedded content]

The trade tension between the United States and China looks set to intensify soon, as the latter country is taking steps to respond to the American ban on doing business with Huawei. Bloomberg reports that China has put preparations in place to restrict exports of rare earth minerals to the US, while also setting up its own “unreliable entities” blacklist for unfavorable foreign companies. At the same time, Japan’s SoftBank has announced it’ll be building its 5G network with equipment from...

Trump hits Mexico, threatening the US-Mexico-Canada trade agreement.

Yes, he is losing it - the ability to govern as the President! The most recent example: he lost his temperament, totally, in response to the Mueller TV appearance, on top of having lost all the four games in the major league (President Trump's Major League Score: 0:4). He will continue to lose in the coming weeks and months. No, he is not losing it, because he has never had it!... Frank Li is out of paradigm with MMT, but he is an interesting social and political analyst even though his...

They should have got this done last week (story from May 22) as recommended now comes the real chaos they were trying to avoid by getting it done...Science:  Instability creates instability.(Morons:  Stability creates instability.)McConnell: Bipartisan deal to raise debt ceiling and spending caps as soon as today https://t.co/UL7TBkEr4k— Teresa MASIA PERALES (@Spanishcountry) May 22, 2019 Inversion going on 7 days: Day 7 of the inverted 3-month/10-year U.S. Treasury yield curve. And the...

You've heard of Ali's  "Rope-a-Dope!" now we have "Pump-a-Chump!"...Trump triggered hacker China still "pumping!"PBOC's Liquidity Boost to China's Banking System Hits Four-Month High https://t.co/TJnjDo91EW— Yicai Global 第一财经 (@yicaichina) May 31, 2019