Mike Norman Economics

You can't correct someone making a reification error by employing additional figurative language... you have to use proper real or literal language..Down-thread Bill for example is trying to correct a bunch of left-wing morons but here is his title: "...parties erect the plank and then walk it" ... nice pirate metaphor but sorry its not going to work... youre trying to correct people who are not understanding the abstraction of govt accounting and finance and are defaulting into...

Google are asking Trump to lift the Android ban on Huawei saying that to not do so would increase the security risk. Google say Huawei will only further develop their own version of Android which may have more security issues. Huawei phones have a large world wide market share and so Google and the U.S. could lose their grip. Every action can have unintended consequences.There's a paywall on the Financial Times site but the first time you go to an article there it usually let's you in. You...

Everyone panicked once again. I said to buy the dip.

They're saying she's a Putin puppet, but Tulsi Gabbard knows how to answer them back. The neocons are pretending to be pro-democracy while playing their dirty tricks again. Tulsi Gabbard could well be the only genuine antiwar candidate that might truly be electable in the past fifty years, and that is why the war party is out to get her. Two weeks ago, the Daily Beast displayed a headline: “Tulsi Gabbard’s Campaign Is Being Boosted by Putin Apologists.”  Tulsi responded “Stephanopoulos...

Another one calling for paradigm shift.The National InterestAmerica Needs to Reexamine Its Wartime RelationshipsJohn Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government

Important because of who said it.Project Syndicate.Europe’s Silent Majority Speaks Out George Soros

Another argument for paradigm shift away from the neoclassical model in economics. It no longer fits the facts (if it ever did). The "free market" that neoclassical economics assumes, the atomism of methodological individualism, and other such assumptions based on "simplifying," are myths concocted partly for methodological convenience ("mathematical tractability") and partly owing to ideology (cognitive bias). Theoretically, this would just be a curiosity of history, like the "ether" and...

Richard Murphy addresses specific issues raised questioning MMT. "Paradigms" are overarching conceptual models of systems that create a framework in terms of which competing theories can be generated in response to issues, especially emergent ones at the frontier of knowledge. The paradigm that has been in force with respect to policy issues since the rise of the Chicago School and the replacement of John Maynard Keynes with Milton Friedman has been neoliberalism, the basis of which is...

In Part I, I considered an Australian-based attack on MMT from a Labour Party stooge. In this Part, I shift to Britain to address the recent article by a Northern Labour MP – Jonathan Reynolds – who is apparently, if his arrogance is to be believed, the Labour Party spokesperson on matters economic. For the title of his recent article (June 4, 2019) was – Why Labour doesn’t support Modern Monetary Theory – which begs the question as to who actually doesn’t support MMT – all of Labour?...

More of the figurative "pumping!"...China has “tremendous” room to adjust monetary policy if the trade war with the U.S. deepens, says People’s Bank of China Governor Yi Gang https://t.co/rFqYgqrX5a pic.twitter.com/J9RCJiegF9— Bloomberg (@business) June 7, 2019