Mike Norman Economics

You have to know about these factors if you are to stay invested.

So it was great that I had been invited to present the case for the contribution of Marxist economics, along with Carolina Alves, the Joan Robinson fellow at Girton College, Cambridge. In my presentation (see my PP here The contribution of Marxian economics), I outlined the differences in theory and policy, both micro and macro between mainstream neoclassical economics, the heterodox alternatives (Keynesian, post-Keynesian, institutional and Austrian) and the Marxist. I see this as three...

Another backgrounder, but more about the US and Russia than China.Strategic Culture FoundationPentagon Obsession: China, China, China Pepe Escobar

The concept of opportunity cost “The opportunity cost of anything of value is what you must give up so that you can have it.” is the central theme of my book Economics in Two Lessons,due out in the US on 19 April and hopefully in Australia soon after that. My central claim is that two lessons based on opportunity cost and their relationship to market prices provide a framework within which almost any problem in economic policy can usefully be considered.…So, I was impressed to see Bill...

"The Distributional Financial Accounts (DFAs) provide a quarterly measure of the distribution of U.S. household wealth since 1989, based on a comprehensive integration of disaggregated household-level wealth data with official aggregate wealth measures.…" More data. The Case for Concerted Action Distributional Financial Accounts Of The United StatesV. Ramanan

Mixed Economies and Monopoly Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: Mixed Economies Today, Compared To Those Of Antiquity (Part 2)Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking...

While military spending subsidizes a certain lifestyle for some, it also contributes to trends that put the rest of the country at risk. Excess expenditure over the requirements of purpose is wasteful and constitutes a subsidy.While the economics of the article is out of paradigm with MMT, the author is a professor of politics and economics is peripheral to his argument.He doesn't mention the push from the right to increase military spending for "national security" reasons, followed by an...

Speaking about exchange rates.EconomonitorWhich exchange rate regime? Biagio Bossone 

Naked CapitalismThe Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson About His Forthcoming Book The Collapse of Antiquity (Part ¼) John Siman interviews Michael Hudson

I cannot stress enough that this elitist attitude towards society is a learned mindset, that comes with a sense of extreme entitlement, and not some inherited tendency. As it succeeds it can become contagious among those who are morally weak and easily influenced. Some good quotes. Jesse's Café AméricanAudacious Oligarchy: The Rules Are For the Little People Jesse