Mike Norman Economics

It is one of the most important aspects of our media system, and yet hardly known to the public: most of the international news coverage in Western media is provided by only three global news agencies based in New York [AP], London [Reuters] and Paris [AFP].... Why you can't always (ever?) believe what you see and hear on "the news," which is actually an echo chamber.The obvious question is, echoing whose voices? The article attempts to answer this but the subject is purposefully oblique...

The wealth of parents and that of their children is highly correlated, but little is known about the different roles genetic and environmental factors play in this. This column compares outcomes for adopted children in Sweden and those of their adoptive and biological parents and finds there is a substantial role for environment in the transmission of wealth and a much smaller role for pre-birth factors. And while human capital linkages between parents and children appear to have stronger...

In all the referendums for the last 25 years the working classes have systematically expressed their disagreement with the Europe presented to them, whereas the richest and the most privileged classes supported it. During the French referendum on the Treaty of Maastricht in 1992, we observed that 60% of the voters with the lowest incomes, personal wealth or qualifications voted against, whereas the 40% of the electorate with higher incomes voted in favour; the gap was big enough for the yes...

We could have a melt up.

OMG. Who knew?BloombergMarco Rubio Puts Out a Paper Citing Obscure Left-Wing Economists Ben Holland

Sometimes history appears to be approaching a pivot point, and then the weight swings back and nothing happens. But sometimes it does tip, and times such as these are times of great potential for change. I see hope, for example, in the upsurge of support for Green politics, and the happy convergence of popular political discontent with rising awareness over climate change. This may be a point in time owing to a crisis or a process during which a realignment is worked out. I would bet on...

Remarks by L. Randall Wray at “The Treaty of Versailles at 100: The Consequences of the Peace”, a conference at the Levy Economics Institute, Bard College, May 3, 2019. I’m going to talk about war, not peace, in relation to our work on the Green New Deal—which I argue is the big MEOW—moral equivalent of war—and how we are going to pay for it. So I’m going to focus on Keynes’s 1940 book— How To Pay for the War—the war that followed the Economic Consequences of the Peace.Our analysis (and...

This could potentially lead to Huawei’s destruction,” said Scott Kennedy, a China expert at the Center for Strategic and International Studies. “You can’t underestimate the significance. It’s their most important company and threatening it in this way will generate a massive public response as well as from the Chinese government. The bilateral trade talks were on thin ice and this could derail them entirely.”… Maybe time to consider firms in your portfolio whose earnings are heavily...

Apparently the British Left is “fizzing with ideas for a smarter economy” according to the UK Guardian article (May 12, 2019) – The zeitgeist has shifted. Now the left is fizzing with ideas for a smarter economy – written by Will Hutton. I can’t say I sensed an outbreak of fizz. But in the colloquial language from where I come from, the term fizzer means “Something that promised excitement but instead was a disappointment”, Yes, Hutton’s fizzers include promoting the insights of a...

Matias Vernengo dives into MMT a bit again and further clarifies his position. Naked KeynesianismBernie and AOC are Functional Finance (and Socialists) but not necessarily MMT Matias Vernengo | Associate Professor of Economics, Bucknell UniversityOn Karl Polanyi and the labor theory of value