Mike Norman Economics

I think that you don’t have to be an economist or have done a PhD involving econometrics (economic statistics) to see that the claim “doubling the monetary supply decreases the dollar’s exchange rate by 50%” does not hold at all. While monetary supply goes up almost all of the time, the exchange rate swung back and forth. There does not seem to be any causal relationship at all. This is not a surprise: almost all scholars of economics point out that the trade-weighted exchange rate is...

Serious blunder on the part of Pelosi. The Establishment is showing signs of desperation.The 2016 election should have showed the Democratic establishment that poking progressives in the eye was fatal. The 2018 election should have demonstrated the growing power and influence of progressives. The demographic projections should inform the "centrists" that the future of the Democratic Party belongs to the left as the youth rising in numbers and influence come to power.But losers will be...

Professor Hans Eysenck, who wrote the book, The Inequality of Man, said his research showed that the upper classes were more intelligent than the lower classes and this was the reason for their success. The ruling class loved him and he was esteemed as a world leading psychologist and scientist, but it turns out he was rather stupid, for he refused to believe that environment played any role whatsoever in the development of inteligence.  He just made an assumption that his I.Q tests measured...

“Republican Rep. Jason Smith yelled a potentially racially charged remark across the aisle as Democratic Rep. Tony Cárdenas was at the podium.” (Roll Call) This behavior provides an insight into the sheer callousness of some people.Nonetheless, this provides a good example to remember what has happened in Puerto Rico, as they now face an impending food crisis, as funding for food assistance runs out. Should that happen, we will need to start calculations of excess fatalities, based on Mr....

Oh, my. AOC goes there. "Follow the money." Legalized bribery and corruption. If she didn't have a target on her back, she does now. Brave woman, deserving of the title Alexandria the Great. Of course, there was Dennis Kucinich (and some others) before her. But they were before their time. AOC isn't. She represents a new generation coming of age. What a reality show this is turning out to be. Raw StoryWatch: AOC schools Congress with ‘Lightning Round Game’ exposing the chilling...

teleSURDonald Trump's War of Recolonization Against Venezuela Samuel Moncada Zero HedgeTrump To Sign Order Banning Chinese Telecom Equipment Next Week AntiMedia“Breathtaking and Terrifying”: UN Partners With CIA-Funded Palantir Jessica Corbett Popular ResistanceNICOLÁS MADURO: AN OPEN LETTER TO THE PEOPLE OF THE UNITED STATES Nicolás Maduro, Facebook The WeekPelosi calls the Green New Deal 'the green dream or whatever' Brendan MorrowWashington Free BeaconOcasio-Cortez: Latinos Can’t Be...

The classic paternalistic quote.Lars P. Syll’s BlogPaul Samuelson — an economist in ‘the business of dishonesty’Lars P. Syll | Professor, Malmo University

Capitalism is an economic system that favor capital (ownership) over labor (people) and land (the environment) because capital formulation generates growth and "a rising tide lifts all boats" (trickle down). Socialism is an economic system that favors labor (people) and land (the environment) over capital (ownership) because the economic system is the life-support system of society and needs to be subjected to the comprehensive needs of society, which are social and political in addition...

All of the above, of course, is simply the fleshing out of assumptions. We assumeddiminishing productivity in the last hours, we assumed heightened productivity from a shorter working week and we assumed declining marginal utility of goods and services produced. Finally, we assumed a preference for free time over a vanishingly small increment of total income. The point is that each of these assumptions were relatively modest but when combined "add up" to a rather substantial cumulative...

I had an engineer around today and we got talking about politics, but it turned he was on the right. He told new we tried socialism and it didn't work, but is the Conservative Party style of capitalism working?Two thirds of the British people are now the poorest in Western, Northern Europe. And the NHS is terribly underfunded and waiting lists have become extremely long. The rich avoid their taxes while their monopoly capitalism has brought wages down, so the taxes the government collects...