Mike Norman Economics

The neoclassical foundational assumption of rational maximization and Buchanan's rational choice theory are "thin" theories of the actor. As a result the models created on the basis of such assumptions are simplifications. The questions is whether they are oversimplifications. That depends on the case. Such assumptions may apply generally in certain simple cases but not to all. Moreover, the assumption of methodological individualism on which microfoundations depends is similarly limited....

Tom Luongo explains the real reasons behind the US attack on Huawei are part of the ongoing US hybrid war against China and Russia as competitors. It's about power and money, as always.Tom Luongo5G, Huawei and Us — The U.S. Hates Competition

This will likely meet reciprocal response and result in a two-tier IT technology, with the West vassals using the Western system and the Global South using the Chinese system. A multi-polar world will result, especially with a growing cold war between the US/Global North and China-Russia/Global South.BloombergU.S. Preparing Trump Order to Restrict Chinese Telecoms, Sources Say Margaret Talev and Sheridan Prasso See alsoZero Hedge"Huawei Death Sentence": Trump Said To Prepare Executive...

At 8:30 Steve Keen marvels at what the Chinese have achieved in 30 years. He says their society is liberal with an authoritarian government in the background, but it is more responsive to people's' needs than our 'democratic' governments are. With its mix of private and public banks, China has achieved a lot. [embedded content]

Robert Vienneau links to the "popular" trolls, followed by a short summary of MMT as essentially correct as descriptive of the monetary system.Thoughts On EconomicsElsewhere: Popular Writing On Modern Monetary TheoryRobert Vienneau

Dr Patrick Moore, the climate change denier and corporate stooge, said Monsanto's Round Up was safe to drink, but the interviewer had some Round Up and offered him a glass, but he refused to drink any. He then walks out calling the interviewer a complete jerk. [embedded content] In the video below, Potholer54 completely demolishes Patrick Moore's arguments. You have to wonder why did Patrick Moore, who is a scientist, had to omit so many facts to make his ideas seem plausible?Also, Patrick...

If the government issues interest-bearing bonds to wealthy institutions to take money out of circulation to control inflation, then why not allow the general public to deposit their savings at the central bank in interest-bearing accounts as another way to control inflation? This would compete with the private banks, but would this be a bad thing?The rest of the article is very MMT in all but name, and describes how the New Green Deal can be paid for while keeping inflation in check. A final...

Richard Wolff explains why we have austerity. 6:11 minutes. [embedded content]

"Be afraid, very afraid."This might be the nuttiest yet.Zero HedgeModern Monetary Theory (Or, How I Learned To Stop Worrying & Love The National Debt)Ben Hunt via EpsilonTheory.com,

"A FLEET OF A THOUSAND COLONISTS are blown off course for weeks by a series of violent cyclones, eventually crashing onto the reefs of a large uncharted island. All of their ships and provisions are lost to sea. They wash ashore, all surviving the stormy night. As morning breaks they begin their search for water and possible food sources."The survivors struggle in this foreign land at first. They collect crabs at the rocky tideline, forage along the dense forest-edge, and weave simple palm...