Mike Norman Economics

A complement of Thomas Piketty's Capital in the 21st Century. The principal point is that competition is the driver of capitalism as companies strive in the marketplace to achieve efficiency and effectiveness in anticipating and meeting demand. When competition decreases, the engine fails to function as an evolutionary force. This is hardly a new idea. See "What Is Monopoly Capital?" by  John Bellamy Foster and "Monopoly Capitalism" by Paul M. Sweezy. But the authors of The Myth of...

Moon of AlabamaNeocons Sabotage Trump's Trade Talks - Huawei CFO Taken Hostage To Blackmail China Zero HedgeChina Prepares Retaliation To Huawei CFO Arrest Tyler Durden CounterpunchThe Universal Declaration of Human Rights at 70: Time to De-Colonize Human Rights! Ajamu Baraka CounterpunchThe Bomb that Did Not Detonate: Julian Assange, Manafort and The Guardian Binoy Kampmark, lecturer at RMIT University, Melbourne Dances with BearsTHE LIE THAT SHOT DOWN MALAYSIA AIRLINES FLIGHT...

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Is this becoming an American tradition? Caitlin Johnstone — Rogue JournalistNikki Haley To Be Replaced By Blonde Version Of Nikki HaleyCaitlin Johnstone

As David Weiner says, "important." The problem is that people prioritize security, good order and liberty in a descending order. When social dysfunction increases domestically in a liberal society, or an external threat is perceived as existential, then liberty cedes to order and, in extremis, to security. The question is whether "the free world" is facing such an issue, as some argue, and tending in this direction — vide the Patriot Act, the Department of Homeland Security, and the...

This is flat nuts… Marx Brothers in Duck Soup nuts. Sic Semper TyrannisJames Jeffrey wants no-fly-zone over Syria… all of Syria TTG

Vice President Pence in a speech about China some weeks ago essentially said that the United States and the West more broadly made a bad bet. The bet was that if Western countries participated in capitalism with China, that its political system would open up, that democracy would follow. He said that bet hasn't worked out, which does seem plainly true. Do you assume that China will never open up? No, I don't think we should assume that at all. In fact, I think a very important factor in...

It just went from economic to political.

We need a revolution to cast off monopolies and restore entrepreneurial freedom. First of two excerpts from “The Myth of Capitalism.” Bloomberg OpinionCompetition Is Dying, and Taking Capitalism With It Jonathan Tepper See also a short review of The Myth of Capitalism A lot of times, when you read reviews about books on the economy, you end up wondering what the reviewer’s ‘priors’ are as people like to say in economics. You read the review and wonder where the biases of the reviewer...

This one much better. Steve Keen says how Karl Marx successfully incorporated classical economics to counter capitalism in the same way Ricardo and Smith developed classical economics to counter feudalism. So, to save capitalism conservative economists came along and developed neoclassical economics, but to make their theory work they had to leave out banking and the financial sector as this made the maths much easier. They simply stated that as all money in existence was borrowed then as...