Mike Norman Economics

"A Christmas Carol" by Charles Dickens is now an entertainment staple at Christmas time. This and many of the other stories that Dickens recounted so skillfully while avoiding rank sentimentality raise the question of his personal political views. The world he describes fictionally is now famous as "the Dickensian world." HIs work was instrumental in the reform of the classical economic liberalism in Britain of the time and the introduction of at least a degree of social...

It’s a Wonderful Life is a staple of the holiday season in the United States, but it was once considered un-American by the government. The AtlanticThe FBI Considered 'It's a Wonderful Life' to Be Communist Propaganda Zachary M. Seward, Dec 24, 2013

Kalecki quote. The Case for Concerted ActionMichal Kalecki On The Effect Of Wages On Employment V. RamananSee also @Brankomilan leads us to this (french) pieceabout Austria. It states that the Austrian government enacted a new law which authorizes working days of 12 hours and working weeks of 60 hours.A). This is a clear case of retrogression. It’s good to read what, in 1921, the International Labor Office stated in its first annual report…. Real-World Economics Review BlogProductivity in...

RTChristmas in Aleppo: Syrians celebrate as city recovers from years-long bloodshed (VIDEOS)Sputnik International'Our People Couldn't Be Broken': Syrian Aleppo 2 Years After Liberation

Despite 40 years of unprecedented economic growth, Chinese leaders' efforts to promote their development model have run up against political suspicion. But it makes little sense for countries to reject outright the lessons of China’s economic miracle, and deepening Good observations and advice. Project SyndicateLearning from China Erik Berglöf, a former chief economist at the European Bank for Reconstruction and Development, is Director of the Institute of Global Affairs at the London...

Brad DeLong notes that fundamentals are the same now as three months ago. Arguably, the fundamentals have improved. So, what's up with the market correction and seemingly near-panic behavior?  Changing expectations, involving apparently irrational discounting, owing to factors other than the fundamentals of the American economy. Is there anything that accounts for this based on changed conditions internationally or domestically?  Of course, various cases can be made for big changes...

A great interview, but very short because you have to subscribe to listen to the long version.Steve says that Western countries can't absorb migration the way they used to because neoliberalism stagnated their economies but also because of the population growth. The answer, he says, is to stop the causes of mass migration which is Western sponsored wars in the Middle East and climate change. But I think he would add, that imperialist capitalism is driving people in less developed countries...

Fear of Trump Administration implosion behind stock selloff.

Lots of people vote for establishment political parties thinking they are the parties of the law and order, but what if they are run by crooks who run protection rackets?Lester Ernest was a staunch Republican, but when he found out how crooked the establishment were he became a socialist. He is a computer genius whose designs are responsible for much of the services available on the internet today.Lester Ernest says the Cold War US rader defence system never worked and was a $trillion scam...

This essay is based upon arguments made in Chapter 2 (“Some Theoretical Considerations”) of my book, Can the Working Class Change the World? Good article by Marxian Michael D. YatesI would say that if it has any failing, it understates the dystopian effect of "capitalism" as a system that favors capital (ownership) over labor (people) and land (the environment). That kind of system, which takes many forms, e.g., classical economic liberalism and contemporary neoliberalism, is is a recipe...