Mike Norman Economics

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...

I don't know who John Adams is, but he seems to be a gold and silver bug and very right wing in his economics and maybe even be a libertarian. I'm not an economist but I began to see his arguments were nonsense. For instance, he says that MMT states that printing more money is not inflationary when the economy is under productive because the new money will produce more goods and services, but he goes on to say that adding more money to the money supply is always inflationary without saying...

A silly tweet sends market down 800 points.

This is from a conservative site, but I thought it gave a good summery of what's happening in France. [embedded content]

Oriental ReviewIs China Really More “Dystopian” Than The UK? Andrew Korybko Renegade, Inc.We are all Julian Assange Daniel Margrain Consortium NewsYellow Jackets Rise Against Neo-Liberal ‘King’ Macron Diana Johnstone FAIRCan Corporate Media Be Any Worse… Venezuelanalysis Venezuela Is Not a Sponsor of Terrorism Lissett Hernandez | chargé d'affaires for the Embassy of the Bolivarian Republic of Venezuela RTTrump: China should use death penalty for distributors of Fentanyl, ‘results...

American foreign policy realists and idealists both clueless about reality? Military analyst and former Soviet military officer Andrei Martyanov thinks so and gives reasons, the principal one being failure of academicians to understand the material systems involved in military science because they are not qualified to do so. So it is a matter of incompetent academics advising clueless politicians.This is especially poignant now that the US is trying to disengage from Afghanistan and Syria...

This is the question that I am often asked and will be asked in two days. So I decided to write my answers down.… The reasons can be formally broken down into three groups: instrumental reasons having to do with economic growth, reasons of fairness, and reasons of politics.... Contra trickle down, on  one hand, and, more importantly, critiquing the engine that drives capitalism— profit as surplus value over subsistence. The consequence of this is paradox, which Marxians call "internal...

You might be aware of the hour-long Wynne Godley’s interview with Alan Mcfarlane from 2008 titled, Interview On The Life And Work Of Wynne Godley. But there’s a 90-second clip and a 19-second clip I found from 1993 on Getty Images with the descriptions…. Thanks for sharing. The Case for Concerted ActionRare Wynne Godley Video ClipsV. Ramanan