Mike Norman Economics

This article combines tax, survey, and national accounts data to estimate the distribution of national income in the United States since 1913. Our distributional national accounts capture 100% of national income, allowing us to compute growth rates for each quantile of the income distribution consistent with macroeconomic growth. We estimate the distribution of both pretax and posttax income, making it possible to provide a comprehensive view of how government redistribution affects...

Ok, the title is clickbait. But, uncharacteristically of clickbait the article is about much more and it is important. The point is that gender is a complicated concept that does fit simple models like biological appearance. This is a point that Ludwig Wittgenstein sought to elucidate by applying logical analysis. The meaning of many words in ordinary language are more like family resemblances than essences. For example, many words have several entires differentiating the different...

Everyone got QE wrong. They’re getting tariffs and sanctions wrong now too.

All across the United States, students are settling into college – and coming to grips with “Econ 101.” This introductory course is typically taught with a broadly reassuring message: if markets are allowed to work, good outcomes – such as productivity growth, increasing wages, and generally shared prosperity – will surely follow. Unfortunately, as my co-author James Kwak points out in his recent book, Economism: Bad Economics and the Rise of Inequality, Econ 101 is so far from being the...

Austerity prevails in the West because three powerful political tribes champion it. Enemies of big government have coalesced with European social democrats and tax-cutting US Republicans, to create a cartel-based, hierarchical, financialized global economic system. ATHENS – No policy is as self-defeating during recessionary times as the pursuit of a budget surplus for the purpose of containing public debt – austerity, for short. So, as the world approaches the tenth anniversary of the...

Trump looking very strongly at doing it via Executive action: Bloomberg sat down with Donald Trump today in the Oval Office. Lots of news: he'll bail on WTO if they don't shape up, say Sessions is safe until after the midterms and more. Here's a taste: https://t.co/XXCwjG3s8k — Craig Gordon (@dcraiggordon) August 30, 2018 The capital gains change would slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price for inflation. The...

Grandson of billionaire William Pulte of Pulte Homes is going all around bulldozing abandoned inner city neighborhoods creating open space...When I drive through the inner city and I see the abandoned homes and the piles of trash and tires it breaks my heart, but then I feel hope because I know we can work together to fix this! https://t.co/GoSFmGRd22 pic.twitter.com/xP8nWppNsw— Bill Pulte (@pulte) August 29, 2018

Podcast -  the evil of imperialism. And how the price of oil is manipulated by the corporations.Renegade Inc. - Imperialism's Point of the Sword Mason Gaffney delivers the detail on Corporate Power and US Imperialism. Hear about an article originally written in the 60’s that got him sacked, had CIA agents swirling around him but still he kept his resolve to maintain that military endeavours should not support corporate interests. If only the general public understood this story! Please...

No wonder the US is just a giant military-industrial complex that goes around threatening everyone in the world pretending to be the good guy getting the bad guys. This has been going on for decades with war after war. But who pays for all this, the average tax payer it seems?  Plus they can send in their Western companies to pretend to rebuild the countries that they destroyed while opening up their markets and privatising so Western investors can get to own everything.The US will bring...

Would a libertarian state ever produce something like this? [embedded content] The Norwegian government are embarking on the largest infrastructure project in the country's history.