Mike Norman Economics

Karl Marx chronicled and contributed to the political economy of the working class. He did not invent, conclude or supersede it.He did not invent, conclude or supersede it. In his Inaugural Address to the International Working Men’s Association, Marx celebrated the first victory of the political economy of the working class, the passage, in 1847, of the Ten Hours' Bill: This struggle about the legal restriction of the hours of labor raged the more fiercely since, apart from frightened...

At a little known but powerful international court of arbitration, so secretive that senior officials decline to disclose even the dates of hearings, a new case has been filed that will pitch a mighty US oil major from Houston, Texas, against one of the world’s last Communist-run countries. On the face of it, this battle between ConocoPhillips and the Socialist Republic of Vietnam is as dry as it gets. Hardly anyone has yet heard of it. But the result could mark a significant shift in...

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An awesome video, the Norwegians had a Labour government which kept its high taxes while investing its oil wealth, but Britain spent all its oil wealth on tax cuts (and it doesn't say here, but also on large dole queues as Thatcher destroyed British industry putting millions out of work).Britain's GDP did grow for a while, but tanked when the oil money run out, while Norway's economy prospered under socialism and grew steadily rich. Today, Norway is one of the richest counties in the world,...

Guggeheim Partners' Scott Minerd says the stock market is like "the Titanic heading for an iceberg."Look... “Just as an iceberg loomed in the distant darkness to be struck by the Titanic under full steam, so the US economy approaches the distant fiscal drag of 2020 under the full steam of rate increases to contain inflation and an overheating labor market...” He's got a flowery way with words.Fiscal drag? What fiscal drag is he talking about? The government is operating with record...

I am recording some promotional videos in London today for Macmillan Higher Education who will publish our forthcoming textbook – Macroeconomics on March 11, 2019. These will be the first of many short videos to support the teaching program outlined in the textbook. At last Friday’s very successful launch of the – Gower Initiative for Modern Money Studies (GIMMS) – I was asked a question at the end of the first formal workshop I presented, which I was unable to answer due to time...

Professor Kehinde Andrews says that Churchill starved 3 million Indians to death, but Piers Morgan, and everyone else, do not take any notice of this and just go on to say all the good things Churchill did. Piers Morgan then says to Professor Kehinde Andrews, that if he hates Britain so much then why does he live here, and Professor Kehinde Andrews says, because Britain wrecked all the other countries in the world? And so it goes on like this. It's quite funny. There's a lot of banter here...

Most of the posts are Mises Daily  are looney (in my opinion), but this one takes the cake. Huge claims, zero references.Why am I posting this for reference? Because "cultural Marxism" is a very influential meme on the right that is used to attack "social justice warriors," "political correctness" and "identity politics" as "Communists."Propaganda and persuasion (think marketing and advertising, for example) operates largely by creating memes that dominate the narrative and capture it....

I am resuming work on pondering the business cycle, and just wanted to give some initial comments about the notion of productivity. This article just describes some basic concepts taken from a generic post-Keynesian perspective (plus some of my own views, which may or may not be eccentric). As work progresses on my book, I should address the neo-classical approach, as well as empirical results. Bond EconomicsProductivity And The CycleBrian Romanchuk

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