Mike Norman Economics

Revealing expose on the methodology that non-science people are trained to think within... Eric Ruder: The #dialectic and why it matters to Marxists http://t.co/agu61OYiZ9 #Marxism — Critical Reading (@CriticalReading) July 9, 2015 For centuries stretching back to the ancient Greeks and culminating in the scientific revolution of the Enlightenment era, the development of scientific knowledge about the world had largely consisted in breaking up everything in the world into discrete parts,...

From the Perspective of Conventional Economic Analysis, the Post-Keynesian Approach to Inflation Is Mystifying. If We Focus on the Modern Monetary Theory (MMT) School of Thought in Particular, It Is Very Easy to Either Find Claims That "MMT Has No Theory of Inflation," or Non-MMTers "Explain" the MMT Inflation Theory Is Some Random Trivial Relationship That They Just Made Up. The Key to Understanding Post-Keynesian Approaches Is That It Takes a Completely Different Approach to Understanding...

Very positive piece. The last mile has all but closed. Down With TyrannyStephanie Kelton: "One Tweet At A Time"

We need to challenge the logic of capital. Elizabeth Warren’s Accountable Capitalism Act only further entrenches it.... JacobinAccountable Capitalism or Democratic Socialism? Stephen Maher | PhD candidate at York University in Toronto

With respect to to this post, readers might be interested in a long set of follow-up debates below. h/t Patrick Bond, whose contribution was just published here at Human Geography. David Harvey Denies Imperialism In a major critique of David Harvey’s work, the radical political economist John Smith takes on Harvey’s claim that the “East” is now exploiting the “West,” a statement, he argues, that is backed up by nothing more than his authority. Harvey could not be more wrong, or about a...

Even if free trade is ultimately broadly beneficial, the fact remains that as trade has become freer, inequality has worsened. One major reason for this is that current global trade rules have enabled a few large firms to capture an ever-larger share of value-added, at a massive cost to economies, workers, and the environment....  The only significant exception to these trends is China, which has designed industrial policies specifically to increase the share of domestic value-added and to...

Rob Johnson and George Soros: A Better Bailout Was Possible: "A critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors.... When President Barack Obama’s administration arrived, one of us (Soros) repeatedly appealed to Summers... [for] equity injection into fragile financial institutions and... writ[ing] down mortgages to a realistic market value.... Summers objected that ... such a policy reeked of socialism and...

Maybe... Taleb ofc approaching it stochastically, "process of elimination" here... and the "system" eliminates the input that corresponded to the failed outcome...Deterministic science trained people instead "make adjustments" in response to failure... ancient Greek "katartismon"... based on the original deterministic functional understanding and the initial input People don’t learn. Skin in the game has the attribute of removing bad drivers from the system.Systems learn by removing....

The recent book by Jesse Norman simply entitled “Adam Smith” is a pleasure to read. There are of course innumerable books on the founder of the political economy, so why another one? Norman’s book is directed toward that, at times elusive, general educated reader, and has, in my opinion, three objectives: (i) to situate Adam Smith in his time, both intellectually and politically, (ii) to argue that there is a remarkable consistency between the Adam Smith of the Theory of Moral Sentiments,...

Jim O'NeillTerence James O'Neill, Baron O'Neill of Gatley, a former chairman of Goldman Sachs Asset Management, and a former UK Conservative government minister, is a British economist.O'Neil is chair of the spooky Chatham House think-tank (Like the USA's Council on Foreign Relations).O'Neill thinks that, in some respects, a Labour government would be better than the current Conservative government.O'Neill writes at the ft :-"I am not overly concerned by some aspects of a prospective...