Mike Norman Economics

"Digital divide" takes on new meaning and the world fractures into opposing camps. Where does it should like that is leading? Russia has started work to create a global satellite Internet system “Sphere”. The project involves deployment of a system consisting of 640 small satellites that will provide integrated communication, navigation and remote sensing throughout the planet. This incredibly complex but implementable task will allow us to create our own national system of access to the...

My paper is a survey of the huge amount of solid empirical evidence against the utility maximization hypothesis that is at the core of all microeconomics currently being taught today in Economics textbooks at universities all over the world. It is obviously important, because if what it says is true, the entire field of microeconomics needs to be re-constructed from scratch. Nonetheless, it was summarily rejected by a large number of top journals, before being eventually published by Jack...

On truth and truthiness."We have the ocean in our bucket. We built a special bucket to contain it. So get lost."Meanwhile, socialism rises.Occasional Links & CommentarySocialism or truth David F. Ruccio | Professor of Economics, University of Notre Dame

The colossal project to re-colonialize the world started with United States President Ronald Reagan eagerly backed by United Kingdom Prime Minister Margaret Thatcher in 1981 and over the next 20 years seemed to sweep all before it.… That would be neoliberalism, neo-imperialism and neocolonialism, and finally colonization of the domestic populations of the US and UK. The later was a fatal mistake, from which the Anglo-American Empire as the successor to the British Empire post WWII may never...

Trying out the scheme in Finland pushed me to find better work opportunities. It beats a complicated benefits system Toumas Muraja believes that the Basic Income trail in Finland was a massive success. I can see how it could really help people to start their own business as it would reduce stress and enable them to take more risks. KV Basic income models do come with a small increase in taxation. For a large number of employed people this will, however, be compensated for by the basic...

Maybe the trade war with China isn't actually about MAGA at all, but just economic warfare against a rising competitor. If trade surplus are so "unfair," why is the focus not on Germany given the figures, enquiring minds want to know. Or, do Donald Trump and his economic team not realize this?Conversable EconomistSome Facts on Global Current Account BalancesTimothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota

Brad DeLong pulls up couple of letters from the files that are relevant now.Grasping RealityNikita Sergeyevitch Khrushchev to John Fitzgerald KennedyBrad DeLong | Professor of Economics, UCAL Berkeley

This will have major consequences on markets and not just oil.

In Noam Chomsky’s words, Nicaragua poses a threat of a good example to the US empire. Since Ortega’s return election victory in 2006, Nicaragua had achieved the following, according to NSCAG, despite being the second poorest country in the hemisphere:Second highest economic growth rates and most stable economy in Central America. Only country in the region producing 90% of the food it consumes. Poverty and extreme poverty halved; country with the greatest reduction of extreme poverty....

Interesting article, that also suggests that Elinor (Lin) Ostrom was likely correct about the commons. See also tragedy of the commons.  A better title would have been "This Chinese village has re-embraced collectivization." Villagers concluded that they had better results in certain respects under Maoism than Dengism, although they have combined the two approaches in addressing their contemporary opportunities and challenges, which have been emergent as China developed rapidly. World...