Mike Norman Economics

Another good one on foundations of science and economics, specifically macroeconomics — if you are into this sort of thing. These papers also fail to make any empirical predictions or really engage with data at all. I get the impression that people aren't actually interested in making predictions or an actual scientific approach to macro- or micro-economics, but rather in simply using science as a rhetorical device.... Information Transfer EconomicsThe ability to predictJason Smith

Disappointing. David Dayen surely knows that as currency issuer the federal government faces no limitation on the amount of currency it can issue, but he doesn't mention it.The InterceptWhether America Can Afford a Job Guarantee Program Is Not Up for Debate David DayenSee also With Senator Bernie Sanders in the forefront, some Democratic members of Congress are planning a bill to guarantee jobs that pay $15 per hour, not including mandatory benefits packages, for all Americans. Legislative...

War drums beating or only war clouds gathering? My opinion remains that Kiev will attack not when it decides that the time is ripe for an offensive, but when the West gives the command. Putting pressure on Putin?Fort RussUkraine Moves Heavy Forces up to Donbass Frontline: Is War Around the Corner?Eduard Popov, translated byJafe Arnold The Ukrainian president also said that “a military operation to protect territorial integrity will be completed only when the last piece of Ukrainian land,...

In 1978, the Australian social scientist, Alex Carey, pointed out that the twentieth century has been characterized by three developments of great political importance: “the growth of democracy; the growth of corporate power; and the growth of corporate propaganda as a means of protecting corporate power against democracy.” In order to defend their business interests against the forces of democracy, the corporations that now dominate much of the domestic and global economies recognize the...

I don’t think it’s in the long term interests of the United States to enter a sort of arms race in this area. Because I think that’s going to produce a frightening kind of dystopian world. We have a lot of choices about the future that we can create. And unfortunately, I think intellectual property, the privatization of science, an arms raced mentality when it comes to the use of science, is going to produce the sort of sci-fi future that none of us really want, a kind of dark, dystopian...

As a new crypto lender, Nexo, launches Monday, the fintechs that lend money to people based on the digital currency they own say they’re doing well even when cryptocurrency values plummet. Longish but interesting article that looks at three crypto lenders.American BankerCrypto lending may be risky, but these firms say they've solved the riddle Penny Crosman

Almost all governments run deficits, so it’s a big deal when a government achieves a surplus. This graph includes data for all levels of U.S. government (local, state, and federal) on the net result of their lending and borrowing: A net deficit appears below the zero line, and a net surplus appears above the zero line. Notice the sudden jump in the fourth quarter of 2017 that reaches just above zero? This is a seasonally adjusted data series, by the way, so this jump has nothing to do with...

Why are democracies around the world failing to curb rising inequality? What explains the ascent of populist parties and politicians? In a recent paper, French economist Thomas Piketty argues not only that inequality and populism are linked – but that both can be explained by dramatic shifts in the traditional two-party system that favour different elites.... The rise of the “Brahmin Left” The persistence of the “Merchant Right Where does this leave poor and less educated voters? ......

Nine-in-ten Americans believe in a higher power, but only a slim majority believe in God as described in the Bible. How does this affect economics?Assuming homo economicus, not much. Assuming homo socialis, a lot.Pew Research Center When Americans Say They Believe in God, What Do They Mean?

This is a big deal. Rural electrification made huge difference in the US less than a hundred years ago. We now take for granted.This is a sine qua non for becoming a developed country.India rising.While the West has a class system,  India has a caste system. The class system is insidious since it is invisible, but the caste system is highly visible and structured in long standing tradition with scriptural roots. This obstacle cannot be address by throwing money at it.ReutersIndia says...