Mike Norman Economics

With all the tired and plain wrong critiques of economics out there that are easily shot down by even the most critical student of economics, I thought I'd try my hand at writing at one that might pass muster. I did write a book, but it was more aimed at taking a new direction; this will be a more specific critique. First, let me avoid the common mistake of using the word "economics" but then exclusively talking about macroeconomics: my critique is being leveled at macroeconomics (macro)....

[embedded content] I always thought Peter Joseph was very Utopian, but I admired him because he will go on any show with any host and defend his system wholeheartedly, he even was interviewed by Alex Jones who did his best to find common  ground. Cenk Uygur interviewed him and did his best to agree with him but couldn't really understand how his system would work. Well, I can't help it, every time I listen to Peter Joseph my heart lifts.Peter Joseph says how the work place is very...

Some steps have already been taken. We see new financial structures outside US control beginning to emerge, such as the Asian Infrastructure Investment Bank and the petro-yuan. Already financial journalists are speculating that the US decision to renege on the Iranian nuclear deal will strengthen the latter. I tend to the view that such developments are an inevitable part of the global shift in economic power. As the US declines in relative economic terms, its grip on international...

But there is irony in this [false flag] action. Israel used a ploy that Hitler's Nazi Germany wielded. Hitler and the Wehrmacht were keen on coming up with a casus belli for war against Poland. I grant you that the Nazi invasion of Poland is in another league from what Israel did in Syria against Iranians. But we should not ignore the possibility that Israel's unprovoked attacks are likely to spawn future retaliation by the Iranians. When that happens Israeli leaders will be under pressure...

This paper discusses the Marxist and Marxisant versions of the FH and argues that they misconceive the actual workings of modern capitalism leading to an explanatory blind alley. The spectacular ballooning of the financial system during the recent decades of weak profitability and accumulation does not constitute a new epoch, let alone a new capitalism. Instead it constitutes a well-known capitalist reaction in periods of weak profitability. This does not preclude the proliferation of new...

Double standard of justice?CounterpunchTwo Interrogations, Gina Haspel and Adolf Eichmann Brian Terrell, co-coordinator for Voices for Creative Nonviolence

Karl Marx, the committed revolutionary, once proved that the revolution need not happen. What did he do next?Marx was a committed revolutionary, so much so that when reflecting on his life, he said that if he had it all to do over again, he would still be a revolutionary but would not marry, to save his wife from having to suffer the privations of life with him. There were, of course, many committed revolutionaries in the 19th century. What set Marx apart from them all was that he had...

Good summary of the basic Marxist world view, which Marx got essentially correct in my view. It's what we now call economic sociology/anthropology. In my view also, economic sociologists and economic anthropologists are much closer to getting it right than theoretical economists, most of whom have lost the big picture by overly limiting the scope and scale of their inquiry.NewsClick (India)Karl Marx And His Conception Of History Irfan Habib (Irfan means wisdom, gnosis in Arabic. Habib...

How has a country of under five million people become a world leader in developing holistic policies that promote democratic, sustainable, and inclusive economic growth? The answer lies in its people's belief that focusing on the welfare of all citizens not only enhances wellbeing, but also increases productivity. Project SyndicateHow Costa Rica Gets It Right Joseph E. Stiglitz | Nobel laureate in economics, University Professor at Columbia University, and Chief Economist at the Roosevelt...

Must-read. What we have there, then, are two different conceptions of a JG. On the one hand, it might be a policy which helps capitalism function better (Keynes). But on the other, it might be a form of transitional demand – a policy which whilst fulfilling human needs is one that cannot actually be sustainably adopted by capitalism and is instead a stepping stone towards socialism (Marx). I’m honestly not sure which it is. I would not put it in terms of capitalism and socialism but...