Mike Norman Economics

I have received many E-mails and direct twitter messages overnight and today following the ‘debate’ on Real Progressives yesterday, where trade issues and related financial transactions were discussed. I saw that section of the debate (after the fact) and concluded that only one of the guests knew what happened when nations exported and imported. But it appears that readers of this blog who listened to the debate were confused by what they heard. So, today, by request, I aim to clarify a...

US getting feisty. The Chinese: "Butt out."Zero HedgeWhite House Threatens Beijing With "Consequences" Should Missiles Remain In South China Sea Tyler Durden

My issues with Dirk Bezemer's academic credibility seem to have nudged the Post Keynesian hornets' nest such that they seemed to assume I was attacking Post Keynesianism in general, which I gladly took on because one thing that I really do dislike is cult-like adherence to ideology regardless of what that ideology is. But first let me clarify a few things.… For those following this. Boiling it down in this post, he is saying to Post Keynesians, convince me and remember that I am a working...

Welcome the new kid on the block.John LauritsModern Money Systems: Understanding the Monetary Mechanics of Value Part 1Modern Money Systems: Understanding the Monetary Mechanics of Value Part 2ht Richard in the comments

The foreign ministers of France, Germany and the United Kingdom have issued a joint statement, assuring that the EU would maintain the Iran nuclear deal, calling it the best way to avoid nuclear proliferation.It begins. Washington loses allies on Iran policy.Defend Democracy PressFrance, UK, Germany to Stick to Iran Deal Irrespective of US Decision

Subversion?Naked CapitalismTyler Cowen, Koch Brothers Funding, Mercatus Center, George Mason University, and Academic FreedomJerri-Lynn Scofield

New legislation calling on the USPS to begin offering banking services is a dangerous use of government resources. Not just payday lenders that are whining. American Banker — Bank ThinkPostal banking should be a dead letter Rebeca Romero Rainey | President and CEO of Independent Bankers of America

Most still clueless? Bruegel Did Economics Fail? Sylvia Mercler See also I haven't read Phil's book yet but it looks interesting. He explored a lot of the issues at his blog, Fixing the Economists, which has been inactive for some time. The Reformation in Economics is a book written by the Irish economist Philip Pilkington. It is a book that aims to deconstruct contemporary neoclassical economic theory in order to determine to what extent it is scientific and to what extent it is...

Does anyone really need any additional evidence of the lopsided nature of the current recovery? Employers certainly don’t. They’re managing to hire additional workers, thus lowering the unemployment rate. But they don’t have to pay the workers they hire much more than they were getting before, with wages barely staying ahead of the rate of inflation. As a result, corporate profits continue to grow. Clearly, what we’re seeing remains a one-sided recovery: employers are getting ahead—and...

China’s rise is both unambiguous and unstoppable, whether the West likes it or not. Refusing to acknowledge reality will only generate more tension – and more risk, because failing to accommodate China will destabilize the rules-based order on which the world has come to rely.… The handwriting is on the wall, but in Chinese characters that few in the West seem to be able to read. Uh oh. Collision course.This post can be read as advice to the liberal West, or as a warning — or both.Project...