Mike Norman Economics

From the beginning, mainstream macroeconomics has been a battleground between the visible and the invisible hand. Keynesian macroeconomics, represented on the left-hand side of the chart above, has an aggregate supply curve with a long horizontal section at levels of output (Y or real GDP) below full employment (Yfe). What this means is that the aggregate demand determines the actual level of output, which can be and often is at less than full employment (e.g., when AD falls from AD1 to...

Mariana Mazzacuto’s new book, The value of everything, seems to have caught the imagination of the liberal wing of mainstream economics. It has even won the accolade of a review in the UK’s Financial Times by top mainstream Keynesian economic journalist, Martin Wolf and was launched at an event at the London School of Economics. Mazzacuto previously wrote an important book, The Entrepreneurial State, that ‘debunked’ the myth that only the capitalist sector contributes to innovation while...

Every trade and investment will test your resilience and self confidence and unless you can face adversity and rise above it you will never make it.

Cato libertarians out against a JG right on cue: Bernie Sanders’ Federal Job Guarantee would be an economic disaster https://t.co/zq5I95EZfq << new by me at @CatoInstitute — Ryan Bourne (@MrRBourne) April 24, 2018

Weisenthal is right here imo...What we need is a Universal Basic Income that gives people enough money to pay the average rent in an apartment in a 5-story building near a train station, so they can commute to their government-guaranteed job. https://t.co/IrrEiPtMZN— Joe Weisenthal (@TheStalwart) April 24, 2018

Boy, in your face England...Trump is pissed at the UK for MI6's role in the phony dossier which was used by his political enemies formerly in the US intelligence community.Don't look for the UK to get any state dinners or any other favors until they start to jail the UK intelligence people who were involved in the phony dossier.You tell 'em Ivanka: “Ever since General Lafayette joined the American fight for independence, our fates and fortunes have been tied unequivocally together.” –...

Interesting article. But Russia is actually in the lead according to the report.Zero HedgeChina Prepares To Mass Produce Hypersonic Vehicles Tyler Durden

Historical dialectic at work. Driving Russia and China together — the West's worst nightmare. Brilliant strategy, that. Kissinger warned Trump against it. Russian Defense Minister Sergei Shoigu said on Tuesday at a meeting with Vice Chairman of China’s Central Military Commission Xu Qiliang that Moscow and Beijing are developing a strategic policy to strengthen cooperation on defense. “The privileged character of intergovernmental ties is confirmed by regular meetings between Russian...

More on the foundations of economics. Information Transfer EconomicsThe economic way of thinking?Jason Smith

We’re exporting more and more of our energy bounty. It’ll mean a worse environment and higher prices.