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Mike Norman Economics

Awara — Simple Tips That Will Help You Choose the Best Accounting Company in Russia

While doing business in Russia, you might have already learned the easy or the hard way that local accounting principles significantly differ from Western practices due to requirements of Russian law. Accounting is institutional and its rules are determined by institutional arrangements that are generally part of the legal structure in modern societies.This can make comparison of data difficult in different jurisdictions.AwaraSimple Tips That Will Help You Choose the Best Accounting Company...

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Asia Unhedged — Steve Bannon held secret meeting with Wang Qishan: report

Ousted White House advisor to Trump Steve Bannon was invited recently to the Chinese leadership compound, Zhongnanhai, to meet with the country’s second-most powerful official, the Financial Times reports, citing sources familiar with the matter. Wang Qishan has President Xi's ear. Does Steve Bannon still have Trump's ear, or has General Kelly shut him off? Asia Times Steve Bannon held secret meeting with Wang Qishan: report Asia Unhedged Wang Qishan heads the anti-corruption drive in...

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Asia Unhedged — Xi stresses integrated military, civilian development

During a meeting of the Central Commission for Integrated Military and Civilian Development (CCIMCD) on Friday, Chinese President Xi Jinping stressed the importance “defense, science and industry” will play in the integration of the private sector and China’s military, according to an official release from Xinhua.…“Defense science, technology and industry are key areas for integrated military and civilian development, and play a vital role in boosting the country’s innovation-driven...

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Merijn Knibbe — Why, to the detriment of the economics profession, MiltonFriedman ignored Hyman Minsky’s advice

I’m talking about the 1962 Milton Friedman/Anna Schwarz article ‘Money and Business Cycles’ (the Minsky comments can be found in the same document). According to Friedman and Schwarz, the government and only the government indirectly creates money mainly via central bank interest and QE like bank-liquidity policies. Period. Which makes the government, and only the government, responsible for these deep depressions. Period.… The 64 trillion-dollar question is of course: why do Friedman and...

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Duncan Green — What does Artificial Intelligence mean for the future of poor countries?

Important.  Is global society and the global economy at a turning point and if so, what happens next? It's chiefly about the developing world, but similar challenges face the developed world.  Technological innovation results in emergence and emergence present fresh challenges along with new opportunities. How those involved in rapid change will react is uncertain. Will they be able to adapt, and, if so, how? While coordination increase the return from coordination, or will competition...

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Will Denayer—The productivity puzzle explained. How right wing policies and neoclassical recipes destroy economic growth

‘America needs its unions more than ever.’ And ‘Labour reform could help restore the bargaining power of US workers.’ Can you believe that these are titles from articles in the Financial Times?  Mario Draghi, the president of the ECB, recently boasted that since 2015 the euro-zone gained more than 5 million jobs. New cheap jobs yes, and productivity remains historically low. Today’s lacking investment means that technology does not substitute for labour – the normal trajectory in...

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