Mike Norman Economics

The descent into farce.The HillTrump to name Larry Kudlow as top economic adviser: reportAvery Anapol

Take the test. ? (Just kidding unless you are a statistician.)Statistical Modeling, Causal Inference, and Social ScienceClassical hypothesis testing is really really hardAndrew Gelman | Professor of Statistics and Political Science and Director of the Applied Statistics Center, Columbia University

One of the more puzzling aspects of neo-classical economic theory is the assertion that profits are zero in equilibrium under the conditions that are assumed for many models. One should re-interpret this statement as "excess profits" are zero, but there are still some awkward aspects to the treatment of profits in standard macro models. This article works through the theory of profits for an example dynamic stochastic general equilibrium (DSGE) model, and discusses the difficulties with the...

Chris Dillow mentions MMT.Stumbling and MumblingThe persistence of fiscal stupidityChris Dillow | Investors Chronicle

This debunks the idea by the authors (Ben Fine and Alfredo Saad-Filho) that “underlying Keynesianism is the idea that there is a natural or equilibrium full-employment interest rate”. Keynes quotes proving the point.econoblog 101A Post-Keynesian comment on “Marx’s “Capital”‘ (6th ed.)Dirk Ehnts | Lecturer at Bard College Berlin

The alt-right Red Ice people interview the Russia Insider guy.  Substantial amount of gay bashing towards the end:[embedded content]

More commentary on the current banking reform bill (S.2155) from the unqualified.  But we can treat as revealing none the less.... The central feature of the leverage ratio is that it makes no distinction between assets and exposures. The Bill proposes that policy depart from that simple system. In particular, it proposes that reserves (broadly, deposits) held by banks with the Federal Reserve should be excluded from ‘total assets’.   ... the SRC recognises that there are special...

Neo-cons losing it...Bill Kristol criticized Trump hiring Tillerson for being too pro-Putin, but today he's saying Tillerson was too anti-Putin! Can't make this stuff up pic.twitter.com/NV3obCRzKY— Jack Posobiec ?? (@JackPosobiec) March 13, 2018

On Monday, Prime Minister Theresa May announced that former Russian spy, Sergey Skripal and his daughter Yulia, were poisoned with “a military-grade nerve agent of a type developed by Russia” known as ‘Novichok’. The chemical agent was identified by the Defence Science and Technology Laboratory at Porton Down. May referred to the British government’s “knowledge that Russia has previously produced this agent and would still be capable of doing so” as a basis to conclude that Russia’s...

After the Italian elections and Trump’s commercial antics one might well feel depressed and be tempted to use Europe to play the same silly game of introverted assertion of identity – strengthening immigration laws and ramping up protectionist measures. In so doing, we would be forgetting two key points. One: contrary to what we sometimes hear, the rise of European populism is not explained by any flood of immigrants. The truth is that the number of migrants entering the UE was much higher...