Mike Norman Economics

In a previous essay, I announced a new concept of the invisible hand to replace the old and erroneous idea that the pursuit of self-interest robustly benefits the common good. The new version is based on examples of the invisible hand that exist in nature, such as cells that benefit multi-cellular organisms and social insects that benefit their colonies. These lower-level units don’t have the welfare of the higher-level units in mind. They don’t even have minds in the human sense of the...

He got that right. Monumental strategic blunder, although I would argue that escalating in Vietnam was probably a worse blunder.The HillTrump hits Bush: Invading Iraq 'the single worst decision ever made'Max Greenwood

Femonomics. Important to critique of mainstream neoclassically based economics along with other forms of pluralism in contrast to mainstream orthodoxy. Real-World Economics Review BlogThe void in neoclassical orthodoxy Julie Nelson

Syria thought the evil was over but the diabolical evil returns.  KV Now that the Winter Olympics in PyeongChang, South Korea, are over, warmongering, threats and bombings are retaking world stage. Syria is again in the crosshairs of the blood-drenched empire’s handlers, NATO and its western puppets. The US are setting up a series of permanent illegal, uninvited bases in northern Syria, deploying some 30,000 mostly mercenary type soldiers, commanding the US trained and armed 50,000...

Wilbur Ross on with Lou Dobbs.  Schooling the libertarians...Secretary Wilbur Ross Talks Trade and Tariffs With Lou Dobbs… https://t.co/xZgWKezZRc https://t.co/dqMQ5ABWoD— TheLastRefuge (@TheLastRefuge2) March 3, 2018

I would estimate that there is a certain amount of truth to this, but the author is looking at Russia through American eyes and seeing Russia replicate the US defense industry and military Keynesianism as integral to the US economy. At the same time, as the author points out, militaries and defense industries in all countries are looking to enhance their interests, which are served by larger appropriations. On the other hand, as the author also admits, the Russian military is need of...

Federal law outlawed debt prisons in 1833, but lenders, landlords and even gyms and other businesses have found a way to resurrect the Dickensian practice. With the aid of private collection agencies, they file millions of lawsuits in state and local courts each year, winning 95 percent of the time. If a defendant fails to appear at post-judgement hearings known as “debtors’ examinations,” collectors can seek a warrant for contempt of court — even if the debtor didn’t realize they were...

Must-read. This should suffice as the last word on Simon Wren-Lewis's recent post. But it probably won't be.Bond Economics The Easy Way To Deal With Factionalism In Economics Brian Romanchuk Also My comment was finally approved and posted along with many others in the moderation queue: Tom Hickey2 March 2018 at 07:38 Who is being intransigent? As a non-economist MMT advocate (my PhD is in philosophy), it looks to me like the mainstream is the intransigent party. "The methodological...

Blowback.... that OPEC is bad...New Video Shows People, Dogs Eating Out of Trash in Venezuela - https://t.co/fEqm9vc5qX pic.twitter.com/5cFw0u6kyW— Paul Joseph Watson (@PrisonPlanet) March 1, 2018

The most successful people are not the most talented, just the luckiest, a new computer model of wealth creation confirms. Taking that into account can maximize return on many kinds of investment.Neil Wilson put this out on Twitter. I also came to believe that many rich people were probably just lucky. A person might sell his home to start a business but only one in three businesses are successful. We get to read about very successful people all the time but those that tried and failed...