Mike Norman Economics

James K. Galbraith is a self-described "Galbraithian" (institutionalist) and also a supporter of MMT.Market WatchEconomist James K. Galbraith isn’t celebrating Dow 25,000 Greg Robb is a senior reporter for MarketWatch interviews James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin

The cost represent the use of real resources that could have been put to use constructively to address the world's problems, many of which are the result of conflict.  The social cost cannot be quantified since life is priceless. Total waste. Dumb, dumb, and dumber. World Economic ForumConflict costs the global economy $14 trillion a year Rob Smith

The good (ideal) and the bad (real) of conventional economics. The policy consequences are essentially two-fold. The first is in not recognizing the disjunction between the ideal (formal) and the real (empirical), which violates the basic requirement of a scientific approach and makes the undertaking an excursion in philosophy rather than science, even though it is dressed put to look like science. The consequence is policy formulation that doesn't lead to the predicted results,...

Trump may be reveling in the stock market's gains since his election victory, but the dollar is going in the other direction. It is getting killed.When Trump was elected the Dollar Index was at 98. Now it's at 90. Dollar/yen was at 118, now it's at 110. Euro/dollar was at 1.04, now it's at 1.23. British pound was at 1.23, now it's at 1.37. Canadian dollar was at 1.36, now it's at 1.24.Trump has been a disaster for the dollar.What's more, the dollar's fall is still in its early stages. With...

Zero HedgeWho Do Russians Consider Their Greatest Enemies? Tyler Durden

I have been thinking about a simple depiction of a demand-led economy. Mostly it draws on standard Keynesian macro, Kalecki’s work on cycles and growth, and supermultiplier models developed within the surplus approach. The main focus is on the evolution of a demand-led economy through time. The present post simply sketches the basic framework and provides some context. Perhaps in the future certain aspects can be fleshed out.... heteconomistA Simple Framework for Analyzing a Demand-Led...

Two books on President Xi Jinping's shelf drew public attention from both home and abroad immediately after they were seen in the video of Xi's New Year speech. The two books were about artificial intelligence－The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World by Pedro Domingos and Brett King's Augmented: Life in the Smart Lane. The Master Algorithm, published in 2015, describes how machine learning is remaking business, politics, science and war....

This article concludes a three-part series: Bitcoin Valuation I: The Wrong Answers Bitcoin Valuation II(1): What Might Work Bond Economics Bitcoin Valuation Part II(b): What Might Work Brian Romanchuk

More ethnic tribalism. (Of course, this is one person's opinion, and he is an American, not an Israeli.)MONDOWEISS — News & Opinion About Palestine, Israel & the United States Israeli Jews will never accept Palestinians as equals — Klutznick, chair of Americans for Peace Now Philip Weiss | Founder and Co-Editor of Mondoweiss.net.

Former Polish President Jaroslaw Kaczynski, the influential leader of the country’s ruling Law and Justice Party, has some frank advice for Kiev, telling Ukrainian officials that the country would never join Europe if it continued to try to build its national identity on the glorification of notorious Nazi-allied war criminals like Stepan Bandera. In an interview for the news weekly magazine Do Rzeczy, excerpts from which were published by other Polish outlets on Monday, Kaczynski...