Mike Norman Economics

Experience has shown that assuming a framework based on methodological individualism, microfoundations, and rationality based on utility leading to general equilibrium through the so-called "invisible hand" of market competition generating spontaneous natural order is not fruitful for explaining the macro scale of economic behavior and its results in terms of a general theory.Assuming that scaled up micro analysis explains macro effects risks the fallacy of composition, at the very least....

Backgrounder.Graham E. FullerIran—On the Brink?Graham E. Fuller | adjunct professor of history at Simon Fraser University, formerly vice chairman of the National Intelligence Council at the CIA, and a former senior political scientist at RAND

This is the second part of my response to an article posted by American political analyst Jared Berstein (January 7, 2018) – Questions for the MMTers. Part 1 considered the thorny issue of the capacity of fiscal policy to be an effective counter-stabilising force over the economic cycle, in particular to be able to prevent an economy from ‘overheating’ (whatever that is in fact). Jared Berstein prescribes some sort of Monetarist solution where all the counter-stabilising functions are...

This is good, Russiagate is falling apart. [embedded content] Russiagate originated in a conspiracy between the military/security complex, the Clinton-controlled Democratic National Committee, and the liberal/progressive/left. The goal of the military/security complex is to protect its out-sized budget and power by preventing President Trump from normalizing relations with Russia. Hillary and the DNC want to explain away their election loss by blaming a Trump/Putin conspiracy to steal the...

Norway's prisons seem to be better at rehabilitating people. [embedded content] "Halden is situated in a remote forest of birch, pine, and spruce with an understory of blueberry shrubs. The prison is surrounded by a single wall. It has no barbed wire, guard towers, or electric fences. Prisoners stay in private rooms with en suite bathrooms and can cook for themselves in kitchens equipped with stainless-steel flatware and porcelain dishes. Guards and inmates mingle freely, eating and playing...

In a swipe at his hardline rivals, President Hassan Rouhani said on Monday young Iranian protesters were unhappy about far more than just the economy and they would no longer defer to the views and lifestyle of an aging revolutionary elite.... Iran is already a lot more liberal than Wahabi-Salafist states like Saudi Arabia. It is also democratic, where as the others are hereditary monarchies. What makes Islamic countries Islamic states is that they recognize Islamic law. Iran is hardly...

Paul Samuelson quote you may wish to keep on file if you don't already have it.Lars P. Syll’s BlogBalanced budget religionLars P. Syll | Professor, Malmo University

This will be a keeper series! There was an article posted by American political analyst Jared Berstein yesterday (January 7, 2018) – Questions for the MMTers – which I thought was a very civilised exercise in engagement from someone who is clearly representative of the more standard Democratic Party view, that the US government has to move towards balancing its fiscal position and reducing government debt in order to meet the social security challenges posed by an ageing population and...

The next Sunday with Charles and Jason Goodman might be quite good. It's normally like watching paint dry but I bet Charles Ortel will be flying with this. The Justice Department has launched a new inquiry into whether the Clinton Foundation engaged in any pay-to-play politics or other illegal activities while Hillary Clinton served as Secretary of State, law enforcement officials and a witness tells The Hill. FBI agents from Little Rock, Ark., where the Foundation was started, have taken...

Its worth a country investing in a good education for its people because it can create a more productive country and everyone benefits. More entrepreneurs, more skilled workers, more higher pay meaning more taxes collected reducing the burden on everyone else, more people in work and paying taxes, less crime, and so on.  The influence of the environment In this domain, rigorous experiments have been performed, not on people but on animals. This is how the development of the brains of...