Mike Norman Economics

Some views on distinguishing critics from cranks and quacks.ChrisAuld18 signs you’re reading bad criticism of economics Chris Auld Unlearning Economics 18 Signs Economists Haven’t the Foggiest Information Transfer Economics18 signs you are not having a productive conversation about economicsJason Smith Dani Rodrik's WeblogThe Economics Debate, again and again Dani Rodrik

An interesting article about Bitcoin in the Guardian today by Will Hutton. He seems to like it but he says it will never be quite the same as regular money as it is far too volatile for that. But blockchain changes everything. It becomes a means to transfer digital cash – or crypto-currencies, of which the best known is bitcoin – in vast amounts, across any border, instantaneously. The blockchain makes sure bitcoin is spent once; indeed, blockchain was first invented by the originators of...

The president wants a partnership with Vladimir Putin, but his national security leaders are pursuing aggressive containment. Jeet Heer seems to believe the propaganda that Russia is a dangerous adversary, but this is an interesting article in that he believes Trump is still going against his administration by trying to improve relations with Russia and China.  Heer says that to balance Trump's conciliatory words towards Putin, his administration may take a more hard line position to...

Trade between Russia and the United Kingdom is growing despite sanctions, said British Foreign Secretary Boris Johnson, adding that London is confident on that upward trend. “I’m delighted that trade is increasing in spite of difficulties, in spite of the sanctions regime. We certainly want to see more of that,”Johnson said on Friday after talks with his Russian counterpart Sergey Lavrov in Moscow. “I think we are exporting about five million pounds’ worth to Russia at the moment and it’s...

History of economics.Michael HudsonOn Simon Patten Trey Popp

Weekend reading. Michael Emmett Brady, California State University, published in the Social Science Research Network (SSRN) he takes giant steps to demolishing Samuelson’s myth. Michael Emmett Brady writes the most significant contribution to the invsisible-hand debate since 1948: “Who Taught Paul Samuelson the Myth of the “Invisible Hand” at the University of Chicago? The most likely answer is Jacob Viner or fellow student George Stigler” .  Its author takes the invisible-hand debate...

Poverty leads to increases in drug and alcohol use as well as suicide, but it also increase violent behavior. Some poor people who feel they have low status may find they can gain respect gang culture. If they feel no good at anything - like they failed at school and ended up low paid jobs - they might decide that at least they can be the worse and most notorious, and so by becoming the 'scariest' and the 'bad-est' they feel can get respect that way even if it is a disastrous way to do it. ...

Brad rates this as a should-read. For anyone interested in Keynesianism, Post Keynesianism and MMT, the history of economics, or economic theory, it is a must-read. Conventional economists have apparently concluded that they don't need to read it if they even thought about, which most probably haven't, being under the spell of the "normal paradigm" in spite of its poor results empirically.Washington Center for Equitable GrowthJohn Maynard Keynes: Essays In Biography Brad DeLong Here...

Keeper Lerner quote. I would not limit it to Trump, but extend it to almost the entire economics profession and policy advisers. If they get it wrong, politicians are unlikely to get it right.Lars Syll's BlogIf only Trump had read Abba Lerner! Lars Syll

They made this mistake by claiming free trade had no downsides. I wouldn't say it is just free trade.  This is what happens when ideology trumps scientific rigor, and scientific credibility is used to push a political agenda. Economists appear to fall into this trap often enough to have destroyed their public credibility. It's another form off fake news.  As Noah Smith points out, they know better, but do it anyway. Now they and we, are reaping the whirlwind of rabid populism as the...