Mike Norman Economics

… as the authors of the new report from the United Nations Conference on Trade and Development have explained, there is a growing concern that increasing market concentration in leading sectors of the global economy and the growing market and lobbying powers of dominant corporations are creating a new form of global rentier capitalism to the detriment of balanced and inclusive growth for the many. And they’re not just talking about financial rentier incomes, which has been the focus of...

The knives are out for the p-value. This statistical quantity is the Holy Grail for empirical researchers across the world -- if your study finds the right p-value, you can get published in a credible journal, and possibly get a good university tenure-track job and research funding. Now a growing chorus of voices wants to de-emphasize or even ban this magic number. But the crusade against p-values is likely to be a distraction from the real problems afflicting scientific inquiry.... The...

Make it universal basic employment, not universal basic income Just as Roosevelt put men to work during the Depression, maybe we need to think about finding jobs around our communities that need to be done. Guaranteed basic employment. Mull that over…. Yes, that offends every Hayekian neuron in my brain, but in a world of an unimaginable and unmanageable future, we are going to have start thinking the unthinkable. Market WatchOpinion: This Republican says it’s time to think about the...

Bank of England increases interest rates for the first time in a decade in order curb high inflation squeezing UK households Base rate lifted from 0.25pc to 0.5pc; Mark Carney will give a press conference at 12.45pm to explain the central bank's decision Bank of England last hiked interest rates in July 2007; interest rates fell to historic lows to help the UK economy recover from the financial crisis Pound plunges on currency markets on dovish commentary from the central bank The...

I am accustomed to criticizing government economic policy in this blog so please forgive me if I fumble about a bit with this one. Kevin Hassett, the Chair of the Council of Economic Advisers, has suggested that in order to address our deep-seated economic stagnation, "government programs that directly hire people might be part of the solution" (Should government hire the long-term jobless?). Oh my God, yes! This is a fantastic idea and precisely the sort of thing I expected President...

In our new book Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, 2017) – Thomas Fazi and I argue that a new progressive agenda would see the abolition of the IMF and the World Bank and the creation of a new multilateral institution that is entrusted with ensuring poor nations can access necessary funds to prevent their societies collapsing. This organisation would not be a bulwark for inflicting neoliberal policies on the poorer nations,...

There are two competing explanatory narratives battling for mind-share in the U.S.: 1. The nation's social discord is the direct result of Russian social media meddling-- what I call the Boris and Natasha Narrative of evil Russian masterminds controlling a vast conspiracy of social media advertising, fake-news outlets and trolls that have created artificial divides in the body politic, or exacerbated minor cracks into chasms. 2. The nation's social discord is the direct result of soaring...

The corporate media is deliberately giving readers the false impression that Venezuela is ‘flirting with dictatorship’. In reality, these claims couldn’t be further from the truth. But majority support for a Constituents Assembly, and the fact that the Governing United Socialist Party won 17 out of 23 governor races is irrelevant to Washington’s nefarious objectives. US Secretary of State, Rex Tillerson is threatening to remove Venezuelan President Nicolas Maduro is he doesn’t leave of his...

The Doing Business survey ranks 190 national economies based on 11 areas of business regulation. Russia’s new ranking places it ahead of many Western countries such as Belgium and Italy, and just behind Japan. Last year, Russia ranked 40th based on categories evaluating the ease of starting a business, registering property, getting loans, paying taxes, and enforcing contracts.Russia has steadily risen in the overall “Doing Business” rankings over the years. After the country had ranked...

This is why HRC lost. (snark)RTRT reveals its top promoted tweets during US election campaign, & the results may surprise you “The most expensive Twitter ad [at $12,000] on RT America was about Bernie Sanders – not Donald Trump or Hillary Clinton, but Bernie Sanders. Meddling for Trump? The most expensive Twitter ad was about Bernie Sanders – RT Editor-in-Chief