Mike Norman Economics

Explanation of why expected utility theory is "an ex-hyoptheis."  Actually, there is a lot more wrong with it such hypotheses used as assumptions in the construction of homo economicus, and the exportation of homo economicus from theory to practical use. Homo economicus is a theoretical construct used to simplify the complexities of human behavior for use in an economic model. But human behavior is not limited to economics other than in quite specialized cases, where it is reasonable...

“The political analysts and inexperienced generals of U.S. leaders thought that Afghanistan was a bite-sized meal which can readily be devoured and added to their list of colonies” on October 7, 2001, when Occupation Enduring Freedom was launched, the Taliban said on its English-language website. “However, they were unaware that this valiant nation has broken the horns of every invading force and thrown them into the sinkhole of history.”  “Afghanistan—where empires go to die.” ― Mike...

You can't make this stuff up.If this is not snark, then the West is in for an ass-whipping, administered by themselves. If true, the entire West has caught the Hillary Clinton syndrome. They simply cannot see that their major problems are of their own creation. Deep in denial. PoliticoHow to tame Putin Maura ReynoldsSee also The first communist revolution had almost as many consequences for the rest of the world as it did for Russia itself. Its demise has brought about another type of...

Critical realism proposes an approach to the social world that pays particular attention to objective and material features of the social realm -- property relations, impersonal institutional arrangements, supra-individual social structures. Between structure and agent, CR seems most often to lean towards structures rather than consciously feeling and thinking agents. And so one might doubt whether CR has anything useful to offer when it comes to studying the subjective side of social...

Hyper enrichment of a handful of radical corporate state supremacists wasn’t what classical capitalism was supposed to be about. Many companies are destroying themselves with the 'buy back' scam. The libertarians will argue that unfettered, unregulated capitalism and 'greed is good' will produce the largest growth and the greatest benefits for society, but we can see how this Ayn Randian selfishness only destroys companies.  Excerpts:  The monster of economic waste—over $7...

Two crucial things happened yesterday. The first you may have noticed – oil prices moved back up. As for the second, most so-called “experts” seemed to have missed.See, the environment we’re seeing in energy markets is very different from what we saw only a week ago, when oil prices were also rising. Because yesterday also saw – for the first time in world history – a reigning Saudi Arabian monarch in Moscow for talks with Russia’s head of state. Historically, Russia has been much...

Stoller vs. Smith:Seriously?? https://t.co/m8YXcWDUWJ— Noah Smith (@Noahpinion) October 7, 2017

Backgrounder on Idlib.The DuranIDLIB: Where sectarian wars, proxy wars and international cooperation collideAdam Garrie

For an increasing number of education and political leaders, bringing debt-free higher education back to California is long overdue. In 2015 alone, over half of UC and CSU seniors graduated with a staggering $1.3 billion debt load. Since 2004, California’s public university students have collectively racked up student debt in excess of $12 billion. That liability has been a catastrophe, according to UC San Francisco medical professor Stanton Glantz, president of the Council of University of...

While [Donald Trump] campaigned on, for example, a “trillion-dollar investment in infrastructure,” the chances of such a program being passed by Congress are between slim and none. So offering a de-facto trillion-dollar increase in defense spending is the next best thing, as it may well translate into enough jobs in key states to ensure a margin of victory in the 2020 election. But there is also a deeper sense to this effort, as the US establishment seems to try to re-enact the 1980s. And...