Mike Norman Economics

Fun if you are interested in Joan Robinson, Ludwig Wittgenstein, Cambridge of the Twenties, and enjoy personal anecdotes. Incidentally, I am surprised and not surprised that Joan Robinson confessed to not understand the first propositions of Wittgenstein's Tractatus Logico-Philosophicus. I am not surprised in that they sound like metaphysical statements and many if not most readers are at least initially confused by this appearance.  I am surprised, however, than Robinson did not...

The key idea, according to British political scientists such as Julian Le Grand and David Miller, is that market socialism retains the market mechanism while socializing the ownership of capital. The thrust of this social-democratic approach is that markets not only promote efficiency but also freedom and democracy thus giving wide political appeal. London School of Economics Blog Why market socialism is a viable alternative to neoliberalism David Lane | previously Professor of Sociology...

And American imperialism is scared. U.S. Commerce Secretary Wilbur Ross has described the plan as an “attack” on “American genius.” In an excellent new book, The US vs China: Asia’s new cold war?, Jude Woodward, a regular visitor and lecturer in China, shows the desperate measures that the US is taking to try to isolate China, block its economic progress and surround it militarily. But she also shows this policy is failing. China is not accepting control by foreign multi-nationals; it is...

Some national accounting.The Case For Concerted Action Do Bank Recapitalisation By The Government Lead To Higher Fiscal Deficits?V. Ramanan

The ‘infinite-horizon fiscal gap’ is just an infinity of nonsense. That is, if such a level of ridiculousness can be measured, which it cannot. So suffice to say a pretty large dose of nonsense. Certainly nothing to take seriously. Anyone who sprouts this nonsense declares themselves unqualified to discuss notions of sovereignty and the capacities of a currency-issuing state. But while some mainstream economists are firmly stuck in their Groupthink-riddled stupors with their...

Looks like it is on.Pence follow on comments on the anniversary: We remember our fallen heroes & those they left behind. We have a duty to honor their memory by defeating the enemy that took them from us. pic.twitter.com/jHXmHIdKHb— Vice President Pence (@VP) October 23, 2017 Meetings among the principals: .@CENTCOM Commander Gen. Votel hosted a dinner in honor of @Lebarmyofficial Gen. Aoun in the presence of other Lebanese and US officials pic.twitter.com/n4Q4AHKoML— U.S. Embassy...

The significance of this article lies not in the title, which is basically clickbait. The significance lies rather in the admission that NATO leaders are well aware that Russia is not planning to attack the Baltics. The military build up required that is not taking place now would alert NATO of the impending operation.The article goes on to say that Russia has no need of the Baltic countries, since it is building replacement ports on Russian Territory in the vicinity of St. Petersburg....

The Woz is apparently a nice guy. I hope he doesn't lose all his money storing it in Bitcoin.Zero HedgeSteve Wozniak: Bitcoin Is Better Than Gold And The Dollar Tyler DurdenSee alsoHere Comes Bitcoin Gold: Bitcoin Rally Falters On Latest Blockchain "Hard Fork"Tyler Durden Gold Is Better Store of Value Than Bitcoin – Goldman Sachs

A loosely knit collection of Syrian rebel fighters set up positions on March 18, 2013, and fired several barrages of rockets at targets in the heart of Damascus, Bashar al-Assad’s capital. The attack was a brazen show of force by rebels under the banner of the Free Syrian Army, targeting the presidential palace, Damascus International Airport, and a government security compound. It sent a chilling message to the regime about its increasingly shaky hold on the country, two years after an...

As the 2018 midterm congressional election campaigns grow nearer, the poll found that more than two-thirds of registered voters said reducing the U.S. federal budget deficit is more important than cutting taxes for the wealthy or for corporations.Trump’s plan would balloon the deficit and add to the $20 trillion national debt, according to critics and independent analysts, but Republicans say the tax cuts proposed in the plan would be offset by economic growth that would generate new tax...