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Mike Norman Economics

Bill Mitchell — Fiscal policy is effective, safe to use, and markets know it

The Federal Reserve Bank of Kansas City has just hosted its annual Economic Policy Symposium at Jackson Hole in Wyoming where central banks, treasury officials, financial market types and (mainstream) economists from the academy and business gather to discuss economic policy. As you might expect, the agenda is set by the mainstream view of the world and there is little diversity in the discussion. A Groupthink reinforcing session. One paper that was interesting was from two US Berkeley...

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Lars P. Syll — Revealed preference theory — much fuss about ‘not very much’

Utility theory and economists' approach to human action in general reminds me of previous debates in the history of intellectual thought that hung on words.  Logical positivism was introduced as a corrective, but its assumptions, too, lacked foundation.  Ludwig Wittgenstein's Tractatus Logico-Philosophicus was assumed to be a positivist document, he dissociated himself from the Vienna Circle. His view was that it was a tract in the philosophy of logic as an iteration in the debate...

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Jason Smith — The replication argument

A very simple reason that there may be decreasing returns to scale is transaction costs increasing for a variety of reasons, some of which may not be well explained. Scaling up micro to the macro level risks running into the fallacy of composition since systems operate differently at different scales — as J. M Keynes observed with the paradox of thrift.Information Transfer Economics The replication argument Jason Smith

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Zero Hedge — China Slams White House For Latest Sanctions On “Close Ally” VenezuelaChina Slams White House For Latest Sanctions On “Close Ally” Venezuela

Shortly after the White House unveiled new sanctions last Friday against Venezuela while prohibiting U.S. trading in various bonds issued by the country (while exempting the notorious Goldman "Hunger Bonds"), Venezuela’s "close ally" China slammed the latest diplomatic crackdown and said on Monday that external interference and unilateral sanctions only make things "more complicated and will not help resolve problems." Asked by reporters about the new U.S. measure, Chinese Foreign Ministry...

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Evgenia Pismennaya, Andrey Biryukov, and Ilya Arkhipov — Putin’s New Favorite Official Plans Ministry of Future to Revamp Economy

“We are building the ministry of the future,” Oreshkin said by text message. “A key task is to attract strong personalities and create the environment for them to develop. In the revamp, Oreshkin is creating an informal group known as the “office of changes,” to improve the structure of the ministry and the way it operates. It’s populated with recent prize hires -- Ekaterina Vlasova, poached from Citigroup Inc, PricewaterhouseCoopers’ Zoya Viktorova and Yulia Urozhaeva from McKinsey &...

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Gordon M. Hahn — Putin, Stalin, Orthodoxy, and Russian Traditionalism

Much Western media and many observers of Russian politics are fond of playing up an ostensible revival of Stalin – his ‘rehabilitation’ as it were – under Russian President Vladimir Putin’s rule. This is not just inaccurate — as I have written in the past, the Putin era has seen numerous anti-Stalinist and non-Stalinist state-funded projects including mass audience films, television serials, museums and monuments — but it dangerously distorts our understanding of contemporary Russia....

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Kehinde Andrews: The west’s wealth is based on slavery. Reparations should be paid

I have often argued here in the comment sections that the ruling elite made their money from the slave trade and now they are able to cripple those countries where they got the slaves from all those centuries ago through the their financial system and by installing client vassal states (a country where a few ruling elite do very well out of the situation as in old Venezuela before Chavez) . They then use 'capitalism' and 'free markets' and even 'democracy'  to buy the media so they can...

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Thomas C. Mountain — Shia Insurrection in Saudi Arabia; The Battle for Awamiya

How long the Shia rebellion in eastern Saudi Arabia, home to almost all Saudi oil reserves, will be able to maintain an armed resistance to the Saudi military assault is the 10 million barrel a day question. The excuse given by the House of Saud royal family mouthpieces is they were driving the Shia from their ancient homeland for "urban renewal" purposes. Never mind the "renewing" would destroy world heritage sites such as the ancient town of al-Zara, capital of the Shia, Persian province...

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