Mike Norman Economics

This view is what enabled slave holder and slave breeder Thomas Jefferson to write,  We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness. That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed…. In Jefferson's day in the US, many assumed (believed) that only...

Interview with Vlado Plaga in the German magazine FAIRCONOMY, September 2017.VP: You are advocating a revival of classical economics. What did the classical economists understand by a free economy? MH: They all defined a free economy as one that is free from land rent, free from unearned income. Many also said that a free economy had to be free from private banking. They advocated full taxation of economic rent. Today’s idea of free market economics is the diametric opposite. In an...

Jeet Heer has posted a timely and excellent essay at New Republic titled "Trump's Racism and the Cultural Marxism Myth." In his essay, Heer recounts much of the background to the Higgins memo that I have documented here, here and here. Heer credits William S. Lind as the major popularizer of the myth, as have I in my blog posts. What I'm posting here extends the analysis and reveals significant background about personnel and timelines to the story.... There is a subtext to this that one...

Short simple summary of the meaning of "money neutrality."  Money neutrality is a key piece of conventional (neoclassical) economics. Keynes rejected money neutrality in a modern monetary production economy. Money neutrality is also foundational to monetarism based on the quantity theory of money.Bond Economics Primer: Money NeutralityBrian Romanchuk

CountryCityRankAustraliaMelbourne1AustriaVienna2CanadaVancouver3CanadaToronto4CanadaCalgary5AustraliaAdelaide6AustraliaPerth7New ZealandAuckland8FinlandHelsinki9GermanyHamburg10QuartzThe best city to live in the world is Melbourne in AustraliaLianna Brinded

Russian ex-pat Leonid Bershidsky is blowing holes through Western narratives that are out of touch with Russian reality and heavily influenced by Western russophobia. This raises the question of whether the current Western sanctions against Russia strike at the heart of the Russian system or merely pretend to do so. Since the sanctions were introduced, no Western government has made a meaningful effort to investigate the provenance of hundreds of billions of dollars in Russian offshore...

When there is an epic financial crash in the U.S. that collapses century old Wall Street institutions and brings about the greatest economic collapse since the Great Depression, one would think that the root causes would be chiseled in stone by now. But when it comes to the 2008 crash, expensive corporate media real estate is happy to allow bogus theories to go unchallenged by editors. What is happening ever so subtly over time is that the unprecedented greed, corruption and unrestrained...

Spending out of income is called induced spending. Equivalently, it is known as ‘endogenous’ spending. This kind of spending rises and falls roughly in line with income. When income rises, households consume more. When income falls, they consume less. Because some spending is induced, an initial act of autonomous spending will cause a multiplied increase in new spending and new income. This is known as the expenditure-multiplier effect.... heteconomistShort & Simple 16 – The...

Quote from The Theory of Moral Sentiments (1759).Conversable EconomistAdam Smith: The Plight of the Impartial Spectator in Times of FactionTimothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota

As relations worsen, US must realize Russia will not soon, if ever, become a liberal democracy.… Carried away by ahistorical reasoning, the U.S. believed its victory in the Cold War meant that Russia, like all other countries, had little choice but to adopt the liberal democratic free-market order that had brought prosperity and peace to the West.... The real problem is viewing this as problem. Probably no non-Western state will become a liberal democracy because it is not in accord with...