Mike Norman Economics

Gerald Hooft says that at the big bang there was a flux of probabilities (equations) and then something pulled the trigger; but why there was a flux and why something pulled the trigger is not for scientists to answer. The universe is so complex, he says, that we will never be able fully figure it out, anymore than someone could figure out what your next thought will be. I wasn't keen on his superdeterminism, but even on that he was ambiguous. The universe is so complex, he says, that...

Dances with BearsCOUNTDOWN FOR THE END OF ANGLO-AMERICAN RULE IN EUROPEJohn Helmerhttp://johnhelmer.net/countdown-for-the-end-of-anglo-american-rule-in-europe/The Vineyard of the SakerVladimir Putin held talks with President of the French Republic Emmanuel Macron at the Kremlin.The Sakerhttp://thesaker.is/vladimir-putin-held-talks-with-president-of-the-french-republic-emmanuel-macron-at-the-kremlin/Rules for the WorldObserver R for the Saker Bloghttp://thesaker.is/rules-for-the-world/Ian...

 This post is slightly longish and a bit wonkish, but important. It is summed up in a quote of Andrew Gelman that is cited in the argument.Much of the literature in statistics, econometrics, and epidemiology on causal identification misses this point, by focusing on the procedures of scientific investigation—in particular, tools such as randomization and p-values which are intended to enforce rigor—without recognizing that rigor is empty without something to be rigorous about.In short,...

Ha ha! MMT is bad enough for them, but from a woman? Conniptions ensue. AxiosMale economists are freaking out over a NYT profile [of Stephanie Kelton]Emily Peck

 We have liberal hawks here who think that China is the Great Satan, but I'm not sure if that's true anymore. I think  the country has advanced. Moreover, its time to end the brutal Western hegemony. Anyway, the way forward is to cooperate with China and improve its security. The same with Russia. I'm on par with Jeffrey Sachs, who is a dove, not a hawk. Statistics show that China has overtaken the US as the world's largest economy after lifting nearly 100 million people out of abject...

The Bank of England governor Andrew Bailey caused a stir last week when he said that British workers should not get wage increases in the coming period. This was a day after the Bank of England raised interest rates, presumably because they have some theory that that will cure Covid and get trucks moving again. There was general outrage expressed by a range of voices, who often are not on the same page – unions, corporate interests, the ‘high wage’ aspiring Tory government (perhaps). The...

Kelton quote. See also the comment by larrykaz.Lars P. Syll’s BlogMMT and the pandemic inflationLars P. Syll | Professor, Malmo University

I don't usually post links to videos that lack transcripts but this is worth watching. The DW interview with Col. Wilkerson is about twelve minutes.Ray McGovernMUST SEE: Larry Wilkerson on Putin, Ukraine, US Oligarch/ProfiteersRay McGovern, co-founder of Veteran Intelligence Professionals for Sanity, and retired 27-year career CIA whose tasks included preparing and briefing The President’s Daily Brief and leading the Soviet Foreign Policy Branch^

Decoupling the US economy from China sounds like a good idea to Americans who blame the Asian giant for the massive loss of US factory jobs during the past 20 years.The trouble is that the US imports most of its capital goods, so it would have to import more capital goods for years—including from China—in order to reduce its dependence on China in the long term....Caught between a rock and a hard place. Psst. Systems awareness.Asia TimesUS can’t decouple from China without China’s helpDavid...

The New Monetary Policy is a major step in laying out an alternative to the orthodox policy consensus — and I look forward to producing more work in the future that fleshes out that alternative even more....Notes on the CrisesNew Report: Monetary Policy Without Interest Rate HikesNathan Tankus