Mike Norman Economics

Drawing lines is the bane of liberalism.Economics from the top downFree Speech For Me, Not YouBlair FixSee alsoMROnlineIt’s aggression when ‘they’ do it, but defense when ‘we’ do worseAlan MacLeod

Boomers remain dominant in economic and political power.Visual CapitalistRanking U.S. Generations on Their Power and Influence Over SocietyCarmen Ang

But is Marx’s capitalism at all similar to the capitalism of today? Can his ideas be relevant now, more than a century since they were formulated and during which time the world’s per capita income was multiplied by seven, and US per capita income by more than eight times?The main differences between the classical capitalist world of the 19th century and today is not however that wages are higher (Marx would not have been much surprised since he held that wages reflect “moral-historical”...

Beijing has axed a high-level channel for economic talks with Canberra, blasting Australian leaders for having a “Cold War mentality” after the country canceled two contracts linked to its Belt and Road project.In a harshly worded statement on Thursday, China’s economic planner, the National Development and Reform Commission, said the China-Australia Strategic Economic Dialogue would be paused indefinitely....While relations have been frosty for some time, halting the negotiation channel...

In a nutshell: for the US deep state, leaving Afghanistan is anathema.All this is being withdrawn is US visible presence. The shadow war goes on as US troops pull out.The extended troika [Russia, the United States, China and Pakistan, with Turkey poised to enter], at least rhetorically, is in favor of an “independent, sovereign, unified, peaceful, democratic, neutral and self-sufficient Afghanistan.” Talk about a lofty undertaking. It remains to be seen how Afghanistan’s “neutrality” can be...

A rather balanced assessment from a person with sterling US establishment credentials. It doesn't take a genius to see that as long as the US and China are competing for military and economic advantage, real cooperation in addressing climate change is on hold. There will be lip service but no commitments.Project SyndicateThe Limits to US-China Climate CooperationMinxin Pei | Tom and Margot Pritzker '72 Professor of Government and George R. Roberts Fellow at Claremont McKenna College, a...

I ran across a text written by an anonymous author who gives the air of being a neoclassical academic. I prefer not to link the article, as I do not want to draw attention to it. However, I just want to point out some salient features that seem to have become the stock response to Modern Monetary Theory (MMT) by at least some neoclassicals. From the perspective of the philosophy of science, this is perhaps interesting.I would divide the critiques of MMT into two major categories — bad faith...

I often read that Modern Monetary Theory (MMT) is defective because it has no theory of power relations. Some critics link this in their narrative to their claim that MMT also has no theory of inflation. They then proceed to attack concepts such as employment buffers, on the grounds, that MMT cannot propose a solution to inflation if it has no understanding of how power relations cause inflation. These criticisms don’t come from the conservative side of the policy debate but rather from the...

The commies are skeptical....Wall Street margin debt surges to record high - World Socialist Web Site https://t.co/mFNewOZUac— Jacquie (@jacquie_goff) May 3, 2021

Post suspension Reserve Asset flow displacing credit flow to lumber industry.... unit price increases... as commercials are normally short...Fed repo volumes vs. lumber ? pic.twitter.com/DLDG7lnDEd— MagnusCoin (@MagnusMacro) May 5, 2021