Mike Norman Economics

More foundational stuff that addresses the issue regarding why we don't have a satisfactory economic theory. The answer? Complexity. Economists prefer simple algorithms but these are not up to the job. The simple supply-demand methodology based on pop psychology (rational choice theory, rational maximization) has shown itself to be inadequate for the reasons that heterodox economists point out.And complex algorithms are, well, complex. So there is as yet no alternative theoretical framework...

De-colonization proceeds apace.Brave New EuropeRichard D. Wolff – The Centres of Global Capitalism Are Migrating Away From the U.S., Europe and JapanRichard D. Wolff | professor of economics emeritus at the University of Massachusetts, Amherst, and visiting professor in the Graduate Program in International Affairs of the New School University, in New York

BTC is a pyramid scheme, not a currency. The driving economic force is for existing holders to proselytise new members into the scheme. The new members in turn hope to recruit other members. The large existing holders have the financial capacity and incentive to bankroll conferences, researchers, etc. In order to take part in the gravy train, you just need to stick to the narrative....Bond Economics The New GoldBrian RomanchukAn opposing view.Guns, Goats 'N GoldMarket Weekly: Still Don’t...

 Since the 1950s, people have believed that saturated fat is bad for human health.This was originally based on observational studies showing that people who consumed a lot of saturated fat had higher rates of death from heart disease.The diet-heart hypothesis states that saturated fat raises LDL (bad) cholesterol in the blood, which then supposedly lodges in the arteries and causes heart disease.Even though this hypothesis has never been proven, most official dietary guidelines are based on...

The tensions in the public policy debate between economists is intensifying and on show in Europe, where these sort of obvious conflicts between adherence to dogma and a recognition that ‘out-the-box’ solutions are not only possible but preferred. More of these latter thought offerings are starting to appear as more people come to understand that the mainstream dogma has become more of a security blanket for reputations rather than saying anything about reality. One such proposal emerged...

Nice short summary of why "free market" is BS used for persuasion.It begins with a misrepresentation of Adam Smith (as Michael Hudson tirelesslyy points out).Supporters of ‘free’ markets use the word ‘free’ to mean free from government interference. They often quote the economist and philosopher, Adam Smith, who wrote about the ‘invisible hand of the market’ creating good outcomes for society. However, his writing has been deliberately distorted to turn it into propaganda. Smith used the...

Before you start celebrating Biden's "changed" position on Yemen. Cosmetic.SouthfrontUS Changes Its Role In Yemeni War As It Seeks To Impose ‘Peace Deal’ On Its Terms

 A step in the right direction but still a long way from "government of the people, by the people and for the people." At a minimum that would require elections being decided by a majority vote and the ending of legalized corruption. What now exists in the US is plutocratic oligarchy, specifically corporate statism aka neoliberalism.The InterceptThe “For the People Act” Would Make the U.S. a DemocracyJon Schwarz

Now that it is over.…The ConversationWhy the British abandoned impeachment – and what the US Congress might do nextEliga Gould | Professor of History, University of New Hampshire

This budget session of Parliament signals a new turn in our national politics. After decades of fighting over personalities or rival ideologies built on religious and caste identities, India is stepping into an era of clear debate on economic policies.We have seen this already, with Prime Minister Narendra Modi making an unabashed and unqualified pitch for the private sector, and Rahul Gandhi responding with not just the charge of crony capitalism, as in ‘hum do, humare do’ but also reading...