Mike Norman Economics

Funny about assumptions. A model will say whatever a designer wants depending on choice of assumptions. The "one simple trick" of neoclassical economics is unrealistic assumptions. Neil demonstrates this cleverly.  Fix just one unrealistic assumption that is actually more in line with price theory — demand is relative to price rather than randomly selected — and voilà, equilibrium fails. Short.New Wayland BlogRevealed: The Simple Change That Breaks Mainstream MacroNeilW

Defend Democracy PressTurkey’s top religious authority head delivers Friday sermon at Hagia Sophia with a sword in handEgypt’ Grand Mufti: Converting Hagia Sophia into mosque impermissible in Islam War (on) of Civilizations: From Hagia Sophia to Al-Ahmer MosqueSputnik InternationalIndia Protests Hagia Sophia-Like Conversion of Iconic Sikh Temple Into Mosque by Pakistan  For RussKIM: Nuclear Weapons Reason Why Nobody Dares to Attack North Korea And Are Here to Stay Drago Bosnic   Zero...

Fiscal supports end this week. No new stimulus bill in sight. Meanwhile, gov't siphoning off savings with taxes. Bearish combination, all. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286

Analysis by an insider that was there back then when Nixon and Kissinger boldly forged an alliance with China against the USSR he believes was key in the collapse of the USSR. Pompeo seems intent on reversing that with little to gain for it and lots to lose.This analysis also explains why Henry Kissinger advised Trump on his accession to the presidency to build a strategic relationship with Russia to counter China as the most serious emering threat to US dominance. Was Russiagate designed...

Deconstructing another meme.The American Conservative The ‘Liberal Order’ That Never Was Daniel Larison

 Too many exogenous factors that are relevant and resist being captured adequately in formal models that are tractable.Lars P. Syll’s BlogWhy economics is an impossible scienceLars P. Syll | Professor, Malmo University

Freedom implies responsibility. There is no legal right to absolute freedom, nor is there a natural (moral) right to it either. Libel laws recognize this legally, for example. But libel laws are civil and only extend to suing for damages. But there is also reputational risk, which is also a deterrent to presumption of an absolute right to freedom. Bill is evoking this latter with respect to professional and academic responsiblity.The rest of the post is about the economic/health tradeoff,...

Two key questions logically arise from last week’s announcement from Iran’s Petroleum Ministry that it has awarded a US$1.3 billion development deal to more than double oil production at the supergiant South Azadegan oilfield, the second such oil project signed this month, the other being a US$300 million development contract for Yaran. The first question is, given the fact that Iran is technically bankrupt, how can it afford such projects? The second is, given the swingeing U.S. sanctions...

  Alastair Crooke explores the emergence of the new (tech) world order, and what our tech masters have in store for us. More totalitarian neoliberal globalism.Strategic Culture FoundationThe Fork in the RoadAlastair Crooke | founder and director of the Conflicts Forum, and former British diplomat and senior figure in British intelligence and in European Union diplomacy

Marx’s disciples want to introduce modern monetary theory (MMT), a neo-Keynesian concept that involves printing even more money without the consequence of inflation. They may be unaware of it, but the MMT crowd is militating on behalf of Gresham’s Law. This is an economic principle that succinctly states that “bad money drives out good money” since people would likely hold onto more valuable assets, particularly gold and silver, than whatever the socialists print. "Marx’s disciples." You...