Mike Norman Economics

There are more issues with David Ricardo's theory of trade than Miles Corak observes, but it highlights an important one. Worth a read. To summarize, Ricardo built a toy model that is useful for thinking a simplified level but it is too simplistic to useful as a model for the actual practice of political economy. Miles Corak points out that failure of trade specialists, not to mention economists that don't specialize in trade, can be traced to their being overly influenced by...

Until Nevada, all the presidential candidates except for Bernie Sanders were playing for a brokered convention. The party’s candidates seemed likely to be chosen by the Donor Class, the One Percent and its proxies, not the voting class (the 99 Percent). If, as Mayor Bloomberg has assumed, the DNC will sell the presidency to the highest bidder, this poses the great question: Can the myth that the Democrats represent the working/middle class survive? Or, will the Donor Class trump the voting...

Last Saturday, I held an MMT Masterclass or Teach-In in London. It was an experimental session because I wanted to see what level of difficulty people would find useful as we work on developing the pedagogy and materials for MMTed, which is intending to provide free teaching resources for those interested to learning Modern Monetary Theory (MMT) from first principles. Given the time constraints, I didn’t quite finish Module 1. So I thought I would provide the slides here with a written...

An important economic indicator just flipped negative. Trade and invest using the principles and understandings of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/

Its not called the 'turd world' for nothing... looks like its in the water...There could be a fecal-oral route for coronavirus after live virus particles were found in stool specimens, according to Chinese researchers https://t.co/UgD3ohUomv— Bloomberg (@business) February 22, 2020

We might just have an entire ROW that is basically germ-o-phobes... it'll be interesting to see the US response in comparison if it ever comes here...Shares of Juventus fell as much as 14% in two days amid fears the coronavirus outbreak in northern Italy could lead to some top division matches being played in empty stadiums https://t.co/xiMEcPBfMt— Bloomberg Markets (@markets) February 25, 2020

TIME is not real - it is a human construct to help us differentiate between now and our perception of the past, an equally astonishing and baffling theory states. Some physicists think that if the universe started collapsing instead of expanding, then time would go backwards, but it seems that we would still perceive time as going forward. As time slips back each second, we would perceive this as the new now, while completely forgeting the moment before. We would still have...

After studying trade and finance as the main use of the blockchain, the bank launched the first sovereign blockchain in 2018, registering a couple of patents along the way. So far, the country ranks as the largest blockchain patent holder in the world. The PBoC maintains the bank will not support any public blockchain yet as it focuses on its own blockchain project. So far, its blockchain project that offers multi-stage accounts receivable financing, a fast track for rediscounts and...

"Libertarian socialism." The reality is, if you really break it down, socialism is just some system of governance which affords some form of social ownership over the means of production. Democrats and Republicans alike have almost always supported some variant of socialist policy when it suits them. I myself follow a decidedly purist strain of this philosophy often referred to as libertarian socialism. While in the past I've danced with the devil of full-tilt Bolshevism and I continue...

With all this “living history” in mind, Putin’s plan for such large-scale (and rapid) investment has generated the controversy in Moscow and resulted in three positions within the policy class. One fully supports the decision on the essentially Keynesian grounds that it will spur Russia’s annual economic growth, which has lagged below the global average for several years. Another opposes such massive expenditures, arguing that the funds must remain in state hands as a safeguard against the...