Mike Norman Economics

Christoph Gisiger interviews Robert Shiller about his new book, Narrative Economics. Robert Shiller also provides some general financial advice based on CAPE. Interestingly, Robert Shiller is one of the chief influencers of the economic and financial narratives of both the day and the times, and his influence spills over into the social and political narratives, too. One of the powerful influencers of those narratives is the Nobel Prize, which Riksbank undoubtedly knew when they...

Famine, economic collapse, a sun that cooks us: What climate change could wreak — There has been five mass extinctions, but only one was caused by an asteroid, all the others were caused by rising levels of carbon, and each of these occasions the extinction was near total with 97% of all life on Earth being destroyed. We are putting carbon into the atmosphere at a rate that is 10 x faster than has ever occurred in the past.  The Intelligencer David Wallace-Wells - The...

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Some people in Europe saw the Far East zooming ahead and decided the answer was to increase competition and immigration at home to lower wages, and to destroy Europe's welfare state and social democracy. But was it really necessary, surely we could have chugged along quite nicely, which suited us, as most of us never wanted to be that rich, just happy?  If there was one widespread coverage that accelerated that development, it was austerity. We have now come to guage austerity primarily...

Written in 1994, and yet it's the most pertinent article I've read in a long time. Neoliberalism is causing enormous change, destroying communities and traditional ways of life, while jobs have become much more insecure, much harder, and with less pay.As societies advanced, it was said that the service industries would replace lost manufacturing jobs, but they didn't tell you that the high-tech jobs would pay much less than the old manual ones.On the whole, people don't like change, they...

Bored with Trek, or another re-run of Ghostbusters, or can't face another beer, or a mince pie, well, Steve Keen saves the day with another excellent podcast? A free one for Christmas. It’s taken us a few years to tackle the obvious topic for the Debunking Economics podcast, what are the biggest failings of neoclassical economics. Prof Steve Keen tells Phil Dobbie that it starts on page one of rudimentary economics textbooks, which the idea of the demand curve.  Having debunked that, he...

From the excellent Black Adder series, and although there is no scintillating comedy here, it has a powerful anti-war message. This is how they end the series. Baldrick's cunning plan will have to wait as Blackadder and his troops go over the top in a poignant and powerful finale to the series. [embedded content] Jona Lewie - Stop The Cavalry The classic anti-war song that became a Christmas hit single. [embedded content]  

They’re not mystics. But materialism is not giving good answers so they are looking around It’s easy to mock the idea. But consider what neuroscientists studying consciousness are up against: Traditionally, scientists have been stalwart materialists. But doing so has caused them to slam up against the limitations of materialism. Consider the chasm between relativity and quantum mechanics, or Heisenberg’s uncertainty principle, and you quickly start to recognize these...

The nation wasted the major economic recovery, according to a new report by Harvard Business School on U.S. competitiveness. “We had this wonderful recovery. It could have given us the chance to take some significant resources and devote them to some of our well-known challenges, like infrastructure or health care...none of that happened. Instead, we squandered a major economic recovery and didn’t use it to make things better,” said Harvard Business School professor Michael Porter, a...

On October 2, 2019, I received an E-mail from Gregory Mankiw. It was sent to me, Randy Wray and Martin Watts and asked us some questions about our textbook – Macroeconomics – which had been published by leading textbook publisher Macmillan in March 2019. The book has been selling strongly with a third printing already in the pipeline and a second edition coming, hopefully, later next year. Macmillan also publish Greg Mankiw’s macroeconomics textbook, which has been the dominant teaching...