Mike Norman Economics

Russian President Vladimir Putin has said the leading role of the West is coming to an end, and no serious international group makes much sense anymore without economic juggernauts like China and India. Putin shared his thoughts on the Group of Seven (G7) during the Eastern Economic Forum, held outside Vladivostok in Russia’s Far East on Thursday. He was asked whether he would attend the group’s meeting in the US next year if invited. US President Donald Trump said last month he will...

It contains a video. The FT says that the British Labour Party is unlikely to win in an election but there are often surprises. Beyond the divisions in Labour over Brexit and antisemitism problems, the party has a radical economic agenda being led by shadow chancellor John McDonnell. FT chief political correspondent Jim Pickard talks to the Labour insiders behind the policies including economist Ann Pettifor, Cat Hobbs from WeOwnIt, Laura Parker from Momentum and Bob Kerslake, former civil...

Agnès Labrouse quote.  The most revelant sentence:  While Duflo and Banerjee are in line with a technocratic democracy, the Ostroms sustain a Tocquevillean democratic self-governance. For the latter, institutions emanating from democratic processes, far from being straitjackets, are the core of economic processes. They simultaneously constraint and enable human action. Paternalism versus democracy.  That's pretty much the "compassionate conservative," liberal divide. Lars P. Syll’s...

Had that info for you yesterday.

Study on demographics, ideology and demands of protestors. Inconclusive, but it appears that the HK plutocracy opposes (bad for finance, commerce, and asset value). Quite a bit has been written about this lately and from what I can gather the protestors are far from homogenous, representing different interest groups with different agendas and objectives. The so-called  black groups of violent radicals are as usual only a minority of the population of protestors and the protestors are a...

When US President Donald Trump boasted that trade wars are "easy to win" in March 2018, it was convenient to dismiss the remark as a rhetorical flourish. Yet it is now clear that Trump meant it, because he genuinely believes the bizarre and anachronistic macroeconomic theories underlying his approach.... When even Robert Barro is against you.Interestingly, Professor Barro reiterates that imports are an economic benefit in the sense of increasing a nation's real wealth, and that trade is...

Reinhart and Rogoff. Why didn't they take responsibility, a student asked Andrew Gelman. Statistics professor Gelman answers:  It wasn't actually about the data in the minds of R & R, so being wrong about it apparently made no significant difference to them. Empirical result? Meh.Rationalists, or just ideologues with a cognitive bias? Statistical Modeling, Causal Inference, and Social ScienceThe ladder of social science reasoning, 4 statements in increasing order of generality, or Why...

The HillThe 10 counties that will decide the 2020 electionReid Wilson

This is Part 2 of the series I started earlier this week in – An MMT-Green New Deal and the financial markets – Part 1 (September 2, 2019). In the first part, I discussed Chapter 12 in John Maynard Keynes’ General Theory, published in 1936, where he outlined how the growth of financial markets was distorting investment choices and biasing them towards speculative wealth-shuffling exercises, which had the potential to destabilise prosperity generated by the real economy (production,...

The FT has a similar article but it's behind a paywall so I found this. Markets are warming toward Jeremy Corbyn. Yes, you read that right. In a sign of just how unpredictable United Kingdom markets have become, analysts are starting to believe that the die-hard socialist leader of the Labour Party could be just what sterling needs in this, its darkest hour. Katie Martin - MARKETS WARM TO THE IDEA OF A LABOUR TAKEOVER IN THE UK