Mike Norman Economics

The talk now is cutting social welfare spending to "shrink" the "ballooning" deficit resulting from tax cuts that mostly benefited the top tier, along with increased military spending.EPI — Economic Policy InstituteGovernment programs kept tens of millions out of poverty in 2018Hunter Blair and Julia Wolfe

Piketty coins a new term, the "Brahmin left."The Case for Concerted ActionThomas Piketty’s New BookV. Ramanan

China is an old civilization and has been passing through various ups and downs throughout history. Which is very much rational and the natural cycle of human history. There was a time when Romans were at the peak, but today they stand nowhere, British and French colonialized half of the world, but today squeezed to a small state only. Ottoman Empire in Turkey was in control of parts of Asia, Africa, and Europe, but today is a small developing nation. Every peak has to pass through fall, it...

Argentina's peso depreciated significantly after the primary elections last month, with the clear victory of the opposition. The crisis has come full circle now with the re-imposition of capital controls, and with the default on domestic bonds, the latter a puzzling and clearly unnecessary measure, since it was in domestic currency (Standard & Poor's says it's a selective default, whatever that means, and Fitch called it a restricted default). So here a few things that might be useful...

A version of what Lawrence Summers and Anna Stansbury (2019) recently pointed to as “original” Keynesianism can be found in the work of Michał Kalecki and Hyman Minsky, Their work offers analysis of the determination of investment spending and effective demand which avoids the deficiencies found in the New Keynesian economics in which Summers and Stansbury find shortcomings. In the paragraphs below, I describe how their insights and those of other economists sharing their approach provide...

Germany is proposing some more smokes and mirrors so that it can maintain its position as the exemplar of fiscal responsibility by obeying its ‘Debt brake’ yet inject significant deficit spending into its recessed economy, which is starved of public infrastructure spending. They are proposing to set up new institutions which will be funded by government-guaranteed debt and spend billions into the economy while ensuring these transactions do not show up on the official fiscal books of the...

A simple demo of order and chaos (and order again) - Home made Pendulum Wave with 15 billiard balls [embedded content]

This guy is probably employing a Science methodology and is mistakenly blaming an entire  discipline for achieving  non-scientific (non-discriminatory) outcomes. He's making the typical mistake you see all the time here.Its not the discipline of Economics that is the problem its the Platonistic/Liberal Art methodology employed 99.9% of the time within that discipline that starts with the thesis first that leads to this type of insanity (ie "a disqualified mind" Rom 1:28) : Got a big laugh...

The ex Telegraph columnist, Peter Osborne, says a Corbyn led Labour Government would be good for for Britain. But if the Conservatives win and Johnson destroys Britain, the next British government could well be a hard left one, and Corbyn could go down in history as the man who saved Britain.A new false narrative centres on fears that a government led by the Labour leader poses a mortal threat to the British economy. The Middle East Eye Peter Osborne - Jeremy Corbyn can save the UK economy...