Don’t forget, we have a big quarterly tax drain in June, so this rally will come back down and you will have an opportunity to Biane if the debt ceiling is actually resolved.

from Asad Zaman This is part 3 of a talk on Current Economic Crisis in Pakistan and Solutions, from an Islamic Perspective. A summary of the first two parts is given below. This third part explains that colonization requires the assent of the colonized, which is achieved by an educational system which teaches the inherent superiority of the colonizers, and the inferiority of the colonized. To solve the problems created by colonial institutions meant for extraction of resources, we must...

I believe the true complaint is people will not work for long for an employer who screws them over on wages. They will take a job. And then the first change they get, they will leave for another job offering higher wages and better benefits. Especially now, when Labor is “still” scarce. Unless of course, they lack education or experience. Even with experience, you may come out on the wrong end of an offer. Working in the fields I did in supply...

I do not believe there is anything shocking enough to get Americans to react to deluge of killings from bullet-spewing-weapons. No matter what happens, everything goes back to the way it was pre-mass murders. In this case we have had multiples of shootings of 4 or more which qualifies as a mass shooting. Our elected officials say their piece and quietly go back to the work of argument. US on track to set record in 2023 for mass killings after...

A Baconian view on the ’empirical turn’ in economics The axioms now in use have been derived from a meagre and narrow experience and from a few particulars of most common occurrence… Nor should it count for much that … he often cites experiments. For he had come to his decision beforehand, without taking proper account of experience in setting up his decisions and axioms; but after laying down the law according to his own judgement, he then brings in...

A quantitative look at qualitative research

Life among the Econ .[embedded content] So when ‘modern’ mainstream economists use their models — standardly assuming rational expectations, Walrasian market clearing, unique equilibria, time invariance, linear separability and homogeneity of both inputs/outputs and technology, infinitely lived intertemporally optimizing representative agents with homothetic and identical preferences, etc. — and standardly ignoring complexity, diversity, uncertainty,...

My friend and really educated guy, Robert Hormats, just blew my mind.

April industrial production looks great! – until you account for the March revisions  – by New Deal democrat The second of this morning’s three significant economic releases was April industrial production, and here the revisions were very important. In April total production increased 0.5% from March, but March itself was revised downward by -0.5%, so the net result was unchanged. Manufacturing production increased 0.9% from March, but...

[unable to retrieve full-text content]“Ukraine’s neoliberalism on steroids, Europe’s economic suicide,” Geopolitical Hour 9, May 15, 2023.  https://www.youtube.com/watch?v=6bF3QkHIB7I RADHIKA DESAI: Hello everyone and welcome to this ninth Geopolitical Economy Hour, the fortnightly show on the political and geopolitical economy of our times. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson.  RADHIKA DESAI: And today we have a...