Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .

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Graph-of-the-Year Candidates

Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?

Brad DeLong favors the U.S. gdp gap.

Remember M1?

Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?

Click on the chart for a larger version.


The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.

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Economic Principals (David Warsh)

December 14, 2014, 4:34 pm, 1388912

The news last week that John Micklethwait, editor-in-chief of The Economist, would be moving to New York from London to take charge of the far-flung editorial operations at Bloomberg News reminded me of s politically incorrect joke from my Midwestern childhood – the one about the Norwegian who ...

December 7, 2014, 4:34 pm, 1384767

Boston is slated to regain a battered badge of its identity next month, when arts coverage is expected to return to the daily broadsheet editions of The Boston Globe. To be sure, the return of the section formerly known as “Living/Arts” is apparently a consequence of an expanding business section. ...

December 3, 2014, 12:34 pm, 1382540

The course in introductory computer science at Harvard College this year surpassed elementary economics in popularity. It has 818 enrollments, or nearly 12 percent of the undergraduate population, compared to 711 students in Economics 10. For most of the last thirty years, the economics course has been the catalog’s ...

December 3, 2014, 12:34 pm, 1382539

Not for the first time, EP chose a topic too difficult for the time allotted.

Back next week.



December 3, 2014, 12:34 pm, 1382538

American International Group minority shareholder Maurice (Hank) Greenberg, 89, sued the US government in 2011, charging the bargain it drove when it rescued the enormous insurance company he had built from humble beginnings was not only extortionate (the Federal Reserve Board took 80 percent of A.I.G.’s stock) but illicit, to ...

December 3, 2014, 12:34 pm, 1382537

The Nobel award  last week to Jean Tirole, of Toulouse School of Economics, capped a twentieth-century drama whose story has barely begun to be told. I can describe it here only in the broadest way; thanks to the Swedes, the details will now gradually emerge, as did those ...

December 3, 2014, 12:34 pm, 1382534

Economists have written any number of popular introductions to their field – Armchair Economist, Undercover Economist, Naked Economist, Economic Naturalist’s Field Guide,  Freakonomics, From Here to Economy and Tradeoffs all come to mind – but seldom do economists write about their own experience of the craft.

That’s why, as an economic ...

December 3, 2014, 12:34 pm, 1382533

CHICAGO — A remarkable conjunction occurred here last spring, somewhere between a concatenation and coincidence. Gary Becker, of the University of Chicago, died unexpectedly, in May, at 83, from complications following ulcer surgery.

In June, Glen Weyl, 29, anointed Becker’s successor as expositor of Chicago’s most distinctive tradition, ...

December 3, 2014, 12:34 pm, 1382531

Irony – the tendency to underscore a point by stating the opposite of what is meant – has been the downfall of many an advocate.  It’s an often powerful technique. In political speech, though, it is prone to backfire, because it can easily be taken out of context. It’s more ...

December 3, 2014, 12:34 pm, 1382532

No one was surprised when the broadcast television networks decided not to carry President Obama’s speech Thursday evening. The networks aren’t The Networks any longer.  Everyone remembers a moment when they first decided they needed cable television, too.

By offering superior content, cable reduced commercial television’s revenue stream, its ambitions, and ...