Economics Roundtable

May 2014 Payroll Employment

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

Click on the image to get a bigger version.


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 .

Click on the image to get a bigger version.

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.


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EconLog (Arnold Kling)

"The Library of Economics and Liberty”

October 26, 2014, 2:04 am, 1357761
(October 26, 2014 02:13 AM, by David Henderson) Here's the next installment from "An Unintended Case for More Capitalism," my long review in Regulation of Thomas Piketty's Capital in the Twenty-First Century: How does Piketty handle this serious problem? [The problem that his proposed tax on capital would... (0 COMMENTS)

October 25, 2014, 10:04 am, 1357589
(October 25, 2014 09:50 AM, by Scott Sumner) Back in the 1980, I believed the Fed needed to target inflation or NGDP, and if they did so the problem of high inflation could be solved. These views were widely mocked by people on both the left and the... (0 COMMENTS)

October 24, 2014, 12:04 pm, 1357196
(October 24, 2014 11:54 AM, by David Henderson) You can take the boy out of Canada, but you can't (completely) take Canada out of the boy As a U.S. federal employee, I'm going through a security clearance for the first time in years. The guy who came to... (2 COMMENTS)

October 24, 2014, 10:04 am, 1357116
(October 24, 2014 09:28 AM, by Art Carden) WARNING: CONTAINS FROZEN SPOILERS. My daughter is four years old, which means we consume a lot of Disney Princess merchandise: movies, toys, etc. As one might expect, everyone in our house basically knows every word to every song from Frozen.... (0 COMMENTS)

October 23, 2014, 10:04 pm, 1356730
(October 24, 2014 12:02 AM, by Bryan Caplan) Using compulsory attendance laws to estimate the causal effect of education on outcomes has been hot in economics for over a decade. But I was always a skeptic. The idea that minimum schooling leaving laws are exogenous is bizarre, yet... (0 COMMENTS)

October 23, 2014, 4:04 pm, 1356523
(October 23, 2014 02:49 PM, by Scott Sumner) The title is my pathetic attempt to imitate Miles Kimball and Noah Smith, who sometimes post on religion. This won't be about religion; it's about monetary policy. Oh wait . . . In the 1970s, US policymakers knew that inflation... (0 COMMENTS)

October 23, 2014, 4:04 pm, 1356522
(October 23, 2014 04:45 PM, by David Henderson) I was on the road from Sunday a.m. to late last night and thus my sparser than usual blogging. I taught classes in Patuxent River, MD on Monday, Norfolk, VA on Tuesday, and Arlington, VA on Wednesday, with lots of... (3 COMMENTS)

October 23, 2014, 2:04 pm, 1356444
(October 23, 2014 12:18 PM, by Art Carden) Minecraft has spawned a lot of imitators. One is Survival Craft, which we heard about a few days ago and downloaded. Our oldest has been playing it virtually non-stop for a couple of days, and he prefers it to Minecraft... (1 COMMENTS)

October 23, 2014, 2:04 am, 1356033
(October 23, 2014 12:08 AM, by Bryan Caplan) How is blogging different from traditional media? My knee-jerk answer is, "It caters to a higher-IQ audience," but that's not really true. The real story is that blogging lets a million voices bloom - including but hardly limited to voices... (0 COMMENTS)

October 22, 2014, 6:04 pm, 1355796
(October 22, 2014 05:01 PM, by Alberto Mingardi) What does it mean that Amazon has "too much power"? Paul Krugman has published a vehement column on the online retailer, arguing basically that Amazon enjoys a significant "market power" vis-à-vis publishers. He refers to the feud between Amazon and... (2 COMMENTS)