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.


Jobs

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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"The Library of Economics and Liberty”


October 31, 2014, 12:04 pm, 1361645
(October 31, 2014 01:35 PM, by David Henderson) I've posted before (here and here) about the John Cook study that purports to find that 97% of climate scientists believe that humans are the main cause of global warming. Now Richard Tol, a professor of the economics of climate... (0 COMMENTS)


October 31, 2014, 12:04 am, 1361231
(October 31, 2014 12:03 AM, by Bryan Caplan) When I scoff at group identity, critics often call me naive.  Won't anyone who heeds my advice to eschew identity politics end up being victimized by all the folks who do take their group identities with utmost seriousness?  Then rational... (0 COMMENTS)


October 30, 2014, 12:04 pm, 1360768
(October 30, 2014 11:44 AM, by Scott Sumner) Tyler Cowen often has posts entitled "A very good sentence." Here Tyler dishes up one of his own: Yes, it is a big mistake to assume Say's Law always holds but it is an even bigger mistake to think it... (0 COMMENTS)


October 30, 2014, 12:04 am, 1360360
(October 30, 2014 12:24 AM, by Bryan Caplan) Every large, unselective group includes some villains.  Say whatever you like about the average moral caliber of Christians, atheists, Democrats, Republicans, plumbers, comic book fans, or Albanians.  The fact remains that each of these groups contains some awful people.  While... (1 COMMENTS)


October 29, 2014, 12:04 am, 1359500
(October 29, 2014 12:24 AM, by David Henderson) Prager University has published a beautiful graphic-filled video on the minimum wage with me as the "talent." You can see it here or here.... (1 COMMENTS)


October 28, 2014, 10:04 pm, 1359434
(October 29, 2014 12:04 AM, by Bryan Caplan) I still remember watching this interview with Mikhail Gorbachev in my high school journalism class.  When Tom Brokaw asked Gorbachev about Soviet emigration restrictions, the Soviet dictator self-righteously replied:  What they're [the West] organizing is a brain drain.  And of... (0 COMMENTS)


October 28, 2014, 12:04 pm, 1359079
(October 28, 2014 01:44 PM, by David Henderson) Of course, it is. I'm glad that co-blogger Bryan Caplan has introduced us to Scott Alexander. I had never come across him before, but I found most of the long piece that Bryan referred to refreshingly thoughtful. There is so... (0 COMMENTS)


October 28, 2014, 8:04 am, 1358897
(October 28, 2014 12:08 AM, by Bryan Caplan) I find fascinating new things to read every day.  But it's been a long time since I found a fascinating new thinker to read - someone who makes me say, "Tell me everything."  Then about two weeks ago, I discovered... (0 COMMENTS)


October 27, 2014, 2:04 pm, 1358357
(October 27, 2014 01:42 PM, by David Henderson) One person who does understand economics and who frequently writes approvingly of Roosevelt's approach to politics is Paul Krugman. In The New York Times last Friday he had this to say: "... the political right has always been uncomfortable with... (0 COMMENTS)


October 27, 2014, 12:04 pm, 1358276
(October 27, 2014 11:45 AM, by Art Carden) Repeat after the economics profession: resources are scarce, and they have alternative uses. Thomas Sowell has said that this is the first rule of economics. He has also said that the first rule of politics is to ignore the first... (0 COMMENTS)