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.
Finally, it's hard to argue against the payroll employment graph below (straight from FRED) and the comparison across recessions (courtesy of Calculated Risk).
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
Click on the chart for a larger version.
November Payroll Employment
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”
February 4, 2012, 8:05 pm, 948272
(February 5, 2012 12:50 AM, by David Henderson) Relax. That's my summary of an article by Pamela Druckerman in today's Wall Street Journal by an American woman who noticed that French kids tend not to be brats to the same degree that American kids are. It's more grist... (0 ...
February 4, 2012, 8:05 pm, 948273
(February 5, 2012 12:29 AM, by Bryan Caplan) In fiction (and "reality" television), firing workers almost seems fun. How many times has Mr. Burns gleefully hissed, "Fire than man, Smithers!"? In the real world, though, bosses dislike being the bearer of bad news. They feel guilty when they... (3 ...
February 4, 2012, 12:05 pm, 948242
(February 4, 2012 10:42 AM, by Arnold Kling) Edmund S. Phelps and Saifedean Ammous write, This shift of power from owners and innovators to state officials is the antithesis of capitalism. Yet this system's apologists and beneficiaries have the temerity to blame all these failures on "reckless capitalism"... (0 ...
February 4, 2012, 10:05 am, 948234
(February 4, 2012 09:35 AM, by Arnold Kling) From Ross Douthat, writing an introduction to a new edition of Robert Nisbet's The Quest for Community. Man is a social being, and his desire for community will not be denied. ... And if he can't find that community on... (0 ...
February 4, 2012, 10:05 am, 948233
(February 4, 2012 09:57 AM, by Arnold Kling) Scott Sumner writes, In my view, Japan is the future of the global economy. Not the deflation (I think the Fed will be able to keep inflation close to 2%) but the low real interest rates. In retrospect the 2001... (0 ...
February 3, 2012, 2:05 pm, 948146
(February 3, 2012 01:40 PM, by David Henderson) On Thursday evening, Feb. 9, I'll be giving a public talk at the University of Rochester in Rochester, New York. It will go from 7:30 to 9:00, with ample time during that time period for Q&A. The talk is titled:... (0 ...
February 3, 2012, 10:05 am, 948073
(February 3, 2012 08:19 AM, by Arnold Kling) The Adam Smith Institute has just released a paper of mine on patterns of sustainable specialization and trade. An excerpt: The PSST approach drops the assumption that production technology is known. Instead, the Smithian division of labour and Ricardian comparative... (1 ...
February 3, 2012, 10:05 am, 948072
(February 3, 2012 09:37 AM, by Arnold Kling) He writes, My guess is that most intellectuals underestimate just how dysfunctional most firms are. This is part of a discussion of why businesses pay consultants. I think a pretty standard view is that CEOs bring in consultants to help... (0 ...
February 3, 2012, 2:05 am, 948025
(February 3, 2012 12:23 AM, by Bryan Caplan) I have a predictably optimistic take on Charles Murray's Coming Apart. But these two graphs did indeed shock me. The first contrasts divorce rates for working class ("Fishtown") and professional ("Belmont") whites: Notice: Among professionals, divorce plateaued over three decades... (0 ...
February 2, 2012, 8:05 pm, 948002
(February 2, 2012 06:16 PM, by Arnold Kling) in the WSJ European edition. Unfortunately, the patterns of specialization and trade that had emerged five years ago were not sustainable. Many jobs in home construction, durable-goods manufacturing and distribution, and mortgage finance were dependent on housing markets with ever-rising... (0 ...
