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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November 22, 2014, 4:04 pm, 1376332
(November 22, 2014 02:15 PM, by Scott Sumner) Consider the following story: A suicide bomber has killed at least 48 students at a high school assembly in northeastern Nigeria, witnesses say. . . . The region has been in the grip of fighting between government forces and Boko... (3 COMMENTS)

November 22, 2014, 12:04 pm, 1376264
(November 22, 2014 10:44 AM, by David Henderson) Ok, Krugman didn't say that; he didn't mention my name. But that's Krugman's MO. He has stated explicitly before--I can't find the link quickly--that he doesn't want to mention the names of people he takes issue with because that would... (0 COMMENTS)

November 22, 2014, 8:04 am, 1376197
(November 22, 2014 07:09 AM, by Alberto Mingardi) I've been re-reading some of Herbert Spencer's works, for a LibertyMatters discussion that began with a very insightful article of George H. Smith. In Spencer's The Study of Sociology I've stumbled upon this rather amusing quotation that I'd like to... (0 COMMENTS)

November 21, 2014, 12:04 pm, 1375804
(November 21, 2014 11:45 AM, by Art Carden) My second guest stint with EconLog ends this month. I have about a week left and will take requests: what would you like to read about?... (0 COMMENTS)

November 21, 2014, 12:04 pm, 1375803
(November 21, 2014 11:52 AM, by Bryan Caplan) If life were classic Dungeons & Dragons, many opponents of immigration would be Lawful Neutral.  The law is the law; good or bad, everyone has to obey the rules.  In his defense of Obama's deferred action policy, Ilya Somin points... (0 COMMENTS)

November 20, 2014, 10:04 pm, 1375374
(November 21, 2014 12:06 AM, by Bryan Caplan) Confession: I have been enamored of extreme policies for as long as I can remember.  When I was around ten years old, for example, I decided that all smokers should be summarily executed.  Adults' attempts to rebut my visionary proposals... (0 COMMENTS)

November 20, 2014, 6:04 pm, 1375286
(November 20, 2014 06:34 PM, by David Henderson) I rarely disagree with Don Boudreaux about any economic, political, or moral issue and so in those rare cases where I do disagree, it's probably worth noting. Here's one. In a post in September, I talked about which U.S. presidents... (1 COMMENTS)

November 20, 2014, 10:04 am, 1374966
(November 20, 2014 09:36 AM, by Art Carden) If you judge a book's quality by how frequently you come back to it or think about it, Daniel Klein's Knowledge and Coordination: A Liberal Interpretation is a very good book. I keep pulling it off the shelf for different... (0 COMMENTS)

November 20, 2014, 2:04 am, 1374724
(November 20, 2014 12:18 AM, by Bryan Caplan) "I want to ask a question. What is a loophole? If the law does not punish a definite action or does not tax a definite thing, this is not a loophole. It is simply the law. Great Britain does not... (0 COMMENTS)

November 20, 2014, 12:04 am, 1374683
(November 20, 2014 12:05 AM, by Bryan Caplan) When the Deferred Action for Childhood Arrivals policy was announced in 2012, I repeatedly heard that two million would benefit.  The bottom line has been far smaller: as of March 2014, 673,000 requests were filed, and just 553,000 approved.  I... (0 COMMENTS)