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 .
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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.
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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August 1, 2014, 6:04 pm, 1310020
(August 1, 2014 04:45 PM, by Art Carden) Over lunch one day, colleagues and I were talking about students' handwriting (mine is positively atrocious), and one of my colleagues suggested that students learn to write decently as they will at the very least need to be able to... (5 ...
August 1, 2014, 2:04 am, 1309486
(August 1, 2014 12:09 AM, by Bryan Caplan) When I debated Mark Krikorian, he bemoaned immigrants' effect on Americans' patriotic solidarity. I think he's making a mountain out of a molehill, but Mark's concerns were much on my mind during my recent visit to New York City. I... (1 ...
July 31, 2014, 4:04 pm, 1309135
(July 31, 2014 02:02 PM, by Bryan Caplan) Political scientist and game designer Chris McGlothlin has a neat Facebook post on Star Trek and the Constitution, building off the classic episode "The Omega Glory." Here's Chris, reprinted with his permission:As both a political science professor and a Trekkie,... (1 COMMENTS)
July 30, 2014, 6:04 pm, 1308361
(July 30, 2014 04:15 PM, by Art Carden) As I tweeted yesterday, a quick review of the battle over ride-sharing regulation in cities around the world convinces me we're building a bridge to the eighteenth century. Mercantilism is alive and well, and cities (like Birmingham) are missing a... (5 COMMENTS)
July 30, 2014, 12:04 pm, 1308104
(July 30, 2014 10:30 AM, by Scott Sumner) Justin Wolfers points to a survey showing overwhelming support for the notion of a positive fiscal multiplier in early 2009: The Initiative on Global Markets at the University of Chicago -- hardly a hotbed of liberal or Keynesian thought... (3 COMMENTS)
July 30, 2014, 12:04 pm, 1308103
(July 30, 2014 01:39 PM, by David Henderson) One issue that has come up a lot in the discussion of expanding immigration is many people's worry (at times, I have been one of the worriers) about immigrants coming in and voting, more than existing Americans do, for statist... (2 COMMENTS)
July 29, 2014, 12:04 pm, 1307294
(July 29, 2014 01:32 PM, by David Henderson) My bleg about eminent domain yesterday led to a useful discussion in the comments. Dan Klein recommended that I read Bruce Benson's article, "The Mythology of Holdout as a Justification for Eminent Domain and Public Provision of Roads." I've done... (0 COMMENTS)
July 29, 2014, 8:04 am, 1307133
(July 29, 2014 07:01 AM, by Alberto Mingardi) A few weeks ago I participated in the "Economic Ideas Forum" in Nancy, France. It is a fascinating event, organised by the local Chamber of Commerce, in synergy with other organisations, including the Institut Economique Molinari, the French think tank... (0 COMMENTS)
July 29, 2014, 12:04 am, 1306927
(July 29, 2014 12:20 AM, by Bryan Caplan) Mike Huemer, to repeat, is my favorite philosopher. Here are some highlights from his recent working paper, "Is Wealth Redistribution a Rights Violation?" [footnotes omitted]There are at least three broad views one might take concerning the foundation ofproperty rights:a. The... (0 COMMENTS)
July 28, 2014, 8:04 pm, 1306857
(July 28, 2014 07:20 PM, by Scott Sumner) Market monetarists tend to prefer using monetary policy to stabilize the path of NGDP, not fiscal policy. We are skeptical of the efficacy of fiscal policy, and also view it as being inefficient. Now David Beckworth has suggested that a... (0 COMMENTS)