Economics Roundtable

May 2014 Payroll Employment

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

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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 .


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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”


July 24, 2014, 8:04 am, 1304596
(July 24, 2014 07:04 AM, by Alberto Mingardi) Amazon selling $9.99 monthly subscriptions for "all-you-can-read" on Kindle is exciting news. Some have argued that this will change completely our relationship with the book as an object. Indeed, many people who invest lots of their time in reading tend... (0 COMMENTS)


July 23, 2014, 4:04 pm, 1304083
(July 22, 2014 12:46 PM, by David Henderson) We reach this conclusion, frankly, with reluctance. At least until states that wish to can set up Exchanges, our ruling will likely have significant consequences both for the millions of individuals receiving tax credits through federal Exchanges and for health... (22 COMMENTS)


July 23, 2014, 4:04 pm, 1304084
(July 22, 2014 11:45 AM, by Art Carden) " Original.... (10 COMMENTS)


July 23, 2014, 4:04 pm, 1304082
(July 23, 2014 12:08 AM, by Bryan Caplan) I recently re-read J.D.Salinger's 1951 classic, The Catcher in the Rye, prompting Tyler to do the same.  My top reactions:1. Other than losing his brother Allie, Holden has no external problems.  He is a rich kid living in the most... (8 COMMENTS)


July 23, 2014, 4:04 pm, 1304081
(July 23, 2014 10:31 AM, by Scott Sumner) Is British public policy more left wing or right wing, compared to Scandinavian countries like Sweden and Denmark? The Heritage rankings suggest they are about the same, with Denmark coming in at number 10 in the world (at 76.1),... (13 COMMENTS)


July 23, 2014, 4:04 pm, 1304079
(July 23, 2014 03:11 PM, by David Henderson) Last night, I saw on Facebook that John Blundell died yesterday. He was only 61 years old. Less than two months ago, I had posted on his personal reminiscences of the three Austrian economics conferences in the mid-1970s, two of... (0 COMMENTS)


July 23, 2014, 4:04 pm, 1304080
(July 23, 2014 01:10 PM, by Art Carden) There has been an explosion of commentary on regulations in Birmingham regarding Uber and its services; I streamed part of yesterday's City Council meeting at which they voted to delay a decision until next week. I wrote an open letter... (5 COMMENTS)


July 20, 2014, 10:04 pm, 1303748
(July 21, 2014 12:08 AM, by Bryan Caplan) The Argument from Hypocrisy (a close cousin of the "demandingness objection") is one of the strongest objections to utilitarianism.  (Strangely omitted from Scott's inventory).  The argument has two steps.Step 1. Note that utilitarianism implies extreme moral demands.  For example, maximizing... (0 COMMENTS)


July 20, 2014, 6:04 pm, 1303737
(July 20, 2014 04:19 PM, by David Henderson) Today is the 70th anniversary of the failed attempt to assassinate Hitler. That the death of Hitler on July 20, 1944 would have been a Good Thing [those who studied British history and read 1066 and All That will get... (0 COMMENTS)


July 20, 2014, 10:04 am, 1303683
(July 20, 2014 09:25 AM, by Bryan Caplan) Several people in the comments got the point of my endogenous sexism scenario.  Namely: Friends pass a stricter selection filter than spouses of friends.  If you think poorly of someone, you won't be their friend.  But if you think poorly... (0 COMMENTS)