January 2014 Payroll Employment
We are getting closer to the previous peak.
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.
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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"The Library of Economics and Liberty”
April 25, 2014, 2:04 am, 1260940
(April 25, 2014 12:07 AM, by Bryan Caplan) "There are too many X" is usually a socially acceptable complaint. With one key exception: If the X's are people. Declaring, "There are too many blacks" makes you a racist. Announcing, "There are too many Jews" makes you an anti-Semite. ... (5 COMMENTS)
April 24, 2014, 2:04 pm, 1260483
(April 24, 2014 02:19 PM, by David Henderson) When I was at the Association for Private Enterprise Education (APEE) annual meetings in Las Vegas last week, two professors came up to me and, unsolicited, sang high praises of Liberty Fund's Library of Economics and Liberty web site. Both... (3 COMMENTS)
April 24, 2014, 10:04 am, 1260327
(April 24, 2014 09:22 AM, by Scott Sumner) Consumption is the bedrock upon which essentially all of economics is built. We assume that all economic activity is aimed at creating consumption (defined broadly to include the value of leisure time, and non-market factors such as clean air.) Of... (2 COMMENTS)
April 23, 2014, 10:04 pm, 1259977
(April 24, 2014 12:17 AM, by Bryan Caplan) At last night's debate, I finally got to talk to the Center for Immigration Studies' Mark Krikorian. Some thoughts:1. Mark has good manners and radiates little anger. Immigration opponents would be more influential if they emulated him. 2. Fortunately, such... (0 COMMENTS)
April 23, 2014, 4:04 pm, 1259794
(April 23, 2014 05:58 PM, by David Henderson) The writer of Schindler's List would understand. The Economist writes: But on March 29th Cuba's parliament approved a new foreign-investment law that for the first time allows Cubans living abroad to invest in some enterprises (provided, according to Rodrigo Malmierca,... (0 COMMENTS)
April 23, 2014, 2:04 pm, 1259717
(April 23, 2014 02:46 PM, by David Henderson) According to Solow, if Piketty gets his way, real wages will stagnate. My copy of Thomas Piketty's Capital in the Twenty-First Century finally arrived and now I face a tradeoff between reading it and reading many reviews of it. I'm... (1 COMMENTS)
April 23, 2014, 10:04 am, 1259536
(April 23, 2014 09:07 AM, by Bryan Caplan) Normal 0 MicrosoftInternetExplorer4 Last night's immigration debate with Mark Krikorian and Alex Nowrasteh was... interesting. Reflections forthcoming. For now, here's my opening statement. Normal 0 MicrosoftInternetExplorer4 America Should Open its Borders Under current U.S. law, it is illegal for... (0 COMMENTS)
April 23, 2014, 8:04 am, 1259459
(April 23, 2014 07:13 AM, by Alberto Mingardi) I was reading recently John Vincent's "The Formation of the British Liberal Party 1857-68", a classic on the subject and a most interesting book. I was struck by the following passage: Very striking rewards, then, did not act at all... (0 COMMENTS)
April 23, 2014, 2:04 am, 1259303
(April 23, 2014 12:09 AM, by Bryan Caplan) Under open borders, over six billion people would be free to move to the United States. The population could increase by more than a factor of twenty. And under real open borders, there's no mandatory waiting period. If everyone wants... (1 COMMENTS)
April 22, 2014, 12:04 pm, 1258896
(April 22, 2014 11:26 AM, by Scott Sumner) Many people assume that Germany has long been an economic success story. It was certainly successful back in the 1950s and 1960s. But as recently as 2004 it was widely viewed as the "sick man of Europe" despite all those... (0 COMMENTS)