September Payroll Employment
We are still 2% off the previous peak in jobs.
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 .
Focus on the Problem
U.S. payroll employment peaked at 132.5 million jobs in February 2001. For April 2012, U.S. payroll employment had reached 133.0 million jobs, marking the third month in a row above the February 2001 level.
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.
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.
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?
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
Market Power (Phil Miller)
"Selected Musings by an Academic Economist on the Power of Markets”
Online pr0n reduces sexual assults, rapes, etc if what people do when they watch online pr0n is a substitute for the real thing.
Now comes some evidence that violent video games may reduce violent behavior.
The research, done by The Center for Educational Technology, asserts that video games â€” even ...
Do sports league policies sometimes result in perverse incentives? In a 2002 Journal of Labor Economics paper, Beck Taylor and Justin Trogdon examined if changes in the draft sturcutre in the NBA generated the incentive to intentionally lose games. They collected data on three different seasons with different ...
"Decision follows pay lawsuit by former magazine interns." The lawsuit came on the grounds that Conde Nast broke minimum wage laws.
Mr. Leib alleged that the New Yorker paid him well below minimum wageâ€”in stipends of $300 to $500â€”for each of the two summers he had worked at the ...
But the amazing thing to me is that despite that, many people still do not appreciate how profound and nuanced his points are. In particular, the central insight of â€śThe Problem of Social Costâ€ť is that costs are reciprocalâ€“this is what, as ...
The NBA's salary cap for next year has been set at $58,679,000. The minimum payroll is 90% of the cap, meaning it will be $52,811,000 (rounded). The luxury tax for next season was also set and will be $71,748,000. See here and here for details.
The luxury tax this year will ...