Economics Roundtable
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.
Finally, it's hard to argue against the payroll employment graph below (straight from FRED) and the comparison across recessions (courtesy of Calculated Risk).
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.
Click on the chart for a larger version.
November Payroll Employment
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.
EconModel
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
Adam Smith’s Lost Legacy
“Adam Smith wrote about the "invisible hand of the market," which guides the free market to produce an optimal result for all. Today it often seems that the market has become ...
Lost Legacy followed up that post with a discussion around my second post, which Mark Thoma also published. I think ...
HERE
“Joe Stiglitz Slaps The Invisible Hand”
"The theories that said that markets work perfectly were all based on very simplistic models of perfect competition and perfect information. My ...
”Generation 1: the fallacy of individuality”
“Even hard nosed economists have woken up to the fact that the overly simplistic Adam Smith’ principals of the ‘invisible hand’ in business have ...
“The InvisibleHand name comes from economist Adam Smith’s theory, that suggests people will make rational economic decisions when they have perfect information available to review. This is true today,”
Comment
Speechless!
“Historically U.S. infrastructure, the basis on which this nation developed, was never some magical response to supply and demand.”
The Erie Canal would not have been built without rights of ...
HERE
"Anti-Intellectualism Among Mainstream Economists"
I find these comments to be anti-intellectual:
John Quiggin rejects the Austrian school of economics on the ground that partisans of that school discuss political philosophy and ...
"Anger management"
“The last gasps of the near-dead out-of-touch traditional media want us to believe greedy corporate bastards are the root cause for whatever ails us, but down deep we all rightly suspect ...
James Otteson's lecture/tutorial was at the 2010 FEE Home School Debate Tournament on "Karl Marx v. Adam Smith"
Follow the link and watch the video for a lively seminar for students.