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?


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EconModel

The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.


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Environmental and Urban Economics


August 30, 2015, 3:33 pm, 1536395
Paul Romer has posted an important blog post on the urbanization process.  In the case of the nation of Colombia, he seeks to help the leaders of this urbanizing nation to create the necessary conditions to have productive and "livable" future cities.  Rather than embracing a "Soviet Style" deterministic ...


August 29, 2015, 5:33 pm, 1536227
The Risky Business Project is not a Tom Cruise vehicle.  Instead, it is a group of talented people who are deeply worried about the consequences that climate change will pose. This group has now released a new book.  Here is its Amazon webpage.    The authors provide a ...


August 29, 2015, 11:33 am, 1536166
Social learning is an important and interesting research and policy subject.  Suppose a big city mayor implements road pricing to mitigate the traffic congestion externality. Once this policy succeeds, do other mayors notice?  Does this success story nudge the other mayors to imitate the first mayor and introduce this pareto ...


August 28, 2015, 1:33 pm, 1535847
The AEA has posted a new 8 minute video making the case that a career in economics is both intellectually challenging and perhaps offers the prospect of having a job.  You can watch it here. 

A few thoughts;

1.  Unintended Consequences --- you don't have


August 27, 2015, 7:33 pm, 1535414
For a finite price, I tried to sell Thomas Piketty but I can't find a buyer.  Economists of the world sign up for REPEC Fantasy Economics. 


August 27, 2015, 3:33 pm, 1535271
USC's fall semester has just started and I have already taught for 4 hours, met with students and colleagues, attended lunches, seminars and cracked jokes and tried to teach the power of price theory applied to environmental and urban topics.   My undergraduate class has an enrollment of 24 students ...


August 25, 2015, 11:33 pm, 1534207
Eduardo Porter makes some bold predictions in today's NY Times.  He writes;   "A totalitarian regime may be good at deploying capital and labor to deliver raw economic growth. Yet autocracies are not good at fostering innovation and creativity, which rarely flourish where there is no freedom of thought ...


August 24, 2015, 11:33 am, 1533206
Back in 2005, Ed Glaeser and Joe Gyourko published an important paper on the asymmetric implications of durable housing.  Detroit was their favorite example. During the 1950s as the car industry boomed in Detroit, developers built houses that could last for 75 years. Flash forward to the 1980s and ...


August 23, 2015, 11:33 am, 1532861
Columbia University celebrates the contributions of Ken Arrow (a PhD graduate of the program). This video is worth watching.   You will see three Nobel Laureates and other superstars discuss his influence.


August 22, 2015, 9:33 pm, 1532757
How much do urbanites value "green space"? Do they value it less if it is very hot outside?  This article argues that Singapore's high daily heat reduces the joy that their urbanites gain from proximity to green space.   Given the impending challenge of climate change, I find this ...