May 2014 Payroll Employment
After 76 months, we finally got back to the prerecession level of payroll employment.
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 .
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?
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
The Austrian Economists
I recently stumbled upon a very clear presentation on the damaging impact of inequality by Alan Krueger from 2013 entitled "Fair and Efficient Rules for Capitalism."
Watching this sparked a question that I honestly don't have an answer to, which is how much ...
This is a special issue edited by Richard Epstein and Mario Rizzo. The table of contents:
Volume 23, Number 1 | 2015
The Ends of Capitalism: An Introduction
Richard A. Epstein, Mario J. Rizzo
Abstract Morality for an Abstract Order: Liberalismâ€™s Difficult Problem
My brilliant colleague Tyler Cowen has a short video discussing the Great Recession of 2008 that provides an excellent introduction to some of the key issues related to financial intermediation.
Steve Horwitz and I published a short monograph dealing with the financial intermediation ...
The latest issue of Research in the History of Economic Thought & Methodology has just been published and it contains a symposium on the Post WWII Development of Austrian Economics edited by Scott Scheall.
The Postwar Austrian Diaspora â€“ A Symposium on Austrian Economics in the Wake of ...
Make sure to watch all the segments of the interview.
It is important to distinguish between venal corruption (which can actually be welfare enhancing under certain circumstances -- see, e.g., this paper by Enrico Colombatto) and systemic corruption (which is never welfare enhancing). By my reading, the best paper written on this subject with respect to ...
David Stockman is in some fundamental sense a modern day Cassandra. The man who taught me economics -- Hans Sennholz -- was as well. Cassandra's get spat in the mouth by the god of the modern science of economics, so while they have the gift of prophecy, ...
As a graduate student I met Arjo Klamer through my professor Don Lavoie. At the time Arjo had just published Conversations with Economists, and I had read the book with great pleasure and benefit. He was then working with David Colander on their project The Making of an Economist ...
In The Calculus of Consent, Buchanan and Tullock argue that their analysis of constitutional decision making has little relevance in a world with sharp clevages based on race, religion, and ethnicity. Instead, their analysis was based on the conditions that the rational decision makers entering into the constitutional ...
This is not news, but it is worthy to note. Buchanan bequeathed $2.5 million to Middle Tennessee State University. They have created an Honors College there. In addition to watching this video, check out From Nashborough to the Nobel Prize: The Buchanans of Tennessee (Twin Oakes Press*, ...