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
Paul Romer is obviously one of the most interesting economic minds of his generation. Listen to this discussion of how changes in rules and changes in technology can result in peaceful yet revolutionary transformation.
At the end of WWI, the spirit of true liberalism was all but dead. Hayek argued that there were 3 men responsible for the resurrection true liberalism -- Frank Knight in the US, Ludwig von Mises in Continental Europe, and Edwin Cannan in the UK. Hayek stated ...
The Center for the History of Political Economy at Duke University will be hosting another Summer Institute on the History of Economics this summer, May 29-June 17. The three week program is sponsored by the National Endowment for the Humanities and is designed primarily for ...
Here is some evidence from the LSE that the lessons the socialist calculation debate has to offer have not been learned -- Why Market Socialism Is A Viable Alternative To Neoliberalism. The issues that plague socialist economic planning must be continually diagnosed and emphasized in the ...
In one of my favorite essays by James Buchanan, he argues that the liberal economic order of the 19th century while simultaneously achieving previously unimagined levels of individual autonomy, economic prosperity and peaceful cooperation among diverse groups nevertheless proved vulnerable to the critique of socialism based on ...
This wasn't that long ago, and it is probably very wise to remember that, and to learn from the past, and the lessons that experience continually offers to us. The Soviet Union collapsed -- why? The post-Soviet transition was tricky -- why? Russia has emerged under Putin ...
Someone should have told me to fix my coat!!!, but you should tell me how to fix my thinking.
Here is the video of Roland Fryer's Buchanan Speaker Series talk. Listen carefully to this well crafted, deeply researched and important talk.