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?
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The Classic Economic Models cover micro, macro, and financial markets.
The Austrian Economists
Last night I conducted my first graduate class in the newly established Mises Seminar Room, which is part of the office suite of the F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics. Mises and Hayek. I have had in my office since ...
I give my first lecture in modern history of economic thought class tonight, and we are starting with Alfred Marshall's Principles, Book I and Book V. We are also discussing Baumol's QJE (2000) article on what Marshall knew and didn't know about modern economics.
Nathan Rosenberg (1927-2015) passed away on August 24th. When I was in graduate school, Rosenberg and Birdzell published their popular study, How the West Grew Rich (1986). The book had a profound impact on me both for its presentation of alternative hypotheses, and its interpretation of the historical ...
The September 2015 issue is now in print and available online.
Are all of the rules and regulations governing economic activity a product of central planning or legislation? To what extent does privately produced and enforced ...
The imaginative and penetrating economic thinker Glen Weyl has posted a revised version of his forthcoming paper "Price Theory" to SSRN. This is a very important paper for a variety of reasons, and I cannot deal with it in the detail that it demands in ...
The great historian Robert Conquest passed away on 3rd of August 2015 at the age of 98. Conquest exposed the brutal reality of the Soviet socialist experiment, and in so doing played a major role in ultimately changing the course of human history. In works such as ...
Irwin Collier at Economics in the Rear-View Mirror continues to provide treasures from the archives. Recently he posted material from Milton Friedman's student days. It is fascinating to look at what Viner expected his students to read for his class.
[Handwritten notes by Milton Friedman]
I have a new policy study just out today from the Mercatus Center titled âBreaking Down the Barriers: Three Ways State and Local Governments Can Improve the Lives of the Poor.â The following provides a convenient summary of the argument:
Many discussions of poverty and ...