Economics Roundtable

Technical Problems 3/9/15

The website was down several hours today, but is back up now.

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 .

Click on the image to get a bigger version.

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?

Click on the chart for a larger version.


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The Austrian Economists

May 22, 2015, 1:33 pm, 1479190

|Peter Boettke|

As anyone who has a pulse and is interested in the public/popular discourse about economics as a science knows, Paul Romer has caused quite a stir with his "mathiness" charge against leading figures in the modern economic theory of growth.

Unlike in the past, however, this ...

May 20, 2015, 3:33 pm, 1477826

|Peter Boettke|

The F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics lost a good friend and committed supporter with the recent death ...

May 19, 2015, 11:34 am, 1477107

|Peter Boettke|

Well the analogy doesn't quite work, but mythologies and social change are often critical factors.  In Ayn Rand's Atlas Shrugged, the producers in society go on strike and refuse to the let the moochers and the looters live off their creativity and wealth creation.  The fictional character John ...

May 18, 2015, 9:34 am, 1476271

|Peter Boettke|

That is what Marshall Poe concludes as the punch line for Robin Grier and Jerry Hough's The Long Process of Development.  As he puts it, development in the Grier and Hough story is about style of governance and the passage of time:

If autocratic governments do nothing ...

May 15, 2015, 7:34 pm, 1475513

|Peter Boettke|

Can targeted aid lift individuals out of extreme poverty?  And are randomized controlled experiments the most effective way to scientifically study development?

Nature reports on a large multi-country study that was published in Science.  Co-author Dean Karlan is quoted as saying: ""We finally have truly credible ...

May 14, 2015, 9:34 am, 1474426

|Peter Boettke|

Mapping narrative research with complex adaptive systems theory.


May 12, 2015, 5:33 pm, 1473165

|Peter Boettke|

At the Mercatus Center over the past decade or more we have engaged in various research initiatives.  One of the first was our Global Prosperity Initiative.  This project was an outgrowth of my involvement through Mancur Olson's research center in the late 1990s with a ...

May 12, 2015, 9:33 am, 1472841

|Peter Boettke|

Publication date is July 2015, please get your library order in.


Click here for the Edward Elgar pre-publication site and how to order for your library.

May 8, 2015, 11:34 am, 1470327

|Peter Boettke|


Today is Hayek's 116th birthday and his ideas and personal history have become a growth industry.  At the F. A. Hayek Program for Advanced Study ...

May 5, 2015, 9:34 am, 1467823

|Peter Boettke|

Peter Klein recently discussed a paper dealing with innovation. The argument presented is straightforward --- there are only so many ideas, creativity isn't really about thinking thoughts that nobody has ever thought about before, but in taking existing ideas and arranging them in combinations that ...