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
Last night my graduate course focused on discussing the contributions to economic theory of G. L. S. Shackle, and in particular the challenge his classic work Epistemics and Economics (1973) represents to the standard general equilibrium and partial equilibrium style of theorizing. We also read Alan Coddington's review ...
Students write to me all the time about getting a PhD. I have a few words of generic advice -- (1) go to the best school that ...
|Karen Horn| *
There is virtually nothing that cannot be ranked. From the performance of football clubs to vintage wines, from bestselling books to competitiveness and the degree of economic freedom in different countries â€“ it is easy to put together an ordinal scale, so that everyone can see ...
Armen Alchian published "Some Economics of Property Rights" in 1965, but the notes on which that paper is based date from his lectures in the 1950s.
Watch and listen to this excerpt from the Liberty Fund DVD "A Conversation with Armen Alchian".
David Sloan Wilson is on an intellectual campaign to fix economics. As you read through the various pieces at Evonomics, I think you will find that his critiques often ring true, but that his targets often miss the mark. The problem with modern economics lie not ...
This weekend we will host another Adam Smith Fellows seminar -- this time on The Economics of Politics -- which will highlight the work of James Buchanan and Gordon Tullock. I just came across this video of Gordon from 2010 discussing his life -- experiences and intellectual ...
Richard Wagner, my brilliant colleague at GMU, and the author of works such as Democracy in Deficit; To Promote the General Welfare; Fiscal Sociology and the Theory of Public Finance; and Mind, Society and Human Action, lecturing at U of Richmond in 2010. Wagner is laying out a variety of things ...
Not necessarily the best way to capture Hayek's thought on this subject. But it is Hayek in his own voice discussing the "twin concepts" of evolution and spontaneous order. In this 1990 paper "The Theory of Spontaneous Order and Cultural Evolution" published in the journal Cultural ...