Economics Roundtable

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

September 17, 2014, 11:33 pm, 1336871

|Peter Boettke|

The 2014 list of fellows has been released.

To my graduate students and young faculty, I hope you will look at these individuals and get inspired by genius. Also look at the scholars and scientists that get the opportunity to work ...

September 17, 2014, 11:33 am, 1336534

|Peter Boettke|

In a letter dated 28 November 1968 written to Edward Barrett, then Dean of the Columbia University School of Journalism, Ronald Coase responded to the claim that perhaps his research on the FCC was impacted by a conflict of interest. He first pointed out that he had ...

September 11, 2014, 7:33 pm, 1333578

The Society for the Development of Austrian Economics is pleased to announce that nominations are now open for the 2014 Foundation for Economic Education Prizes for the best book and the best article recently published in Austrian economics.

The following conditions apply:

September 10, 2014, 5:33 pm, 1332829

|Peter Boettke|

In one of my favorite passages fromThe Wealth of Nations Adam Smith explains the ability of markets to function and improve the lives of the participants through the mutual gains from trade and the benefits of innovationeven in unfavorable circumstances. To quote Smith:

The natural effort of every ...

September 7, 2014, 9:33 am, 1330687

|Peter Boettke|

I have linked alread to Roger Koppl's brilliantFrom Crisis to Confidence: Macroeconomics After the Crash (2014). If you haven't read it, do yourself a favor and read it asap. If you have read it, and you are teaching advanced macro, get your students to read it asap.

I ...

September 4, 2014, 9:33 am, 1329180

|Peter Boettke|

Later today I will be heading to Sao Paulo to attend and speak at the 4th Conference of the Austrian School of Economics sponsored by the Ludwig von Mises Institute of Brazil.

First time in Brazil, so any recommendations for those who know better let me ...

August 30, 2014, 9:33 pm, 1327060

Steven Horwitz


The interdisciplinary journal Cosmos+Taxis is issuing a call for papers for its second conference on spontaneous orders, to be held at the Rochester Institute of Technology from May 8 to May 9, 2015. Both days will feature morning and afternoon sessions and informal lunches and ...

August 25, 2014, 11:33 am, 1324086

|Peter Boettke|

That is the title of Frank Knight's presidental address to the American Economic Association (1951 AER). But as we begin a new school year, it might be wise to revisit the dilemma that the economic educators faces in communicating the basic lessons of the discipline.

Here are two ...

August 23, 2014, 11:33 am, 1323523

|Peter Boettke|

Tyler Cowen recently linked to this paper by Christopher Johnson and Andrew Ballard entitled "Economists and Public Opinion: Expert Consensus and Economic Policy Judgments."

Our colleague at GMU, Bryan Caplan addressed these issues in my bookThe Myth of the Rational Voter in the sections ...

August 20, 2014, 5:33 pm, 1321965

Steven Horwitz

Libertarian social media have been all atwitter this afternoon with aLenore Skenazy post at Reasonthat reports the results of a Reason-Rupe poll showing that:

A whopping 83 percent of Americans think there should be a law that prohibits kids 9 and under from playing at the park ...