Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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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.


The Economics Roundtable is sponsored by EconModel.

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The Austrian Economists

August 18, 2016, 9:34 am, 1665563

|Peter Boettke|

I recently stumbled upon a very clear presentation on the damaging impact of inequality by Alan Krueger from 2013 entitled "Fair and Efficient Rules for Capitalism."

 Watching this sparked a question that I honestly don't have an answer to, which is how much ...

August 15, 2016, 11:34 am, 1664445

|Peter Boettke|

This is a special issue edited by Richard Epstein and Mario Rizzo.  The table of contents:


Volume 23, Number 1 | 2015

The Ends of Capitalism: An Introduction
Richard A. Epstein, Mario J. Rizzo
pp. 1–5

Abstract Morality for an Abstract Order: Liberalism’s Difficult Problem
Mario ...

August 10, 2016, 11:34 am, 1663057

|Peter Boettke|

My brilliant colleague Tyler Cowen has a short video discussing the Great Recession of 2008 that provides an excellent introduction to some of the key issues related to financial intermediation.



Steve Horwitz and I published a short monograph dealing with the financial intermediation ...

August 4, 2016, 9:34 am, 1660787

|Peter Boettke|

The latest issue of Research in the History of Economic Thought & Methodology has just been published and it contains a symposium on the Post WWII Development of Austrian Economics edited by Scott Scheall.


The Postwar Austrian Diaspora – A Symposium on Austrian Economics in the Wake of ...

August 3, 2016, 1:34 pm, 1660438

|Peter Boettke|


Make sure to watch all the segments of the interview.

July 29, 2016, 11:34 am, 1658653

|Peter Boettke|

It is important to distinguish between venal corruption (which can actually be welfare enhancing under certain circumstances -- see, e.g., this paper by Enrico Colombatto) and systemic corruption (which is never welfare enhancing).  By my reading, the best paper written on this subject with respect to ...

July 27, 2016, 3:34 pm, 1657812

|Peter Boettke|

David Stockman is in some fundamental sense a modern day Cassandra.  The man who taught me economics -- Hans Sennholz -- was as well.  Cassandra's get spat in the mouth by the god of the modern science of economics, so while they have the gift of prophecy, ...

July 20, 2016, 1:34 pm, 1655424

|Peter Boettke|

As a graduate student I met Arjo Klamer through my professor Don Lavoie.  At the time Arjo had just published Conversations with Economists, and I had read the book with great pleasure and benefit.  He was then working with David Colander on their project The Making of an Economist ...

July 9, 2016, 3:34 pm, 1652269
|Peter Boettke|

In The Calculus of Consent, Buchanan and Tullock argue that their analysis of constitutional decision making has little relevance in a world with sharp clevages based on race, religion, and ethnicity. Instead, their analysis was based on the conditions that the rational decision makers entering into the constitutional ...

June 29, 2016, 11:34 am, 1649500

|Peter Boettke|

This is not news, but it is worthy to note.  Buchanan bequeathed $2.5 million to Middle Tennessee State University.  They have created an Honors College there.  In addition to watching this video, check out From Nashborough to the Nobel Prize: The Buchanans of Tennessee (Twin Oakes Press*, ...