Economics Roundtable

Database Maintenance 7/4/15

Routine database maintenance will induce some duplicated items for the next day or two.

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

July 25, 2015, 11:33 am, 1515624

|Peter Boettke|

Irwin Collier atEconomics 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]

Assignments ...

July 21, 2015, 11:33 am, 1512839

Steve Horwitz

I have a new policy study just out today from the Mercatus Center titled “Breaking Down the Barriers: Three Ways State and Local Governments Can Improve the Lives of the Poor.” The following provides a convenient summary of the argument:

Many discussions of poverty and ...

July 21, 2015, 1:33 am, 1512522
Robert Higgs Murray Rothbard Lecture at Mises University

July 20, 2015, 5:33 pm, 1512363

|Peter Boettke|

When I learned economics from Hans Sennholz at Grove City College he often made two claims. First, he would tell us what sound economics -- or what he sometimes called orthodox economics, but at other times called free market economics -- taught about mutually beneficial trade, the ...

July 6, 2015, 9:33 am, 1504182

|Peter Boettke|

Steven Kates has an interesting essay atLiberty Matters addressing what was the conventional wisdom in "macroeconomics" at the time of John Stuart Mill, how that was transformed by John Maynard Keynes, and what was the consequences as a result. In Kates's narrative, knowledge was lost ...

July 5, 2015, 1:33 pm, 1503872

|Peter Boettke|

The Greece Referendum is finishing up as I write this. Millions are voting today on whether or not to accept the terms of the international bailout of their fiscal woes. For the point I want to make, it doesn't matter if they vote YES or ...

July 1, 2015, 11:34 am, 1500031

|Peter Boettke|

Israel Kirzner joins a distinguished list of recipients of the Hayek Medal that includes Gary Becker, Vernon Smith, Viktor Vanberg and Geoff Brennan. Obviously, a well deserved honor, and again a subtle and brilliant lecture by Professor Kirzner.

June 30, 2015, 11:34 am, 1499347

Steven Horwitz

The Society for the Development of Austrian Economics is pleased to announce the winners of the 2015 Carl Menger Essay Contest for undergraduate students. Professors Michael Thomas, Adam Martin, and Daniel D’Amico were this year’s judges. All entries were anonymous.

The prize comes with $500 plus a travel ...

June 25, 2015, 9:34 am, 1496864

|Peter Boettke|

A new blog has been established which will be of great interest to those interested in the history of political economy by Irwin Collier of theJohn F. Kennedy Institute for North American Studies of Freie Universität Berlin-- Economics in the Rear-View Mirror, Archival Artifacts from ...

June 24, 2015, 11:34 am, 1496276

|Peter Boettke|

Webster's Dictionary defines science as follows:

Definition of SCIENCE

1: the state of knowing : knowledge as distinguished from ignorance or misunderstanding
2a : a department of systematized knowledge as an object of study
2b : something (as a sport or technique) that may be ...