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?
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Libertarian social media have been all atwitter this afternoon with a Lenore Skenazy post at Reason that 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 ...
One of the most creative and fertile minds within the modern Austrian school of economics -- Roger Koppl (see, e.g., his SDAE Presidental address) -- has a new monograph out with IEA ... From Crisis to Confidence. As Roger summarizes his argument:
The recent economic ...
David Warsh has a great discussion of the development of modern economic theory from Samuelson to today. The narrative derives mainly from a new book by Roy Weintraub -- that as luck would have it I ordered earlier today to read.
Personally, I think it is ...
One of the really strange charges laid against Mises (and sometimes Hayek) is that their honorific "von"s were evidence of their disdain for the common person and that their preferred policies and institutions were really all about enhancing the power of the already powerful. In its most ...
I think every student of advanced economics would do well to watch very carefully Armen Alchian's interview with F. A. Hayek from 1978, especially the segment of the interview dealing with Prices and Production and monetary theory in Prices and Production.
It is critical to understand that Hayek ...
Solomon Stein, who just returned from a program at Stanford University dealing with archival research in intellectual history, dug up this link to the NBC radio program during WWII -- Words at War -- the 80th episode running 30:18 is a presentation of the ideas ...
Today -- July 29th -- is Peter Leeson's birthday, he is 35. Happy Birthday Pete.
Pete was recently named the Duncan Black Professor of Economics and Law ...
This is an old philosphical thought experiment testing our ideas about observation and reality, but I'd like to ask that question about economic scholarship.
I have been intrigued lately by Frank Knight's ideas about how to integrate neoclassical and institutional economics. See the work of Ross ...
This is the cover from Vol. 2 (October 1959) edition of the Journal of Law and Economics and as you will notice 3 University of Virginia economics faculty are in this issue --- Coase, Buchanan and Nutter. Coase and Buchanan would go on to win the Nobel Prize, ...