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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The Austrian Economists
Ludwig von Mises was born on this day in 1881. He would live his mark as one of the greatest teachers of economics in the 20th century, and perhaps, I would argue, the greatest systematic economic thinker history has ever known. On the occasion of his birthday, ...
This past Thursday I had the pleasure of giving a dinner address to the Institute for Humane Studies Board of Directors. The purpose of the event was to honor Jerry Fullinwider upon his retirement from the IHS Board. Jerry was a founding member of the Board ...
For the past several years, the scientific intelligence company Thomson Reuters releases their prediction for the current years Nobel Prizes based on citation data. The predictions have tended to be solid in the natural sciences, less so in the field of economics. Nevertheless, once the ...
Sorry Fred, Karl Polanyi was wrong then and he remains wrong today. But I admit it is a challenge worthy of serious analysis by comparative historical political economists. In the end, the result will not be pretty to those who are hoping ...
We now have the details for the annual SDAE dinner and business meeting. The event will take place on Sunday night, November 23rd at the Atlanta Marriott Marquis. We will start with drinks and a reception from 7:00pm to 8:00pm and then continue ...
At the invitation of Ross Emmett, John Tomasi and I spoke yesterday on the general theme of Liberty, Justice and Constitutions. My talk was titled "Scale, Scope and Political Economy", whereas John spoke on the very concept of social justice and the linkages between Hayek and Rawls. ...
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 ...
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 ...
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:
In one of my favorite passages from The 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 innovation even in unfavorable circumstances. To quote Smith:
The natural effort of every ...