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?
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
The Austrian Economists
Richard Ebeling has posted Lecture #3 which discusses the market as a process of competitive cooperation. Richard focuses on the division of labor and the extent of the market.
Again, great stuff to think seriously about with your students.
The critical question for political ...
Jayme's excellent summary of our conversation and the implications can be found here.
"Man must decide to sink or swim." Ludwig von Mises
Economics is about human action.
By the way, read Machlup's essay "What if Matter Could Talk?"
I will be part of a discussion this weekend wrestling with Hayek's ideas. Here is a book panel on the occasion of the release of the edition of The Constitution of Liberty that is in Hayek's Collected Works, besides general editor Bruce Caldwell, the panel also includes the editor ...
"neglecting basic principles ... can lead to devastating consequences."
Listen to Chris Coyne talk about the opportunity cost of war, exporting democracy, and the nirvana fallacy.
As mentioned yesterday Richard Ebeling has a new video series and eBook on the Austrian School of Economics. At the end of his introduction he produces a family tree of the Austrian School.
Richard Ebeling, one of the most articulate spokesman for the Austrian school of economics -- its history and its teachings, has in cooperation with the Future of Freedom Foundation developed a series of lectures as well as a new eBook to introduce a new generation to ...
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 ...
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
Abstract Morality for an Abstract Order: Liberalismâ€™s Difficult Problem
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 ...