Technical Problems 3/9/15
The website was down several hours today, but is back up now.
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
Under the influence of Don Lavoie in the 1980s, some faculty and graduate students (me among them) sought to pursue alternative empirical strategies in economics and political economy from the more conventional econometric approach. Don demanded this simply for the reason that the questions that economists concerned ...
Tyler Cowen and Jeff Sachs will have a conversation today at Mercatus about The Future of Development Economics. These "Conversations with Tyler" are a new featured event at GMU/Mercatus and I think they are going to be just fantastic venues for the exploration of ideas ...
One of the many amazing things of working with Tyler Cowen is that he seems to be everywhere raising provocative questions and pushing those around him to be ever more curious about the world. In the NYT he is raising important points about income mobility. ...
Bohm-Bawerk was one of the most accomplished economists of his era -- and was rightly recognized as such throughout the world. I have often thought that the Society for the Development of Austrian Economics should have a Bohm-Bawerk Medal for the Best Economist Under 40 to counter ...
James Buchanan once remarked that "Political economists stress the technical economic principles that one must understand in order to assess alternative arrangements for promoting peaceful cooperation and productive specialization among free men. Yet political economists go further and frankly try to bring out into the open the ...
Many years ago now the social scientist Jon Elster made a Plea for Mechanisms in his Alchemies of the Mind: Rationality and the Emotions (1998). I have always been intrigued by Elster as a thinker, in the same way that I have been intrigued by Albert Hirschman or ...
A George Mason University MA in Economics pays off. The program was recently ranked #30 in the US, and our placement record is actually quite strong for the MA. The Mercatus MA Fellowships are quite generous -- totally around $80,000 or 2 years, ...
"Let us make the hypothesis most favorable to such a calculation; assume that we have overcome all the difficulties in the way of acquiring knowledge of the data of the problem, and that we know the ophelimities of all the goods of each individual, all the ...
It was a very competitive field, but the committee chose Jim Grant's book for the 2015 Hayek Prize.