Technical Problems 1/21/15
The website was down for a day and a half, 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.
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The Austrian Economists
The Daily Bell published an interview with me yesterday.
For as many years as I can remember as a professional economist I have described my research activities as follows:
My research has primarily been in the area of comparative political and economic systems and the consequences with ...
Get this book, and use this book in your classes.
Anthony Evans has established a website for the book, and also has already posted some videos on YouTube with more to come. Right now you can get videos providing an
Robert Skidelsky's new essay "The Fall of the House of Samuelson" has a lot of interesting tidbits of 20th century history of economic thought. As he writes of the heyday of the Keynesian consensus:
Reading The Samuelson Sampler, it is extraordinary to realize just how confident ...
Ric Holt at the History of Economics Society discussion list recently posted this General Economics Exam from Harvard given in 1953. Most of the discussion is how different economics is today than it was then, but what I find intriguing is how many of these ...
Did you know that it took 5 years for Leda Cosmides to publish her ground breaking work on cheater detection in social exchange? This interview is fascinating and discusses her ideas, but also the scientific knife edge on which she walked at the beginning of her career. ...
Listening to NPR this morning, I was alerted to some TED talks by Rory Sutherland. They are entertaining talks no doubt, and also 'informative' about the importance of "branding" in the buying and abstaining from buying behavior on the market, as well as in our ...
Last month, I gave a series of talks in Lithuania, including one on Piketty. I focused on the theoretical issues rather than the empirics. If you're interested in the latter, you should read the Magness and Murphy paper forthcoming in the Journal of Private Enterprise.
It is a popular mythology by politicians and intellectuals to claim the economics profession is a bastion of free market fundamentalism. Consider Fred Block's recent book on The Power of Market Fundamentalism and how these ideas in practice impoverish the many while enriching the few. Here ...
Raj Chetty presented the Ely Lecture this year at the AEA meetings. Here is a video of his talk and Richard Thaler's introduction.
His argument that behavioral factors should be considered pragmatically rather than in some deep philosophical sense makes some sense. He is a brilliant ...