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
Over at FEE, my new column is a list of 12 articles I think all aspiring economists should read. Here's the intro:
First, my imagined audience is an undergraduate who intends to enter a PhD program in economics, although the list could be interesting and ...
I have been thinking a lot about the misunderstandings of Hayek's "The Use of Knowledge in Society" essay. Below I offer what I think is a quick summary of his argument that stresses both the importance of private property and the price system as jointly necessary for economic ...
Labels are useful shorthands, but labels can also confuse and distort. Labels are tricky. Consider discussions of economists and their various views about the way the world works. In the grand scheme of the economics profession it used to be commonplace to describe various thinkers as "freshwater" ...
Back in the 1990s when I was teaching at NYU I taught a seminar to undergraduates on Race, Gender and Income Inequality. It was a great experience for me -- not only are the topics discussion worthy, the students were motivated and super smart, and the readings ...
James Buchanan stressed 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 philosophical issues ...
The University of Chicago has a long tradition of innovative thinking in economics and communicating those ideas to peer professionals and to the general public. Chicago's Booth School continues in this tradition of translating research of consequence into various forms that are thought provoking and end-user friendly. ...
At the recent Association of Private Enterprise Education (APEE), I participated on a panel discussing how one assesses teaching effectiveness in the basic economics class. Though I was tasked with talking about how I have assessed my efforts to train students to become teachers who were effective ...
My father was not very political, he did though hold strong principles. After he had heart surgery, he followed a very strict exercise regiment and he would sometimes watch or listen to political and policy news. During this period, he became familiar with the ideas of Walter ...
The annual meetings of the Association of Private Enterprise Education (APEE) will be taking place at the end of this week into next week. All the information for the conference is publicly available and if you are a young scholar/teacher interested in the study of, teaching ...