Economics Roundtable

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 .

Click on the image to get a bigger version.

Graph-of-the-Year Candidates

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.

Remember M1?

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?

Click on the chart for a larger version.


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The Austrian Economists

July 29, 2014, 9:33 am, 1307202

|Peter Boettke|

Today -- July 29th -- is Peter Leeson's birthday, he is 35. Happy Birthday Pete.

Pete was recently named the Duncan Black Professor of Economics and Law ...

July 27, 2014, 5:33 pm, 1306208

|Peter Boettke|

This is an old philosphical thought experiment testing our ideas about observation and reality, but I'd like to ask that question about economic scholarship.

I have been intrigued lately by Frank Knight's ideas about how to integrate neoclassical and institutional economics. See the work of Ross ...

July 25, 2014, 9:33 am, 1305446

|Peter Boettke|

This is the cover from Vol. 2 (October 1959) edition of theJournal of Law and Economics and as you will notice 3 University of Virginia economics faculty are in this issue --- Coase, Buchanan and Nutter. Coase and Buchanan would go on to win the Nobel Prize, ...

July 24, 2014, 9:33 am, 1304668

|Peter Boettke|

Consider the findings of Dr. Sarah Necker, she finds that there is a considerable amount of naughtiness among economist when it comes to their scholarly publishing practices. Her results are interesting in a number of ways, but more so for anyone who never really bought ...

July 23, 2014, 3:33 pm, 1304032

|Peter Boettke|

One of the books I have been reading this summer is Peter Schuck'sWhy Government Fails So Often?(Princeton, 2014). So far, it is excellent. Here is David Henderson's reaction to his work, which I basically share.

July 23, 2014, 3:33 pm, 1304031

|Peter Boettke|

I received the sad news yesterday that John Blundell passed away. I have known John and Christine from the moment I decided to get serious about a career as an academic and scholarship within the classical liberal tradition of political and social thought. My wife ...

July 19, 2014, 1:33 pm, 1303505

|Peter Boettke|

The Federalism Scholarship of Elinor and Vincent Ostrom: Applications and Reflections

Special Issue Editor John Kincaid

Volume 44 Issue 2 Spring 2014

Robert L. Bish
Vincent Ostrom’s Contributions to Political Economy
Publius (Spring 2014) 44 (2): 227-248 doi:10.1093/publius/pjt041

Thomas D. Lancaster
“Political Monitoring” as an ...

July 18, 2014, 1:33 pm, 1303183

|Peter Boettke|

In the most recent issue ofThe Review of Political Economy, Andrew Farrant and Edward McPhail continue their scholarly examination of the historical record on Hayek and Pinochet. The abstract from their article reads as follows:

Commenting on the Pinochet regime, Friedrich Hayek famously claimed in 1981 ...

July 17, 2014, 7:33 pm, 1302764

Steve Horwitz

In a column at Vox yesterday morning, Matt Yglesias gave us 7 reasons to think a gold standard is a terrible idea. They are not all completely wrong (a low bar, I suppose), but it’s worth exploring exactly what the problems are.

1) A gold standard wouldn’t ...

July 17, 2014, 3:33 pm, 1302607

|Peter Boettke|

The Economist this week features an article detailing the slow growth dilemma of the US economy during this recovery period. See here.

To classical liberal ...