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
A free society is a "giving" society, not a "taking" one. In fact, all "taking" is limited to cases where there is a corresponding "giving". But in a truly free society, the "giving" will far exceed the "taking". The core principle of social cooperation in a society ...
Too many non-economists believe the economic world is completely maleable to the designs of policy makers. This isn't only a problem for centrally planning socialists, but permeates even the tinkering regulators and demand-management policy experts. As Hayek once remarked, "The curious task of economics is to demonstrate ...
Jim Otteson's new book, The End of Socialism, should either be the last book you read in 2014, or the first book of 2015. To whet your appetite listen to his EconTalk episdoe with the masterful Russ Roberts.
Otteson makes the important point about the project of ...
Adam Martin being interviewed by Ben Powell on Free to Exchange.
Gordon Tullock (February 13, 1922-November 3, 2014)
The great economist and political scientist Gordon Tullock passed away on November 3rd 2014 at the age of 92. Tullock was an iconoclastic thinker who challenged conventional wisdom in law, political science, and public policy analysis. His was best ...
Russ Roberts has a new book out -- How Can Adam Smith Change Your Life -- and on a recent EconTalk episode he sat down with Vernon Smith to discuss the ideas of Adam Smith. Back in 1997, Vernon Smith delivered a wonderful distinguished ...
When baseball scouts look at potential players they judge them against a standard of what is called a five-tool-player. Such a player can hit for a high average, can hit with power, can run fast, has a strong throwing arm, and they have great fielding ability at ...
The Mises Institute Brazil has me down for their conference in September where I gave 2 talks -- one on the broad theme of Austrian economics within the scientific community of economists, the other on the financial crisis. Both talks are now available on You Tube, I ...
Last Sunday (November 9th 2014) marked the 25th anniversary of the Fall of the Berlin Wall. The Soviet Union would collapse 2 years later on December 26th 1991 in the wake of the failed coup attempt in August by hard-liners.
I started paying ...
IEA has published a new monograph by Pascal Salin that I highly recommend -- Money and Micro-Economics.
Highlights for me include Salin's emphasis that: "Statements about money and monetary policy are often inspired by supposed relationships between macro-economic variables. But these statements neglect the monetary behaviour of individuals. A realistic ...