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?
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The Austrian Economists
As a graduate student I met Arjo Klamer through my professor Don Lavoie. At the time Arjo had just published Conversations with Economists, and I had read the book with great pleasure and benefit. He was then working with David Colander on their project The Making of an Economist ...
In The Calculus of Consent, Buchanan and Tullock argue that their analysis of constitutional decision making has little relevance in a world with sharp clevages based on race, religion, and ethnicity. Instead, their analysis was based on the conditions that the rational decision makers entering into the constitutional ...
This is not news, but it is worthy to note. Buchanan bequeathed $2.5 million to Middle Tennessee State University. They have created an Honors College there. In addition to watching this video, check out From Nashborough to the Nobel Prize: The Buchanans of Tennessee (Twin Oakes Press*, ...
Watch and listen very carefully to this wonderful talk by Elinor Ostrom from the Engelberg Center for Innovation Policy at the NYU School of Law in 2011.
That is the title of the new book by Nicholas Capaldi and Gordon Lloyd. It is the latest addition to the book series -- New Thinking ...
The 6th volume of the projected 10 volumes of the Collected Works of Israel M. Kirzner has just be published by Liberty Fund. It is Kirzner's work Discovery, Capitalism and Distributive Justice. Pick up your copy today and become a "finder keeper" of the rich treasures this work ...
I got excited about the ideas in the Austrian School of Economics through my undergraduate teacher Hans Sennholz. He changed my life by introducing me to the books I needed to read to continue to learn and deepen my understanding of the economy and the science that ...
Earlier this year I spent some time at the LSE archives. Prior to that I have been reading as much as I could about the LSE in the 1930s for two other projects that have occupied my research time for the past year or so. I actually ...
As an undergraduate my intellectual imagination was switched on by my economics professor Hans Sennholz. He did this in 3 ways. First, and foremost, by presenting basic economics to me he helped me understand the way the world worked around me and especially the dysfunctions that I ...
OECD released its latest report on the global economic slowdown. As reported on NPR's Marketplace by Tracey Samuelson, the argument is that the world's economies are caught in a low-growth trap characterized by "negative feedback loops" and that the only way to break out of the ...