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 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 ...

July 16, 2014, 11:33 am, 1301852

Steve Horwitz

One of the more fun projects I've worked on recently wasEconomics of the Undead, edited by Glen Whitman and James Dow. That book just came out and all of the chapters are tongue-in-cheek looks at the way in which economic ideas might be applied to ...

July 16, 2014, 9:33 am, 1301753

|Peter Boettke|

On last night's highlight show ofAmerica's Got Talent, Howard Stern made a brilliant observation. After a segement dealing with the worst auditions for the 2014 season, Stern said ...

July 12, 2014, 1:33 pm, 1300119

|Peter Boettke|

Paul Rubin is an economic thinker I respect tremendously, but I am not sure I agree with him here. I do agree with live in the 2nd best (at best) world and thus it is a mistake to use 1st best theoretical ideas to guide ...

July 11, 2014, 11:33 am, 1299805

|Peter Boettke|

I have argued that mainline economics teaches us to have humility. I often quote Hayek saying: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

But the other day I was watching this now rather ...

July 10, 2014, 11:33 am, 1299243

|Peter Boettke|

Social cooperation under the division of labor is the central theme of economics even if it isn't always stated precisely that way. This theme permeates economics from the beginning of the formation of the discipline as a systemic field of study --- consider Adam Smith's declaration that ...

July 8, 2014, 3:33 pm, 1298204

|Peter Boettke|

Sometimes debates flar up on blogs, FB and Twitter and other forms of social media about what influence academics have and how would one measure influence in a scientific discipline. I think these debates often overlook very simple measurements. If you teach a scientific discipline to college ...