Database Maintenance 7/4/15
Routine database maintenance will induce some duplicated items for the next day or two.
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
Irwin Collier at Economics in the Rear-View Mirror continues to provide treasures from the archives. Recently he posted material from Milton Friedman's student days. It is fascinating to look at what Viner expected his students to read for his class.
[Handwritten notes by Milton Friedman]
I have a new policy study just out today from the Mercatus Center titled â€śBreaking Down the Barriers: Three Ways State and Local Governments Can Improve the Lives of the Poor.â€ť The following provides a convenient summary of the argument:
Many discussions of poverty and ...
When I learned economics from Hans Sennholz at Grove City College he often made two claims. First, he would tell us what sound economics -- or what he sometimes called orthodox economics, but at other times called free market economics -- taught about mutually beneficial trade, the ...
Steven Kates has an interesting essay at Liberty Matters addressing what was the conventional wisdom in "macroeconomics" at the time of John Stuart Mill, how that was transformed by John Maynard Keynes, and what was the consequences as a result. In Kates's narrative, knowledge was lost ...
The Greece Referendum is finishing up as I write this. Millions are voting today on whether or not to accept the terms of the international bailout of their fiscal woes. For the point I want to make, it doesn't matter if they vote YES or ...
Israel Kirzner joins a distinguished list of recipients of the Hayek Medal that includes Gary Becker, Vernon Smith, Viktor Vanberg and Geoff Brennan. Obviously, a well deserved honor, and again a subtle and brilliant lecture by Professor Kirzner.
The Society for the Development of Austrian Economics is pleased to announce the winners of the 2015 Carl Menger Essay Contest for undergraduate students. Professors Michael Thomas, Adam Martin, and Daniel Dâ€™Amico were this yearâ€™s judges. All entries were anonymous.
The prize comes with $500 plus a travel ...
A new blog has been established which will be of great interest to those interested in the history of political economy by Irwin Collier of the John F. Kennedy Institute for North American Studies of Freie UniversitĂ¤t Berlin-- Economics in the Rear-View Mirror, Archival Artifacts from ...
Webster's Dictionary defines science as follows:
Definition of SCIENCE
1: the state of knowing : knowledge as distinguished from ignorance or misunderstanding
2a : a department of systematized knowledge as an object of study
2b : something (as a sport or technique) that may be ...