September Payroll Employment
We are still 1% off the previous peak in jobs.
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 .
Focus on the Problem
U.S. payroll employment peaked at 132.5 million jobs in February 2001. For April 2012, U.S. payroll employment had reached 133.0 million jobs, marking the third month in a row above the February 2001 level.
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.
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
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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Adam Smith Lives!
"A History of Economic Thought Blog”
3 conference announcements of interest to historians of economics have come in recently:
1 )from Steve Medema) The 40th annual UK History of Economic Thought
Conference will be held at the University of Edinburgh, Scotland, over 3-5 September,
2008. The conference will retain its traditional ...
Here's a taste of what David will talk about at the Robbins conference in London. We've obtained a number of Rawls' copies of books by economists, including Rawls' copy of The Nature and Significance. So we can see what struck Rawls as he read Robbins. Here, you can see ...
The Robbins conference website is now set to go!
Readers know that I studied with Sam Hollander. Perhaps because of this, I have long felt that Sam's teacher, Lionel Robbins, deserves more recognition than he has been given by the profession. So I am very pleased that N&S is now 75 years old; we can ...
The annual /History of Political Economy/ Conference -- this year on the topic "Robert Solow and the Development of Growth Economics" -- will be held 25-27 April 2008 at Duke University. Further information, including the tentative program, can be found on the Duke History of Economy Group website ...
On my on again off again issue -- I plead the increased expectations related to being a dean of a School! I do intend to return to this blog site systematically again. I'm teaching Competition, Cooperation and Choice this ...
For Smith, impartiality is the means by which we come to know and do what's right. Since we all wish to be praiseworthy, we'll at least try for impartiality and so come to do what deserves praise. Here's a key passage on this
The man who is conscious to himself that ...
Reading for my class today, TMS part 1.
The chapter on ambition begins with the lovely passage:
It is because mankind are disposed to sympathize with more entirely with our joy than with our sorrow, that we make parade of our riches, and conceal our poverty. Nothing is so mortifying as ...
The Society for the Development of Austrian
Economics is pleased to announce that nominations
are now open for the 2009 Foundation for Economic
Education Prizes for the best book and the best
article recently ...
Is there a future for the robust sort of capitalism favoured by Adam Smith or have we reached a limit to Anglo-American capitalism as the engine of human betterment? Over the last few decades scholars from many points of view have found the basis for a uniquely ...