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.


The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.

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Greg Mankiw’s Blog

"Random Observations for Students of Economics”

August 28, 2015, 11:33 am, 1535769

August 24, 2015, 3:33 pm, 1533345

August 21, 2015, 7:33 am, 1532149
"Blanchard, Mankiw, and Romer are all in the Wu-Tang Clan."

From Dietz Vollrath, an economics professor at the University of Houston, in his Hip-Hop History of Macro.

August 19, 2015, 1:33 pm, 1531055
Compared with Harvard tuition, that is, according to Irwin Collier:

Excerpts from the Harvard Catalogue for 1874-75 with principal texts.... Incidentally, one finds that annual fees for a full course load at Harvard ran $120/year and a copy of John Stuart Mill’s ...

August 12, 2015, 1:33 pm, 1527241
News from Amazon

August 11, 2015, 11:33 am, 1526482

August 6, 2015, 7:33 am, 1523097
If you are looking for a new binge-worthy TV drama (and you have already seen The Affair from last year, the best recent TV show), let me recommend Bloodline.  Set in the Florida keys, it is the story of a seemingly successful but actually dysfunctional family and what happens when the ...

August 3, 2015, 11:33 am, 1520930
As long-time readers of this blog know, I have long advocated greater use of Pigovian taxes, such as taxes on carbon emissions. Such taxes can correct incentives by aligning private and social costs, and the ...

August 3, 2015, 7:33 am, 1520773
From this collection of Milton Friedman quotations, here is one I had not heard before:

“I do not believe that the solution to our problem is simply to elect the right people. The important thing is to establish a political climate of opinion which will make it politically profitable ...

August 1, 2015, 11:33 am, 1520055
A common meme is that workers aren't benefiting from productivity growth.  Robert Lawrence says, not so fast.  You can watch a video of him explaining this here.