Economics Roundtable

January 2014 Payroll Employment

We are getting closer to the previous peak.

Click on the image to get a bigger version.


Jobs

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 .


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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.


EconModel

The Economics Roundtable is sponsored by EconModel.

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


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Knowledge & the Wealth of Nations

"A Story of Economic Discovery”


February 11, 2014, 6:44 pm, 1223419

Gavin Kennedy, emeritus professor at Edinburgh’s Heriot-Watt University and blogger at Adam Smith’s Lost Legacy, is upset (May 23 entry) that Knowledge and the Wealth of Nations doesn’t do justice to the subtley of the views of Adam Smith.  It most certainly does not. But then that is not what the book is ...


February 11, 2014, 6:44 pm, 1223420

Asif Dowla, professor of economics at St. Mary’s College of Maryland, points out an error on page four of Knowledge and the Wealth of Nations, where it is asserted that the American Economic Association has never been headed by anyone who was not an American citizen, “the three who were ...


February 11, 2014, 6:44 pm, 1223421

Knowledge and the Wealth of Nations is the beneficiary of an especially perspicacious and kind review in the Economist.  


February 11, 2014, 6:44 pm, 1223422

Stanford’s John McMillan enjoyed Knowledge and the Wealth of Nations. He writes, “I found no nits to pick, except one:  your use of ‘dismal science’ in a chapter heading. You might check out Carlyle’s article ‘Occasional Discourse on the Negro Question.’  Economic analysis was ‘dismal,’ in his view, because its ...


February 11, 2014, 6:44 pm, 1223418

Lionel W. McKenzie of the University of Rochester, a significant player in Knowledge and the Wealth of Nations and careful reader of the book, has along sent ”a little paper” untangling the highly-compressed description of turnpike theorems that appears in connection with the series of conferences on growth theory that occurred in the early 1960s. [P. 156: "Exciting new theorems ...


February 11, 2014, 6:44 pm, 1223417

My old friend Reuven Brenner (eight books, including History: the Human Gamble, Betting on Ideas:  Wars, Invention Inflation, and, most recently, The Force of Finance: Triumph of the Capital Markets) writes from McGill University, where he holds the Repap Chair of Business on the Faculty of Management,

I believe you make a ...


February 11, 2014, 6:44 pm, 1223414

Knowledge Knowledge and the Wealth of Nations appeared in 2006 without a bibliography,rendering it more suitable to airplane reading than classroom use. That is not such a bad thing for a book about technical economics. (The British Wallpaper guidebook series breveted it ”best long-haul read” last ...


February 11, 2014, 6:44 pm, 1223415

One of the problems of writing Knowledge and the Wealth of Nations had to do with deciding how to deal with the many realms in which parallel discussions had gone forward about the same time. What to say about the related work in international trade?  In industrial organization? In growth ...


February 11, 2014, 6:44 pm, 1223416

This page was created to make some sort of response to the reception of Knowledge and the Wealth of Nations: A Story of Economic Discovery, enlarging and elaborating  mostly, annotating occasionally. To those who formed the expectation that its discourse would be incessant, or even regular, I apologize. I’ve have been traveling, visiting, working in ...


February 11, 2014, 6:44 pm, 1223413

Prof. Gavin Kennedy, of Heriot-Watt University (emeritus) and Adam Smith’s Lost Legacy, has called my attention, indirectly, and Paul Walker, of  Anti-dismal, directly, to an error in ...