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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Knowledge & the Wealth of Nations
"A Story of Economic Discovery”
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 ...
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 ...
Knowledge and the Wealth of Nations is the beneficiary of an especially perspicacious and kind review in the Economist.
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...