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?
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Carpe Diem (Mark J. Perry)
"Mark J. Perry’s Blog for Economics and Finance”
….. is from Matt Ridley’s latest column “What Ever Happened to Adam Smith?” (emphasis mine):
Last week both Hillary Clinton and Donald Trump set out their economic policies in set-piece speeches. Mr. Trump’s, delivered in Detroit, so far as one could tell from the fractured syntax and the digressions ...
1. Cartoon of the Day above (with a h/t to Jon Murphy).
2. Markets in Everything: a) Truman Capote’s ashes will be auctioned off in September, b) ...
…. is from the always-excellent Thomas Sowell, writing in 2015:
The “legacy of slavery” argument is not just an excuse for inexcusable behavior in the ghettos. In a larger sense, it is an evasion of responsibility for the disastrous consequences of the prevailing social vision of our times, and ...
…. are from economist Steven E. Landsburg.
1. Writing in The Atlantic in 2008:
Trade is the engine of prosperity not just for the United States but also for the poorest of the world’s poor. Nothing matters more than that. The instinct to care about the national origin ...
From The Times-Picayune article “Louisiana floods, but Wal-Mart, UPS keep trucks running“:
Wal-Mart trucks were among the first to deliver much needed supplies after Hurricane Katrina tore through the Gulf Coast in 2005. As many Katrina survivors still note, Wal-Mart trucks arrived well before the Federal Emergency Management Agency ...
I created the “Fill-in-the-Blank Price Gouging Form” above that I first learned about from Art Carden’s 2008 article “Fill-in-the-Blank Article About Price-Gouging Laws.” It ...
In a post earlier in the month on Cafe Hayek (“Almost All Imports Are Inputs“), Don Boudreaux made some excellent points about international trade. ...
In a recent post “Some early results from Seattle’s radical experiment with a $15 an hour minimum wage: fewer jobs, fewer hours,” I provided a summary of news reports on the early results of the $15 an hour minimum wage legislation in Seattle. For example, the Washington ...