Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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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?


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EconModel

The Economics Roundtable is sponsored by EconModel.

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


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Carpe Diem (Mark J. Perry)

"Mark J. Perry’s Blog for Economics and Finance”


October 31, 2014, 11:33 am, 1361640

…. is from Walter E. Williams, writing in his latest syndicated column “Africa: A Tragic Continent“:

Africa’s poverty is, for the most part, self-inflicted. Some people might disagree because their college professors taught them that the legacy of colonialism explains Third World poverty. That’s nonsense. Canada was a colony. So ...


October 30, 2014, 11:33 pm, 1361229

Earlier this week on CD I posed the question: If greedy oil speculators were to blame for the $12 per barrel increase in oil prices between January and June earlier this year, do they now get credit for the recent $25 per barrel drop in ...


October 30, 2014, 9:33 pm, 1361162

In the video segment above from Fox News Sunday, George Will skillfully explains in 60 seconds why we have more to fear from too much faith in government than from too little faith in government. Here’s a summary of his comments:

Government is not competent. It’s not ...


October 30, 2014, 5:33 pm, 1361027

The Energy Information Administration (EIA) released new state crude oil production data today for the month of August, and one of the highlights of that monthly report is that oil output in America’s No. 1 oil-producing state – Texas – continues its phenomenal, eye-popping rise. Here are some details ...


October 30, 2014, 1:33 pm, 1360853

1. Who’d a-Thunk It? Middle-class Americans can’t afford to live in liberal cities? Yes, left-leaning metros like San Francisco tend to have worse income inequality and less affordable housing.

2. Who’d a-Thunk It II? Restaurants will be hurt by the $15 per hour minimum wage that is expected to pass ...


October 30, 2014, 3:33 am, 1360469

Three new important energy milestones were reached recently, based on energy data released this week by the Energy Information Administration:

1. US oil production increased last week to 8.97 million barrels per day (bpd), which is the highest weekly level amount of domestic crude oil production in the 32-year history of ...


October 29, 2014, 9:33 am, 1359805

…. is from David Brooks, writing in the New York Times last week in his column “The Working Nation“:

Today, too many people are focused on the top 1 percent. But, as economist David Autor has shown, if you took all the wealth gains the top 1 percent made between 1979 ...


October 28, 2014, 5:33 pm, 1359302

… is from Thomas Sowell’s nationally syndicated column today “Random Thoughts“:

Too many intellectuals are too impressed with the fact that they know more than other people. Even if an intellectual knows more than anybody else, that is not the same as saying that he knows more than everybody else ...


October 28, 2014, 9:33 am, 1358970

Shale pioneer and “petropreneur extraordinaire” Harold Hamm (Continental Resources CEO) has a great op-ed in today’s Investor’s Business Daily titled “Fracking Revolution Cuts Prices, Drives A Stake Through OPEC’s Heart.” Mr. Hamm outlines some of the important, and yet frequently overlooked, consequences of the Great American Shale Boom and its ...


October 28, 2014, 9:33 am, 1358969

Walter Williams explains why he considers it to be “economic malpractice” for (former) economist Paul Krugman (and others) to claim that the Law of Demand applies universally except apparently in one case: the demand for unskilled and low-skilled workers. As the title of his column suggests (“Embarrassing Economists“), Professor ...