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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MV = PQ (Tim Schilling)

"Ideas and discussions about economic and financial literacy issues. This blog is an outreach service of The Powell Center for Economic Literacy.”


July 2, 2014, 11:23 pm, 1295739
Actor/writer Rick Moranis has a very amusing piece in the opinion section of today's edition of The Wall Street Journal. What struck me was how good it would be in setting up a discussion of opportunity cost. It really harkened back to Bastiat's "that which is seen and that ...


July 2, 2014, 11:23 pm, 1295740
Which of Schumpeter's five roles of the entrepreneur is/are illustrated here?


July 2, 2014, 11:23 pm, 1295741
First, I'm a bit late with this, but for those of you who haven't sought it out already, PNC Bank has it's CPI (Christmas Price Index) up and running, showing the price changes in the gifts from the carol, The Twelve Days of Christmas.  As always, it's an interesting ...


July 2, 2014, 11:23 pm, 1295742
I suspect many of you are busy today.  Our family had our dinner yesterday because one of my sons is working on Thanksgiving Day. But when you get a chance, you might want to review this column by Jeff Jacoby of The Boston Globe. (HT to Carpe Diem ...


July 2, 2014, 11:23 pm, 1295738


July 2, 2014, 11:23 pm, 1295737

July 2, 2014, 11:23 pm, 1295734
This is not appropriate for use in high schools. However, those of you who teach at the college or university level may find this helpful.  Econgirl at EconomistsDoItWithModels has a great illustration of non-price determinants of demand with the help of "the most interesting man in the world."


July 2, 2014, 11:23 pm, 1295735
If you discuss the Chevy Volt with your students, you might want to use this. (HT to Carpe Diem.)


July 2, 2014, 11:23 pm, 1295736
Greg Mankiw posts a great piece from a colleague at the University of Chicago.

Generation Gap Alert: I just talked about this with my freshmen at one of the universities where I teach. None of them knew the Abbott & Costello routine "Who's on First?"  Consequently, you may ...


July 2, 2014, 11:23 pm, 1295733
Our natural propensity to "truck and barter" as Adam Smith would say:
http://www.gocomics.com/frankandernest/2012/04
/30

(HT to Greg Mankiw)