Economics Roundtable

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.


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.


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"Commentary on economics, strategy and more”


September 15, 2014, 5:23 pm, 1335377

This week the Australian government announced what seems to be an extraordinary piece of legislation.

Spies who leak sensitive information will face tough new penalties of up to 10 years’ jail and internet firms could be forced to store customers’ data for up to two years ...


September 15, 2014, 5:23 pm, 1335378

The latest federal budget in Australia by the Liberal Party was a real break with the recent past in which politicians were reluctant to offend any large group of voters and in which the status quo with respect to entitlements was avidly kept. There was a bit of playing around ...


September 15, 2014, 5:23 pm, 1335379

I have to admit that it saddens me that we are in 2014 and still need to lobby Australian politicians for something so blindingly obvious than a price on carbon but here we are. Coordinated by the World Wildlife Federation, today a letter signed by 59 economists (including ...


September 15, 2014, 5:23 pm, 1335380

There are some of you who have subscribed to posts from this blog via email. The service used is a paid one (Feedblitz) but these days there are actually free ones that are the same, if not better. Consequently, I am going to discontinue that service.

If ...


September 15, 2014, 5:23 pm, 1335376

In a forthcoming article (downloadable here) in Research Policy (according to the 2013 ranking of the Australian Business Deans Council an A*journal), Sarah Necker of the University of Freiburg, Germany, reports the results of a study on fraudulent and questionable research practices in economics.  The study is ...


September 15, 2014, 5:23 pm, 1335375

Last week I did an interview with Phil Dobbie for CommsDay on the ACCC’s approach to the setting of rates that carriers pay each other to terminate calls. I argued — as I did 15 years ago — that marginal cost rather than Total Service Long-Run ...


September 15, 2014, 5:23 pm, 1335372

One of the more shameful acts of recent years was the failure of successive Australian governments to put in place marriage equality. Now it looks like the United States will get there first.

To underscore this I commandJudge Posner’s decisionthe other day striking down the Wisconsin and Indiana ...


September 15, 2014, 5:23 pm, 1335373

Kwanghui Limposted a link to this post from Cloudfareon what they pay for transit around the world. As you will see from this table, Australia is the most expensive region — by a long, long way.

And ...


September 15, 2014, 5:23 pm, 1335374

After slamming the last Government for not doing a cost-benefit analysis on the NBN, Malcolm Turnbull has produced the goods. My view on cost-benefit analysis remains unchanged: if you have already decided what to do, a cost-benefit analysis is of no help except for vindication.

Nonetheless, there is another unintended consequence ...


September 15, 2014, 5:23 pm, 1335371

As economists, it’s easy to for us to argue that our models account more than those of any other social science for the fundamental importance of need satisfaction in creating healthy societies. The pursuit of his own need satisfaction is at the heart of our model of the individual economic ...