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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Core Economics

"Commentary on economics, strategy and more”


May 21, 2016, 9:23 am, 1638605

Magda Szubanksi said she would consider leaving Australia if the Productivity Commission’s recommendations regarding parallel importing of books were to come into place. Leaving aside the notion that leaving Australia would make absolutely no positive difference to her income with or without Australia’s ...


May 16, 2016, 1:23 am, 1636746

In a previous post I outlined a way of thinking about higher education financing that does not break the HECS income contingent loans model and does not break the government’s budget. I proposed a small change to the way things are presently done that seems obvious from a theoretical view ...


May 5, 2016, 11:23 pm, 1633640

The government has put changes to higher education funding on the back burner. This precaution is prudent since as it happens any changes to the income contingent loan system that we have presently are likely to have consequences that are difficult to anticipate. Basically,  one would need to model the ...


April 22, 2016, 7:23 am, 1628996

The players and their alleged actions

Lest you have lived under a huge rock for the last couple of weeks, you will have heard about that German comedian (Boehmermann) who in his tv show dared to insult Turkish president Erdogan with a rather (c)rude poem in which assertions were made ...


March 18, 2016, 7:23 am, 1619032

As the old adage has it, before it gets better it will get worse.

I have previously written about the deepening sense of crisis in economics and psychology (e.g., in The Conversation and in Core Economics Today – here and here and here)

Three interesting recent exhibits:

The last couple of weeks we ...


March 18, 2016, 3:23 am, 1618979
Ignore facts. Facts are pesky and quaint. They constrain your narrative and might constrain, oh my, your priors. And they might even make it necessary that you provide links. Which might actually be checked. So, don’t go there. If someone brings them (pesky and quaint facts) up, either ignore them and their ...


January 28, 2016, 5:23 pm, 1603150

The spate of `Islamist’ violence recently perpetrated by individual people is a puzzle for mainstream economics. In the world of rational agents intent on maximizing their wealth, the destruction of human or material resources is only sensible when that destruction provides a direct competitive advantage. Why then would Homo Economicus ...


January 28, 2016, 5:23 pm, 1603149

It’s pretty obvious what’s going to happen this coming Tuesday. Or maybe already in a couple of hours.

That is, if there is some rational decision making going on and the key people have thought through the whole game tree, endgames included. Abbott has done himself in irreversibly, starting with ...


January 28, 2016, 5:23 pm, 1603148

[this was first posted on Clubtroppo 9 days ago. Since everything went to script after that, the text below is unchanged]

After two weeks of a new government in Greece, a Greek exit from the Euro (termed a ‘Grexit’) looks more and more likely. The betting markets give it about 30% ...


January 28, 2016, 5:23 pm, 1603147

Possibly and so I am putting the question out there in the hopes a journalist might investigate.

But first some context. In 2013, Redzo Mujcic and Paul Frijters (a frequent blogger here) published a study demonstrating unconscious discrimination on the part of bus drivers in ...