Technical Problems 1/21/15
The website was down for a day and a half, but is back up now.
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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The Classic Economic Models cover micro, macro, and financial markets.
Angry Economist (Russell Nelson)
"Austrian economics in tiny little sentences”
Yay! The minimum wage is going up in many states! Now employers won't have to pay a premium to get desirable workers, and they can dismiss the undesirable workers at no cost to themselves!
You see, every worker is desirable to one extent to another. Some workers are ...
There are two kinds of poverty: relative poverty and absolute poverty. One could define the latter as lacking certain qualities of life; for example access to a minimum of 1600 calories per day, shelter to keep you warm and dry, and clean clothing appropriate for your climate ...
Sigh. From time to time, leftists get up on their high horse, and think that they can come up with a single objection to freedom which completely smashes all arguments. Today's version of that objection may be found on elementropy, where it goes:
another question unanswerable by neoliberal ...
Unions are against globalization. To listen to them, unions are a force for good for all workers (rather than just the workers who pay the union its dues). But to watch them, you can see that they're in favor of cartelization. They don't mind other people competing against ...
I could forgive them groping me if they would just acknowledge that nobody will ever succeed in hijacking an airplane, and allow anything which cannot harm the whole airplane itself. Enough with keeping bladed weapons off airplanes, including those hellish nail clippers. You couldn't even commit suicide ...
Okay, this kinda of crap makes me angry, just angry. Go read the article. Do you see what's wrong with it? I see no distinction between legal prostitution and illegal prostitution. Now let's look at the difference between legal and illegal drugs. The first you can ...
People are bringing up the point that people simply don't shop for health care. That we're not consumers. Usually that people are non-economists, like some ER doc who thinks that he had to study for 8 years to become a doc, but that economists are just people ...
War?? Again?? By a Nobel Prize Winner?? I'm simply aghast. Yes, there are problems in the world, but they're not our responsibility to fix. Not when we're broke, going broker, and have a slim chance of not being broke for the next twenty years. What ARE these ...
Damn immigrants! They should go back to Bakersfield, where they came from!
The best thing we can do about terrorism is: nothing. It's not that terrorists don't create harm. It's that terrorism is not about the harm; it's about the fear. We kill, each month, more people in automobiles than were killed by terrorists on 9/11. But that's not ...