Economics Roundtable

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 .

Click on the image to get a bigger version.

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.


The Economics Roundtable is sponsored by EconModel.

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Taking Hayek Seriously

"The Home Of The Friedrich Hayek Scholars Page”

Greg Ransom

January 24, 2015, 1:03 am, 1409154


F. A. Hayek’s macroeconomic theory and policy ideas have gained renewed attention since the recent boom-and-bust cycle followed the basic Hayekian narrative of an unsustainable cheap- money boom ending with a crash. Only to a very limited extent, however, do we find Hayek’s ideas on the agenda of mainstream macroeconomic ...

August 5, 2014, 7:03 pm, 1311935

Excerpts from Hayek’s early letters, sent home to his parents in Vienna from New York City in 1923 and 1924.  Two snippets:

“Weather: humid and rainy
Appetite: far above financial means
Socks: beginning to have holes
Mending talents: growing
Bank account: $45″

“Oh, this America, magnificent and outrageous, the latter
perhaps ...

July 2, 2014, 11:03 pm, 1295087

Tyler Cowen of Marginal Revolution gives a strong endorsement to Volume 15 in the Collected Works of F. A. Hayek, The Market and Other Orders edited by Bruce Caldwell:

“It is the best single-volume introduction to Hayek’s thought, if you are going to buy or read only one. It ...

July 2, 2014, 11:03 pm, 1295088

July 2, 2014, 11:03 pm, 1295085

THE MARKET AND OTHER ORDERS by F. A. Hayek  — purchase from Amazon

add to your Kindle

Volume 15 of The Collected Works of F. A. Hayek edited by Bruce Caldwell

Prologue: Kinds of Rationalism (1965)

Part I. The Early Ideas

One Economics and Knowledge (1937)

July 2, 2014, 11:03 pm, 1295084

Hayek on Individualism and Economic Order

Hayek on Economics and Knowledge

Hayek on The Use of Knowledge in Society

Hayek on Competition and Discovery

Hayek on Free Enterprise

Hayek on ...

July 2, 2014, 11:03 pm, 1295086