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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Taking Hayek Seriously
"The Home Of The Friedrich Hayek Scholars Page”
“It is the best single-volume introduction to Hayek’s thought, if you are going to buy or read only one. It ...
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 ...
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)
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