Technical Problems 3/9/15
The website was down several hours today, 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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Carpe Diem - AEI (Mark J. Perry)
….. is from J.R.R. Tolkien:
“….the most improper job of any man, even saints (who at any rate were at least unwilling to take it on), is bossing other men. Not one in a million is fit for it, and least of all those who seek the opportunity.”
The post Quotation ...
1. “Next Glass” is being called the “Pandora of Wine and Beer.”
2. A Texas hunter paid $350,000 to kill an endangered black rhino bull in Namibia and the proceeds will go to conservation. Seems like win-win to me. Especially when you consider this detail: the animal was too old to ...
1. Chart of the Day. I haven’t reported on this lately, but the Traffic Volume Trend report was released today and moving 12-month average for total vehicle miles traveled in the US reached a new all-time in March of 3.06 trillion miles. In ...
In an EconLog blog post from December 2013 (“Phase-In: A Demagogic Theory of the Minimum Wage“), GMU economist Bryan Caplan makes some excellent points out the typical legislative process of phasing-in gradual increases in the minimum wage to something like $15 per hour over several years or more like ...
I had a post last week on CD about French economist Bastiat’s use of reductio ad absurdum (reduce to absurdity), a technique he used frequently in the mid-19th century to disprove and discredit the positions of his opponents by taking their unsound arguments to their logical, but often absurd ...
…. is from Milton and Rose Friedman, writing in Free to Choose (1979):
Industrial progress, mechanical improvement, all of the great wonders of the modern era have meant relatively little to the wealthy. The rich in Ancient Greece would have benefited hardly at all from modern plumbing: running servants replaced running ...
In today’s WSJ, Harvard University economics professor Martin Feldstein has an excellent op-ed (“The U.S. Underestimates Growth“) about a recent topic covered in a series of posts on CD — how “the official statistics are missing changes that are lifting American incomes” (see especially the post “Another possible ...
Here are some more thoughts on the AFL-CIO’s questionable methodology used to calculate its annual CEO-to-worker pay ratio (373-to-1 for 2014).
1. Questionable Math for Worker Pay. In its 2014 report, the AFL-CIO reported that the average rank-and-file worker made $16.94 per hour and $35,239 annually in 2013 based on ...