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?
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
"Small steps toward a much better world”
A Georgia O’Keeffe painting just sold for over $44 million, setting a new record for a painting by a woman; the previous record was for a Joan Mitchell painting auctioned for $11.9 million. A Francis Bacon once auctioned for $142.4 million, and so:
Despite the huge O’Keeffe sale, the cavern between ...
At companies where pampering employees has always been part of the culture, it is hard to stop if business turns sour. Zynga Inc. shares have fallen more than 80% since 2012 as the game maker struggles to find a follow-up hit to ...
1. They have been reported to exist in Australia, India, Mauritania, Burma, and the Mediterranean, but the best known are in Brazil.
2. In parts of southern Brazil, human fisherman have been cooperating with dolphins for many generations (of each species).
3. If fishermen clap just the right way, dolphins will herd ...
You will find it here (pdf), forthcoming in the Erasmus Journal of Philosophy and Economics.
For the pointer I thank Ray Lopez, who in turn drew upon Patrick R. Sullivan, a commentator at The Money Illusion.
1. Daniel Schreiber, Susan Sontag: A Biography. I never tire reading about her, or reading her, for that matter.
2. Richard Bernstein, China 1945: Mao’s Revolution and America’s Fateful Choice. A very good book on how the Americans had a decent relationship with the Chinese Communists in ...
Adam Ozimek reports:
A 2002 paper from Kossoudji and Cobb-Clark found that following the 1986 illegal immigrant amnesty, the wages of those amnestied rose 6% between 1989 and 1992. They found that the majority of the wage penalty of being illegal is due to an inability to move between occupations.
…The effect this will ...
Many theories of democratization suggest that extending the right to vote will lead to increased government expenditure (e.g. Meltzer and Richard, 1981; Lizzeri and Persico, 2004; Acemoglu and ...
5. Michael Potter’s lengthy review of Piketty (I have not yet read it).