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.
"Small steps toward a much better world”
Information is convex to noise. The paradox is that increase in sample size magnifies the role of noise (or luck); it makes tail values even more extreme. There are some problems associated with big data and the increase of variables available for epidemiological and other “empirical” research.
Here is ...
1. And job openings at MRUniversity.com.
4. Bargaining with a bear (video).
5. Steve Levitt talk on Big Data (video).
The Martian is the most Randian movie in years, perhaps in decades. Ayn Rand is best known for her defense of capitalism but her defense of reason was even more fundamental to her thought. The Martian has no bearing on politics but it reminded me of Rand’s essay on Apollo ...
1. Larissa MacFarquhar, Strangers Drowning: Grappling with Impossible Idealism, Drastic Choices, and the Overpowering Urge to Help. Profiles of people who are obsessed with helping others. That is a wonderful premise for a book, somehow for my taste it didn’t run quite deep enough. Still, many people will ...
There are now websites dedicated to “kitlers” (cats that look like Hitler),YouTube videos that remix documentary footage to turn Hitler into a dexterous disco dancer, and innumerable parodic appropriations of Bruno Ganz’s psychotic rants in Oliver Hirschbiegel’s film Downfall that are refashioned to criticize a plethora of contemporary cultural discontents ...
Nathan Robinson of Harvard has an opinion:
In this paper, I take the position that a large portion of contemporary academic work is an appalling waste of human intelligence that cannot be justified under any mainstream normative ethics. Part I builds a four-step argument for why this is the ...
The way the movie is good is almost the opposite of the way the book is good, so re-gear your expectations. It is the most convincing portrayal of a planet I have seen in cinema. (Planets, by the way, create erotic bonds stronger than those of actual marriages.) I enjoyed ...
…mergers aside, the youngest firm in the CAC 40, the main stock index, was founded in 1967.
3. Thwarted MIE: grandparents try shelling out 10k for naming rights to grandson. As for parents: “They are paying consultants such as Ms. Korwitts to choose ...
I have been predicting this, Emma Jacobs covers it in the FT:
This new breed of tutors catering to undergraduates is growing (admittedly from a low base). Once the guilty secret of schoolchildren seeking to get into selective schools or gain top marks in exams, private tutors are now ...