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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"Small steps toward a much better world”
John Nash and his wife died yesterday in a car accident.
CNN: Nash, who won the Nobel Prize for Economics in 1994, was known for his work in game theory, and his personal struggle with paranoid schizophrenia. His life story inspired the 2001 Oscar-winning film “A Beautiful Mind” starring Russell ...
The author is Michael North, and this new and excellent book, when it comes to the earlier centuries, emphasizes the role of Swedes and Germans in shaping a region of prosperity and trade. The most interesting section (starts p.239) is about the 1920s, when the Baltic nations underwent ...
1. What should you study to stay ahead of the computers? That is by Robert Shiller.
The classical MU [differential marginal utility of money] argument has, in my view, been moderated by the findings of behavioral economics, namely loss-aversion. Taking from the higher-incomes to give it to the lower incomes may be negative utility as the higher incomes are valuing their loss at ...
“Colonel” is pronounced just like “kernel.” How did this happen? From borrowing the same word from two different places. In the 1500s, English borrowed a bunch of military vocabulary from French, words like cavalerie, infanterie, citadelle, canon, and also, coronel. The French had ...
There is a new paper by Karol Jan Borowiecki, published in Oxford Economic Papers:
I investigate the consequences of long-run persistence of a society’s preferences for cultural goods. Historical cultural activity is approximated with the frequency of births of music composers during the Renaissance and is linked with contemporary ...
1. This one has something to with Richmond, otherwise I don’t know how to title it.
3. Are New Jerseyans more flammable than other people? Or something else?
4. Erik Angner, Well-Being and Economics; among ...
In 2007 in an effort to increase the number of girls enrolled in school the government of Bihar in India gave each schoolgirl of age 14 a bicycle. The excellent Karthik Muralidharan and co-author Nishith Prakash set out to discover whether the program was effective. To jump to the ...
The recent terror attack in Karachi won’t help any, but still the news is looking up, from The FT:
The IMF has acknowledged that Pakistan averted a balance of payments crisis in 2013 and managed to stabilise its foreign reserves. This week Standard & Poor’s, the credit ...