Economics Roundtable
Graph-of-the-Year Candidates
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.
Finally, it's hard to argue against the payroll employment graph below (straight from FRED) and the comparison across recessions (courtesy of Calculated Risk).
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
Click on the chart for a larger version.
November Payroll Employment
Remember M1?
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?
Click on the chart for a larger version.
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Crooked Timber
"Out of the CROOKED TIMBER of humanity, no straight thing was ever made.”
My critique of Tyler Cowen’s post arguing the unimportance of social mobility has started off, or maybe merged into, of those old-fashioned blog firestorms we used to have back in the day, now also reticulated through Twitter – a few links ...
The endless EU vs US debate rolls on, but now with an odd twist. Although the objective facts about economic inequality, immobility and so on are far worse in the US than the EU, the political situation seems more promising. (I’m not talking primarily about electoral politics but ...
Last week’s nef event on shorter working week, which I blogged about a few days ago, is now available to watch via the LSE channel. Enjoy.
Last Wednesday I attended an event at LSE (under the auspices of the New Economics Foundation) exploring the idea of working-time reduction with an eventual goal of moving to a normal working week of 21 hours. Various people asked me to write up the event, so that’s what ...
Hear hear! What a wonderful short interview with Sanjay Reddy by Perry Mehrling from the Institute for New Economic Thinking (INET):
Reddy defends the position that economics is a profoundly value-entangled science, and that “Good theory is theory which illuminates the world, and good theory ...
This is huge: medical homecare workers will start to be treated as actual workers, with overtime and minimum wage requirements, rather than volunteers. At some point perhaps other groups of workers excluded from that kind of basic protection—waiters, other domestic workers, farm laborers—will also overcome the racist legacy of ...
David Cameron’s use of the veto in the recent EU summit opens an era of deep uncertainty (and possible catastrophe) for British and European politics. Two things seem to be true: Cameron is an incompetent opportunist in thrall to his backbenchers and the proposed treaty is a disaster for the ...
Helen Ladd and Ted Fiske have an excellent piece in today’s Times explaining the relationship between educational inequality and income inequality, drawing on Sean Reardon’s contribution to Whither Opportunity?: Rising Inequality, Schools, and Children’s Life Chances. ...
Understanding developments in the European crisis has become rather like Kremlinology, trying to figure out the meaning of subtle changes in wording, and rearrangements of the Politburo on the podium for May Day parades. In particular, Mario Draghi of the ECB goes back and forth, sometimes suggesting that the ...
Via DeLong and Econospeak, I found my way to Gregory Mankiw’s self-exculpation in the New York Times. Mankiw quotes Keynes drawing a contrast between method and empirical conclusions:
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method ...