Economics Roundtable

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 .

Click on the image to get a bigger version.

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.

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.”

June 17, 2016, 4:04 pm, 1646373

Brad DeLong:

Time to fly my Neoliberal Freak Flag again! I see this very differently than … Dani Rodrik … The problem is not that Europe has too little democracy. The problem is that it has the wrong kind. Issues of fiscal stance are technocratic issues of economic governance. ...

June 10, 2016, 8:04 am, 1644299

At the moment, I’m reading my way through David Miller’s new Strangers in our Midst and also getting very exercised about the UK’s Brexit referendum (to the point where I’m waking at night and worrying about it). My siblings and I have all benefited from the EU’s free movement rights, ...

May 31, 2016, 2:04 am, 1641026

My discussion of intellectual property inevitably raised questions about my argument that property rights are not natural rights, but are socially constructed and, in the modern world, exist only as part of the legal structures created and enforced by states. The “moral rights” of artists over their creative works has ...

May 24, 2016, 10:04 pm, 1639533

Another draft extract from my book-in-progress, Economics in Two Lessons. It’s the last part of the section on “predistribution”, dealing with Intellectual Property. Next up, “redistribution” through taxation and public expenditure.

As always, encouragement is welcome, constructive criticism even more so.

The system of property rights in market societies is ...

May 14, 2016, 10:04 pm, 1636595

A bit out of order, this is another draft extract from my book-in-progress, Economics in Two Lessons. It’s part of the chapter on income distribution, meant to follow the section on unions, and precede the Australia-US data point and the discussion of corporate profits. After this, I ...

May 13, 2016, 4:04 am, 1636214

Over the fold, another extract from my book-in-progress, Economics in Two Lessons. Encouraging comments appreciated, constructive criticism even more so.

Predistribution and profits

As we’ve seen in previous sections, the social constructions of property rights and institutions surrounding employment makes a big difference to the determination of wages and working ...

May 9, 2016, 4:04 am, 1634531

In a recent post, I asserted that

activities like tax avoidance/evasion and regulatory arbitrage aren’t peripheral flaws in a financial system primarily concerned with the efficient global allocation of capital. They are the core business, without which the profits of the global financial sector would be a tiny fraction ...

April 28, 2016, 8:04 pm, 1631012

I’m currently working on a section of my Economics in Two Lessons book dealing with minimum wages in the context of predistribution policies, so I thought I would compare Australia with the US, where the idea of a $15/hour minimum wage is currently a hot topic. In Australia there are ...

April 28, 2016, 12:04 am, 1630665

Over the fold, an extract from my book-in-very slow-progress, Economics in Two Lessons. I’m getting closer to a complete draft, and I plan, Real Soon Now, to post the material so far in a more accessible form. But for the moment, I’ll toss up an extract which is, I hope, ...

April 21, 2016, 4:04 am, 1628597

In an op-ed in the Financial Times, the economist Branko Milanovic advocates that in order to fight global poverty, we should introduce explicit systems of differentiated citizenship in wealthy countries under which immigrants (and their children? and their children’s children?) would be entitled only to a reduced package of ...