Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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Jobs

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 .


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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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Mises Economics Blog


September 17, 2014, 12:05 am, 1336178

The teachers’ strike in British Columbia, Canada, is over… almost. On Thursday, 40,000 public school teachers in the province will vote on whether to accept the proposed contract. Neither side got everything it wants, and the main headline is that teachers will receive a 7.25% salary raise over 6 ...


September 16, 2014, 6:05 pm, 1336086

Mark Thornton interviewed on PressTV:

“The political tensions between the United States and Russia has increased or speeded up the process of which nations are doing business between countries instead of dollars and doing it with their local currencies,” Mark Thornton, Senior Fellow at Mises Institute, told Press TV on ...


September 16, 2014, 2:05 pm, 1335946

In light of the upcoming Scottish independence referendum, some quotes by Mises are appropriate. Too bad the Scots’ idea of independence is Salmond and the EU, not Wallace and Bruce.

No people and no part of a people shall be held against ...


September 16, 2014, 2:05 pm, 1335945

The phrase “incentives matter” is ubiquitous in economics, from undergraduate teaching to economic policy debates. The mantra is especially popular in the growing literature targeted at the general public, which I’ve criticized before for its undue focus on incentives ...


September 16, 2014, 12:05 pm, 1335864

Mises Daily Monday by Gary Galles:

The work of economist Anders Chydenius, which predates Smith’s The Wealth of Nations, provided a radically free-market voice for Scandinavia in the 18th century as Chydenius battled against mercantilists and those who thought government ...


September 16, 2014, 12:05 pm, 1335863

Mises Daily Tuesday by Andrew Syrios:

The NCAA, a quasi-governmental regulatory cartel, prohibits colleges from paying athletes. So colleges employ a variety of schemes to offer unofficial “pay.” Meanwhile, the NCAA ensures there is no functioning job market for athletes at that ...


September 15, 2014, 4:05 pm, 1335310

Thanks to translator Matin Pedram, Rothbard’s Power and Market is now available in a Persian translation.

Front:

Back:


September 15, 2014, 2:05 pm, 1335238

As has been done for several years, the Mises Institute hosted our annual Auburn University Economics Graduate Student Reception on Friday at our campus next to Auburn University. It was organized by Jonathan Newman (Summer Fellow 2014, Mises U Alum, and Economics Doctoral Student at Auburn).


September 15, 2014, 12:05 am, 1334816

We all have regrets. But if you find yourself consistently ruing your past decisions, maybe it’s best to rethink your rashness.

Writing in the Financial Times this weekend, Richard McGregor gives some perspective on Americans’ change of heart for wars.

In the wake of a triumph in WWII, in 1950 65% ...


September 14, 2014, 8:05 pm, 1334777

Entrepreneur and venture capitalist Peter Thiel has an interesting Wall Street Journal piece on innovation, firm growth, and market structure, misleadingly titled “Competition Is for Losers.” Thiel’s essay is ostensibly about the defense of “monopoly” — the large market shares achieved by successful firms — over “competition,” by which ...