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.


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 30, 2014, 8:05 pm, 1344046

Thomson Reuters has been predicting Nobel Prizes for the last dozen years, with modest success, and this year names Israel Kirzner as a potential economics winner, in a hypothetical joint prize with William Baumol for research in entrepreneurship. (This is one ...


September 30, 2014, 2:05 pm, 1343865

Mises Daily Tuesday by Mark Tovey:

When dealing with people in a potentially hostile environment (such as a zombie apocalypse) how do we decide if we should trade with strangers or kill them? It turns out time preference and ...


September 30, 2014, 2:05 pm, 1343864

Mises Daily Tuesday by Ron Paul:

Devolving government into smaller units promotes economic growth. The smaller the size of government, the less power it has to hobble free enterprise with taxes and regulations.

Just because people do not wish to live under ...


September 30, 2014, 12:05 pm, 1343781

Whenever you see someone use the word “neoliberalism” you are probably dealing with someone who spends most of his or her time in a left-wing echochamber where people believe they are being oppressed by “free markets” and that things will be set ...


September 30, 2014, 4:05 am, 1343466

Europe got some good news in early June as the EU changed its statistical guidelines on how to compute GDP. Among other changes, expenditures on prostitution and illicit drugs (hookers and blow, colloquially) will now be included.

Of course, some countries have been including these items for years. Back in 2006, ...


September 29, 2014, 6:05 pm, 1343241

On Mises’s Birthday:

We live in a time in which many people claim to be libertarians or at least hint that they are. This includes many obviously unlibertarian people such as Bill Maher, Paul Ryan, and Michelle Bachmann. It’s arguably a good thing when people who have no real interest ...


September 29, 2014, 4:05 pm, 1343159

The shooting death of John Crawford in an Ohio Walmart store well illustrates the difference between private security and monopoly government security which is the final judge of its own actions, and which enjoys essentially limitless access to cash via ...


September 29, 2014, 4:05 pm, 1343158

Electronic currencies are typically viewed as “disruptive” innovations that will upset the existing structure of the banking industry (and even the economy and society at large), rather than “sustaining” innovations that generate incremental changes within the existing structure (here I’m borrowing Clayton Christensen’s famous terms). But people sometimes forget that ...


September 29, 2014, 4:05 pm, 1343157

Some Austrians and libertarians think that managerial hierarchies, even within fully private companies, are inherently inefficient (or, worse, the indirect result of government intervention). I think this view is mistaken, for a variety of reasons (see these links for some ...


September 29, 2014, 12:05 pm, 1342995

Mises Daily Monday: Rothbard explains how Mises laid the foundation for Austrian Business Cycle Theory:

In The Theory of Money and Credit, Mises provided the basics for the long-sought explanation for that mysterious and troubling economic phenomenon — the business cycle.