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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… is from page 35 of the transcript of Deirdre McCloskey‘s new, extensive, wide-ranging, and brilliant review of Thomas Piketty’s Capital in the Twenty-First Century; (quoted here with Deirdre’s kind permission):
It is important in thinking about the issues Piketty so energetically raises to keep straight what exactly ...
Here’s a letter to the New York Times:
Paul Krugman’s allegation that Amazon has harmful monopsony power misses many a mark, not least of which is Mr. Krugman’s mistaken account of John. D. Rockefeller’s Standard Oil as a monopoly that “had too much power” (“Amazon’s Monopsony Is Not O.K.,” Oct. ...
… is from pages 43-44 of my colleague Walter Williams’s splendid 1999 collection, More Liberty Means Less Government; specifically, it’s from Walter’s April 1995 essay “Free Markets and Blacks”:
Setting minimum wages is one of the most effective tools in the arsenal of racists everywhere. South Africa’s racist Mine ...
Smith wrote in the stately and verbose style of his day, which has helped to sequester his genius from the mass of modern readers. The economist Russ Roberts, in ...
… is from page 60 of the 1990 Liberty Fund edition of Vera Smith’s superb 1936 volume, The Rationale of Central Banking and the Free Banking Alternative:
The public mind entertained exaggerated hopes as to the power of banking. It was a widespread belief that all that was necessary ...
Here’s a letter to a college student in New Jersey:
Dear Mr. Sloan
Thanks for writing.
You ask if my support of free trade is “too simplistic.” Aren’t there “conditional situations and details” that I overlook when I oppose protectionist arguments? Fair questions. My answer, though, is that while I agree ...
… is from pages 191-192 of Leonard Read‘s 1956 essay “Unearned Riches,” which is chapter XIV in the 1956 collection, edited by Mary Sennholz, On Freedom and Free Enterprise: Essays in Honor of Ludwig von Mises (available for free here) (original emphasis):
Our wage earner may think of ...
Tom Palmer discusses Leonard Liggio (1933-2014) – a man whose lifelong efforts have noticeably shaped, and will continue to shape for decades to come, the cause of liberalism and peace.
All the arguments advanced in favor of income equalization within a country can with the same justification or lack ...
… is from pages 128-129 of Michael Huemer’s vitally important 2013 book, The Problem of Political Authority (link added; footnote excluded; emphases original):
The general precursors for the development of Stockholm Syndrome, then, are reasonably well satisfied in the case of citizens of modern states. It is therefore ...