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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After I’d earlier quoted from Deirdre McCloskey’s incisive review of Thomas Piketty’s Capital in the Twenty-First Century, several of you asked me how to get a copy of Deirdre’s review. It’s now available.
Here’s a letter to the Washington Post:
David Ignatius proposes that climate change be treated “as a moral issue – a matter like civil rights” (“The moral issue of climate change,” Nov. 19).
This comparison fails. The core concern that sparked the civil-rights movement was simple: government-mandated racial segregation and ...
… is from pages 428 of H.L. Mencken’s indispensable 1949 collection, A Mencken Chrestomathy; specifically, it’s the final paragraph of Mencken’s spectacularly good May 27, 1935, essay in the Baltimore Evening Sun entitled “The New Deal”:
Of such sort are the young wizards who now sweat to save the plain ...
On Thursday, December 4th, Todd Zywicki, a GMU colleague of mine from over in the law school, will be joined by GMU’s Pete Boettke, and Josh Wright, and the Washington Post‘s Steve Pearlstein, in a discussion of Todd’s new book, Consumer Credit and the American Economy. The book’s message ...
Here’s an interesting podcast with Sam Peltzman. (Sam doesn’t get much wrong, but he does, at the very beginning, mistake Thomas Carlyle’s reason for labeling economics the “dismal science.” My colleague David Levy just sent Sam the relevant info!)
In The Wealth of Nations, Smith assumed we’re self-interested. In The Theory of Moral Sentiments, he wrote about our deep interest in those around us. In this excerpt from my new book, How Adam Smith Can Change Your Life, I try to reconcile the different approaches ...
Here’s a letter to WTOP Radio in Washington, DC:
During today’s 10:00am hour you reported that Maryland governor Martin O’Malley objects to building the Keystone XL pipeline because (as you summarized his objection) “the pipeline will create too few jobs to offset its environmental cost.”
I have no idea if this ...
I loathe low-flow faucets and shower heads.
First, they likely do not cut down on the amount of water used per incident. For example, I know that I rinse my hands for a longer duration under low-flow faucets longer than I do under regular-flow faucets. The point is to ...
… is from page 574 of the 2000 Modern Library edition of Charlotte Bronte’s brilliant 1847 novel, Jane Eyre; here – in chapter 33 – Jane has just learned that she unexpectedly inherited, from her uncle John, a fortune of £20,000:
One does not jump, and spring, and ...