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?


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Cafe Hayek


December 21, 2014, 4:04 pm, 1392864
(Don Boudreaux)

The Institute for Justice – a special and genuine force for significant good in the U.S. – just published its superb Entrepreneur’s Survival Guide.

I thank the many of you who sent to me Michael Moynihan’s excellent essay “Castro’s Hipster Apologists Want to Keep Cuba ‘Authentically’ Poor.”  A ...


December 21, 2014, 10:04 am, 1392787
(Don Boudreaux)

… is from page 302 of the late Thomas McCraw’s excellent 1984 volume, Prophets of Regulation:

On balance, however, it seems clear that the concern about legal process has controlled the outcome of regulation more often than has the concern about the substance of economic efficiency.  In economists’ ...


December 20, 2014, 12:04 pm, 1392623
(Don Boudreaux)

Here’s a letter to the Chronicle of Higher Education; (thanks to Lyle Albaugh and George Leef for alerting me to this Beckert essay) :

Sven Beckert struggles to portray slavery as essential to the origins of capitalism (“Slavery and Capitalism,” Dec. 12).  His core argument, it seems, boils down to ...


December 20, 2014, 8:04 am, 1392560
(Don Boudreaux)

… is from page 120 of the third edition (2015) of my colleague Tyler Cowen’s and Alex Tabarrok’s microeconomics textbook, Modern Principles: Microeconomics:

How is order produced from freedom of choice?  That is a scientific mystery, and prices are the biggest clue to the solution.  Prices do much more ...


December 19, 2014, 10:04 pm, 1392435
(Don Boudreaux)

At the same time that I was writing this blog post earlier today, one of the quack healers mentioned in that post held a press conference, it would seem, for the purpose of supplying evidence in support of the point of that post.  Here’s a slice from


December 19, 2014, 4:04 pm, 1392309
(Don Boudreaux)

Here’s a letter to the Washington Post:

So Dr. Mehmet Oz isn’t really a wizard: he and other media medics often peddle, not sound advice, but entertaining quackery (“Half of Dr. Oz’s medical advice is baseless or wrong, study says,” Dec. 19).  No surprise.  People are gullible, especially when ...


December 19, 2014, 10:04 am, 1392094
(Don Boudreaux)

… is from pages 214-215 of David Landes’s often brilliant but uneven 1998 volume, The Wealth and Poverty of Nations:

At the same time, the British were making major gains in land and water transport.  New turnpike roads and canals, intended primarily to serve industry and mining, opened the way to ...


December 19, 2014, 8:04 am, 1392032
(Don Boudreaux)

… is from pages 214-215 of David Landes’s often brilliant but uneven 1998 volume, The Wealth and Poverty of Nations:

At the same time, the British were making major gains in land and water transport.  New turnpike roads and canals, intended primarily to serve industry and mining, opened the way to ...


December 18, 2014, 12:04 pm, 1391541

December 18, 2014, 8:04 am, 1391381
(Don Boudreaux)

… is from the abstract of Solomon Polachek’s and Carlos Seiglie’s important 2006 paper, “Trade, Peace and Democracy: An Analysis of Dyadic Dispute“:

At least since 1750 when Baron de Montesquieu declared peace is the natural effect of trade, a number of economists and political scientists espoused the ...