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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The Classic Economic Models cover micro, macro, and financial markets.
What has been called the democracy of the market manifests itself in the fact that profit-seeking business is unconditionally ...
In a new and, I’m certain, well-researched research paper, Alice Chen, Emily Oster, and Heidi Williams explore reasons why infant mortality is higher in the U.S. than it is in many other developed countries. (HT Tyler Cowen) Here’s the abstract:
The US has a substantial – and poorly ...
But there are lots of different kinds of inequality, and an enormous variety of different mechanisms at work. Lumping ...
Here’s a letter to the New York Times:
In his New York Times blog on Wednesday - in a post entitled “Having It and Flaunting It” – Paul Krugman complained that America’s rich are obsessed with exhibiting their wealth in the form of “ostentatious” consumption. Indeed, Mr. Krugman asserted that “for ...
… is the title of Chapter 5 of William Easterly’s excellent 2006 book, The White Man’s Burden:
The rich have markets, the poor have bureaucrats.
This post by Phil Birnbaum on the unfortunate ease with which statistics on income distributions are misinterpreted – often in ways profoundly mistaken – is one of the best things that I’ve read on income inequality in quite a while. (HT Francis Stiff) Birnbaum’s post is longer ...
… is from page 43 of George Smith’s 2013 Cambridge University Press volume, The System of Liberty:
Hume argued that the social utility of a juridical system is not due merely to the direct effects of each constituent rule, considered separately and in isolation, but rather to the ...
… is from page 172 of the must-read lead article in the current issue of The Independent Review by my colleague Chris Coyne and GMU Econ student Abigail Hall, “Perfecting Tyranny: Foreign Intervention as Experimentation in State Control“; this is an essay that deserves the close attention of ...
… is from page 303 of 2006 Nobel laureate Edmund Phelps’s 2013 book, Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change:
There are plenty of economies in human history that offer more stability and equality than any modern economy ever did. But observation over modern history does ...
This graph shows, for ...