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?
The Economics Roundtable is sponsored by EconModel.
The Classic Economic Models cover micro, macro, and financial markets.
The biggest Ex-Im beneficiaries are U.S. giant corporations like Boeing, GE, ...
Another point that stands out [in a review of the empirical evidence] is the high degree of stability ...
The Wall Street Journal‘s Mary Anastasia O’Grady rightly refuses to join the chorus of sanctimonious and ill-informed conservatives who blame Barack Obama for the appalling spectacle on display now on the U.S.’s southwestern border. Obama deserves special blame for countless follies and problems; he’s an insufferably officious, duplicitous, arrogant, ...
… is from page 11 of Donald R. Leal’s and Roger E. Meiners’s important 2002 collection, Government vs. Environment; specifically, it’s from Leal’s and Meiners’s chapter 1 (“Greener Pastures? The Defective Attraction of Federal Environmental Policy”):
Under national command and control of the environment for three decades, the ...
Here’s a letter to an e-mail correspondent (whose name is used here with her kind permission):
Ms. Molly Mills
Dear Ms. Mills:
Thanks for alerting me to Joe Nocera’s article on the cystic-fibrosis wonder drug Kalydeco - a drug that now costs each patient more than $300,000 annually (“The $300,000 Drug,” July 18). ...
The Wall Street Journal has a very good summary of today’s two different, and conflicting, court rulings on the lawfulness of the Obama administration’s efforts to violate the clear language of the Obamacare legislation. A slice:
In Halbig v. Burwell, the D.C. Circuit Court of Appeals held that the Administration ...
Responding to my report that Ms. Molly Mills e-mailed me to claim that (original emphasis)
[a]ll sick people should have access to drugs at affordable prices!!!!!
the great University of Virginia economics teacher – and antitrust scholar (and economics-mystery writer) – Ken Elzinga asks via e-mail to me:
One wonders ...
… is from page 127 of Deirdre McCloskey’s lovely 1996 book, The Vices of Economists – The Virtues of the Bourgeoisie:
Virginia Woolf wrote famously, “About December 1910 human nature changed.” Well, one doubts it. What did change, and has been changing all through the closing decades of the ...
I learned last night, from an e-mail sent by Walter Grinder, that John died earlier in the day yesterday. As I read Walter’s e-mail, a deep sadness descended upon me (as, I know, it descended upon many others) – sadness not only ...