Technical Problems 3/9/15
The website was down several hours today, but is back up now.
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.
Stupid men believe that force can improve other men’s morals; they want force to stop men’s drinking, or smoking, or gambling. Superstition clouds ...
In my Principles of Microeconomics class, when we’re discussing the role of prices and of speculation, I share with my students the following story (as recounted in this September 2008 letter to the station manager of WAMU radio in DC):
This morning your reporter interviewed a resident of ...
In my Principles of Microeconomics class at George Mason University, my students and I recently discussed the economics of so-called “price gouging” – the signifiant rise in the prices of staple goods (and services) following a natural disaster. Basic supply-and-demand analysis explains quite well the observed pattern of ...
… is from page 256 of William Easterly’s excellent 2006 book, The White Man’s Burden:
It is the job of economists to point out trade-offs; it is the job of politicians and Planners to deny that trade-offs exist.
Carl, a high-school history teacher from South Carolina, writes to ask how, if ever, do I consider the “losers from free trade” in my defense of complete, unilateral free trade. It’s a good question. Being busy at the moment, I content myself here with reprising the following ...
In his latest column, George Will’s shares several economic insights from John Tamny’s new book, Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You about Economics. It’s a book that I’m especially eager to read!
… is from page 75 of Julian Simon’s 1993 essay “In Favour of Immigration,” as reprinted in the splendid 2000 collection Population: The Ultimate Resource (Barun S. Mitra, editor):
Opponents of immigration seek to persuade us that new immigrants damage society economically, politically, and culturally. Immigration restrictions are intended ...
… that if each individual can, on his or her own, choose which offerings of private businesses to accept and which to reject, and all without having to coordinate these choices with other individuals, people are slaves to corporations – but that individuals regain their freedom and dignity ...
… is from page 86 of Alex Epstein’s brilliant and clear 2014 book, The Moral Case for Fossil Fuels:
[T]he natural environment is not naturally a healthy, safe place; that’s why human beings historically had a life expectancy of thirty. Absent human action, our natural environment threatens us with ...