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?


Click on the chart for a larger version.


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About Economics (Mike Moffatt)


June 1, 2014, 12:04 am, 1280009
In order to understand how the Federal Reserve controls the supply of money in an economy, it's necessary to understand how a fractional reserve banking system operates. Luckily, I'm happy to help!

Fun with Fractional Reserve Banking... originally appeared on About.com Economics on ...


May 19, 2014, 2:04 pm, 1274046

Economists, even when sometimes trying too hard to play devil's advocate, aren't technically wrong when they state that the market for healthcare could function like the market for most other goods and services. (Steve Levitt uses cars as an example in the linked article.) The thing about ...


May 19, 2014, 2:04 pm, 1274045

In general, economists are okay with regulation when it corrects a market failure, or, in other words, a situation where transactions or features that would be efficient to offer don't happen. Therefore, it's important to ponder when learning about new regulation is whether a market would have reached the ...


May 19, 2014, 2:04 pm, 1274044

May 12, 2014, 2:04 pm, 1270417
Economists and policy analysts are often very careful to point out that correlation does not imply causation- for example, while it may be true that increased incidence of drowning correlates with increased ice cream consumption, it is not the case that eating ice cream causes a person to drown (or ...


May 12, 2014, 2:04 pm, 1270415
When economists discuss economic growth, they often bring up the rule of 70 as a useful shorthand for determining how long it takes a quantity to double. Technically, there are multiple versions of the rule- usually the rule of 69 and the rule of 72- that vary the ...


May 12, 2014, 2:04 pm, 1270416
It's often noted that media outlets, subtly or not, take a political position via the way that they choose what to cover and the way that they choose to write about what they cover. It's generally assumed that said media outlets are doing so in order to get their ...


May 5, 2014, 4:04 pm, 1266471
The April jobs report was released by the Bureau of Labor Statistics last Friday, and it shows that the economy added 288,000 jobs last month.

Finally, Some Good News from the April Jobs Report... originally appeared on About.com Economics on Monday, May 5th, 2014 at ...


May 5, 2014, 4:04 pm, 1266470
Nobel-prize winning economist Gary Becker passed away yesterday in Chicago. You can read an official obituary here...or a much more heartfelt and personal one from Steve Levitt here.

Economist Gary Becker, 1930-2014... originally appeared on About.com Economics on Monday, May 5th, 2014 at ...


April 21, 2014, 2:04 pm, 1258373

Job creators, directly, at least, are obviously those entrepreneurs and business owners that hire workers. Economist Jared Bernstein, however, argues that, in an important indirect sense, consumers and investors are the job creators, since their actions give businesses the incentives to expand output and hire workers.

This works in ...