Economics Roundtable

January 2014 Payroll Employment

We are getting closer to the previous peak.

Click on the image to get a bigger version.


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 .


Click on the image to get a bigger version.


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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Ludwig von Mises Institute Articles


April 19, 2014, 12:34 am, 1257721

The economic success of the West and of free economies everywhere stems from the acceptance within many societies (to varying degrees) that individuals are all equal in the right to own property and exercise freedom from the collective. States, on the other hand, ...


April 18, 2014, 12:34 am, 1257421

Law and rights do not depend on the dictates of the state. With this position, Butler Shaffer puts himself at odds with much that passes in our day for wisdom among professors of law. There is an apparent acceptance of Jeremy Bentham’s dictum ...


April 17, 2014, 12:34 am, 1256774

Economists today have sold themselves to the enemy. They work for government agencies such as the IMF, OECD, the World Bank, central banks, or academic institutions where their research is heavily subsidized by government agencies. To succeed they have to toe the line, ...


April 16, 2014, 12:34 am, 1256140

The IMF reports that observed interest rates in advanced economies in recent years are low and staying low, but these rates, constantly manipulated by the Fed and other central banks, do not reflect the true, natural interest rates that would occur in an ...


April 15, 2014, 12:34 am, 1255531

The minimum wage forces the price of labor up, and rent control forces the price of rental housing down. As a result, such laws ensure there will be fewer laborers demanded and fewer apartments offered. This is an odd way of helping low-income ...


April 14, 2014, 12:34 am, 1254993

The battle over cattle grazing in Nevada is just the latest episode in a long history of federal regulation of lands in the American West. Although the myth of the West is one in which there is less government, the reality is one ...


April 12, 2014, 12:34 am, 1254581

With the Web, getting information is easy. The hard part is finding the information that is most relevant, interesting, and correct. Matt Drudge revolutionized the internet with his invention of the news aggregator, and we need to do something similar to find the ...


April 11, 2014, 12:34 am, 1254040

The most hard-working and intelligent people tend to go to college, but it’s not the college degree that makes them successful. For many people, the opportunity costs of college are immense and the benefits are small. But this does not stop politicians and ...


April 10, 2014, 12:34 am, 1253382

Macroeconomic central bank policies spread uncertainty, malinvestment, and unemployment. Unemployment is prolonged by mismatches of wages and worker productivity. Macroeconomic policy cannot solve what it has largely created. Only the private economy can provide the sort of economic coordination necessary.


April 9, 2014, 12:35 am, 1252717

According to some experts, sanctions imposed by the US and the European Union are likely to push Russia into a recession. But the key factor that is likely to push Russia into a recession is not sanctions as such but as a sharp ...