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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Ludwig von Mises Institute Articles
Many modern states are little more than groupings of conquered nations. Breaking them up into smaller pieces is all for the best, and this would also ultimately lead to more free trade among nations since smaller states find it more difficult to sow ...
In this transcript of his Mises Weekends interview with Jeff Deist, Andy Duncan handicaps the upcoming secession vote in Scotland and discusses the state of free-market thinking in the UK.
There is no one Taylor Rule, but several, depending on how one interprets the government's measurements of the economy. Taylor's rule also fails to address the fundamental problem of coordinating the actions of many diverse individuals in an economy, so it cannot protect ...
The NCAA, a quasi-governmental regulatory cartel, prohibits colleges from paying athletes. So colleges employ a variety of schemes to offer unofficial “pay.” Meanwhile, the NCAA ensures there is no functioning job market for athletes at that level, and no competition to which students ...
The work of economist Anders Chydenius, which predates Smith’s The Wealth of Nations, provided a radically free-market voice for Scandinavia in the 18th century as Chydenius battled against mercantilists and those who thought government well-suited to plan economies with laws and edicts.
In a free market, entrepreneurs profit by providing something of value that people will voluntarily purchase. In a state-controlled market, however, profit through government draws many away from the voluntary exchange of the marketplace to the violence of government-enforced redistribution.
Jeff Deist and David Howden discuss the history of banking in America before 1913, and why American economists all seem to be in thrall to the Fed. ...
Government management of the trucking industry has raising prices for both consumers and producers who depend on trucking.
Some opponents of Scottish secession (and most other secession movements) claim that places like Scotland and Quebec are "too small" to be independent countries. A look at small countries vs. large countries, however, suggests that small countries often perform better economically.
Randall Holcombe talks about his new textbook on Austrian economics: “The idea was to write a book for people who already know some economics,” Holcombe says. “But even a student who has only taken an introductory economics course will have enough background to ...