September Payroll Employment
We are still 1% off the previous peak in jobs.
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 .
Focus on the Problem
U.S. payroll employment peaked at 132.5 million jobs in February 2001. For April 2012, U.S. payroll employment had reached 133.0 million jobs, marking the third month in a row above the February 2001 level.
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.
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
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.
Ludwig von Mises Institute Articles
The focus of Dallas Buyers Club is on the crony-capitalist relationship that exists among the American health care system, the pharmaceutical companies, and the FDA. The monopoly power that results from this union is used to stifle a person’s right to consume what ...
A “currency war,” is when nations engage in competitive currency devaluations in order to increase exports. Governments persist in the fallacious belief that weakening its currency will improve competitiveness in world markets, thus “exporting its way to prosperity.” There is one country opposed ...
At the heart of fascism lies state control of the economy. In this type of socialism, the government dictates economic decisions and the ostensible business owners must obey its orders. It was precisely this pattern that Mises found in Nazism, and, unfortunately, it ...
The reigning paper money system is at the center of the growing income inequality and expanding poverty rates we find in many countries today. Nevertheless, states continue to grow in power in the name of taming the market system that has supposedly caused ...
An analysis of the secretaries of war and defense gives us insight into the “military-industrial complex.” They are not the only gatekeepers of the warfare-welfare state, but they are crucial in coordinating the collectivist, rent-seeking corporate entities with the political parties and their ...
The Federal Reserve System turns 100 on December 23. Critics note that on the Fed’s watch America has endured numerous bubbles, crashes, and inflationary cycles that have greatly devalued the dollar. “If you say the goal of the Fed was to prevent calamities, ...
The free market, the arena of voluntary cooperation, is the great engine of civilization. The next time you find yourself insisting that we need to keep government limited, ask yourself why it never, ever stays that way. Might you be chasing a unicorn?
Hemp is a variety of cannabis sativa, and up until the mid-19th century it was an essential staple crop and the most traded commodity in the world. It is a valuable and versatile raw material used in the production of paper, textiles, rope, ...
The hyperinflation of 1790s France illustrates one way in which inflationary monetary policy becomes unmanageable in an environment of economic stagnation and debt, and in the face of special interests who benefit from, and demand, easy money. As Voltaire once said, “Paper money ...
The label “North American Free Trade Agreement” (Nafta) is supposed to command unquestioning assent. “How can you be against free trade?” It’s very easy. The folks who bring us Nafta and presume to call it “free trade” are the same people who call ...