May 2014 Payroll Employment
After 76 months, we finally got back to the prerecession level of payroll employment.
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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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The Classic Economic Models cover micro, macro, and financial markets.
Ludwig von Mises Institute Articles
It’s difficult to envisage a downward-sloping yield curve in an unhampered market economy since this would imply that investors are assigning a higher risk to short-term maturities than long-term maturities. But in today’s economy, an upward- or a downward-sloping yield curve reflects the ...
The Flashman Papers serve not only as the enjoyable, politically-incorrect memoirs of the world’s greatest cad, but also as bowdlerization-free historical accounts including the stumbling, botched efforts of an empire that can’t leave anyone alone. ...
The “Lost Decades” narrative in Japan and the US has kept the drive for more government intervention going for a long time.
Many economics textbooks claim that a function of money is to measure the value of goods. In fact, the value an individual attaches to a given sum of money or to any kind of good (including gold) is based on a subjective judgment ...
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The nonprofit form of enterprise is indispensable to both recipient individuals and the benefactors who fund them.
If, for good reason, we generally distrust the concentrated power wielded by coercive monopolies, we ought to avoid at all costs placing more power in the state, the ultimate embodiment of monopoly.
The Fed and it’s friends blamed cold weather for much of the year’s lackluster economic growth. But cold weather does not explain the economic slowdown because cold weather does not stop economic activity, it merely shifts it to other activities and products.
Supporters of government interventions like minimum wages often pretend the economy is far less complex than it really is, and then conjure up a statistic as evidence of success. Careful analysis reveals another story, however. ...