Economics Roundtable

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 .

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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May 6, 2016, 2:04 pm, 1633883
(May 6, 2016 02:00 PM, by Scott Sumner) In June, the British will vote on whether to leave the EU. There are lots of good arguments on both sides, and I have mixed feelings on the question. But in the end I believe the UK should stay in... (0 ...

May 6, 2016, 2:04 pm, 1633882
(May 6, 2016 02:02 PM, by David Henderson) I woke up Wednesday morning feeling a little bleak that our two main choices are two really awful candidates: Hillary Clinton and Donald Trump. Many of my libertarian and conservative friends have denounced Trump continuously, both on his policy views... (1 ...

May 6, 2016, 2:04 pm, 1633881
(Don Boudreaux)

Politicians elected to positions of power within the state of California fancy that their own assessments of what the details of ...

May 6, 2016, 2:04 pm, 1633880

May 6, 2016, 2:04 pm, 1633879

The Bureau of Labor Statistics released the jobs report for April this morning. AEI scholars are available to comment.

Resident scholar Aparna Mathur:

Surprising dip in employment numbers to 160,000 after averaging over 200,000 over the last several months. Labor force participation down marginally. On the positive side, slight uptick in wages ...

May 6, 2016, 1:34 pm, 1633874
I gave some comments on “Global Imbalances and Currency Wars at the ZLB,” by Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas at the conference, “International Monetary Stability: Past, Present and Future”, Hoover Institution, May 5 2016. My comments are here, the paper is here

May 6, 2016, 1:34 pm, 1633875
Brad Delong posted a response to myoped on growth in the Wall Street Journal. He took issue with my graph, reproduced here,

by making his own graph, here

May 6, 2016, 1:34 pm, 1633873

May 6, 2016, 1:34 pm, 1633872

What's the main difference between our modern monetary system and the system they had in the medieval ages? Most of you will probably answer something along the lines ...

May 6, 2016, 1:33 pm, 1633871

It’s already time for my fourth “quarterly” spelling/punctuation/grammar rant of the year (see previous rants here, here and here) on what I think is the most common spelling/punctuation/grammar/orthographic mistake in the English language — the misuse of it’s (or its’) for its — illustrated by the 8 ...

May 6, 2016, 1:03 pm, 1633840

Don't believe everything you read:

Truth and Trumpism, by Paul Krugman, NY Times: How will the news media handle the battle between Hillary Clinton and Donald Trump? I suspect I know the answer — and it’s going to be deeply frustrating. But maybe, just maybe, flagging some common journalistic ...

May 6, 2016, 12:44 pm, 1633839

May 6, 2016, 12:04 pm, 1633832

1. A new and significantly revised edition of Ilya Somin’s Democracy and Political Ignorance: Why Smaller Government is Smarter, is coming out in June.

2. Philip Wallach: Farewell to the Administrative State?

3. 1970s spoof of Star Wars, done by the Osmonds, ultimately pointing ...

May 6, 2016, 12:04 pm, 1633829

Amid all the debates (including one at AEI on May 10) on whether “Modinomics” has been more about style or substance, Indian Prime Minister Narendra Modi can boast at least one significant accomplishment. According to a recent report by fDi Intelligence, an affiliate of the Financial Times, India replaced ...

May 6, 2016, 12:04 pm, 1633830

Since the turn of the century, there has been an explosion in student demand for charter schools. The number of charter schools has more than quadrupled during that time, from roughly 1,500 to over 6,800, yet the number of students on waitlists topped one million for the first ...

May 6, 2016, 12:04 pm, 1633831

When William Moritz dived into the rough Florida surf on the morning of April 16, 2016, his only thought was to save his 6-year-old daughter, who had been pulled into the ocean by the waves. Moritz, who was 28, drowned trying to reach his daughter, who was rescued by others ...

May 6, 2016, 12:04 pm, 1633828

May 6, 2016, 12:04 pm, 1633826

Structural reform in the military is long overdue. Thirty years ago, when the last major overhaul of the military’s structure was implemented due to the passage of the Goldwater Nichols Act, desktop computers and cell phones were largely viewed as novelty items, the Berlin Wall still stood firm, and terrorists ...

May 6, 2016, 12:04 pm, 1633827

Now that Donald Trump and Hillary Clinton are the presumptive nominees of their parties, we can turn our attention to the entrance and exit polls to see a full picture of what voters have said so far and what clues the polls may provide for the November election. The polls ...

May 6, 2016, 11:03 am, 1633793

Today is May 6, the date in 1862 when Henry David Thoreau passed away. Thoreau famously refused to pay his taxes because of his opposition to war and slavery, spending a night in jail until someone paid his overdue taxes for him.

Here are some interesting links I came across:

Trump Backs ...

May 6, 2016, 11:03 am, 1633792

U.S. employers added 160,000 jobs in April, and the unemployment rate was unchanged at 5%. Here’s a look into what we can learn by diving into the details of the monthly employment report.

Over the past year, the economy has added a total of 2.7 million jobs. This is a somewhat slower ...

May 6, 2016, 11:03 am, 1633791

The U.S. labor market slowed in April as the economy added a seasonally adjusted 160,000 jobs and the unemployment rate held steady at 5%. Other key numbers were mixed, with wages advancing a decent 2.5% from a year earlier but the size of the labor force falling. Federal Reserve officials are closely watching ...

May 6, 2016, 11:03 am, 1633790

Jared Bernstein on the jobs report:

Jobs report: Payroll number lower than expected but trend holds at 200,000: Payrolls rose 160,000 last month, less than the 200,000 we’ve come to expect and the smallest monthly gain since last September. Revisions to the prior two months data shaved 19,000 off ...

May 6, 2016, 11:03 am, 1633789
Although the headline number for job creation was below expectations, this was still a decent report. Some positives include more wage growth (see below), fewer part time workers for economic reasons, fewer long term unemployed, and a decline in U-6 (an alternative measure of underemployment).

Earlier: April ...

May 6, 2016, 10:35 am, 1633788
Company payrolls increased by a lower-than-expected 171,000 last month, the US Labor Department reports–the weakest gain in three months. The crowd had been looking for stronger results near +200,000. Instead, this morning’s update falls in line with ADP’s April profile of weaker growth. The news provides more evidence that the ...

May 6, 2016, 10:34 am, 1633787

After several months of good news in the form of reports of strong jobs gains accompanied by at least semi-decent wage growth, the jobs market seemed to take a ...

May 6, 2016, 10:04 am, 1633786

That is the latest renaming at George Mason University, due to a very generous gift from Dwight Schar in support of public policy and political science.  Here is one account, congratulations to my school and its leaders, and of course a very sincere thanks to ...

May 6, 2016, 10:04 am, 1633785
(Don Boudreaux)

As suggested in two earlier posts (here and

May 6, 2016, 10:04 am, 1633784

Capital Economics

The US economy generated 160,000 net new jobs last month, lighter than the 200,000 consensus forecast. (Biggies Goldman Sachs and JP Morgan went even higher.) The unemployment rate held steady at 5.0%. We’re now up just ...

May 6, 2016, 9:03 am, 1633748
The Labor Department said hiring continued at a subdued pace in April. Here are highlights from Friday’s report.

May 6, 2016, 9:03 am, 1633747
From the BLS:

Total nonfarm payroll employment increased by 160,000 in April, and the unemployment rate was unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, and financial activities. Job losses continued ...

May 6, 2016, 8:35 am, 1633746
The US economy is struggling to regain momentum after GDP growth stumbled in the first quarter to the slowest pace in two years. The preliminary numbers available to date for last month paint a mixed profile for Q2’s start (see here and here, for instance), but economists are expecting that ...

May 6, 2016, 8:05 am, 1633745

President Obama telling what I thought was a joke at the White House Correspondents Dinner:

They say Donald lacks the foreign policy experience to be president. But in fairness, he has spent years meeting with leaders from around the world: Miss Sweden, Miss Argentina, Miss Azerbaijan.

Apparently Donald was listening because ...

May 6, 2016, 8:04 am, 1633744
(Don Boudreaux)

… is from page 221 of the 1976 Liberty Fund edition of John Chamberlain’s useful 1959 book, The Roots ...

May 6, 2016, 8:04 am, 1633743

May 6, 2016, 7:34 am, 1633740

I'm glad these men and women work for us.

From the same interesting source: "This was the most powerful explosion ever . . . by a lot".

May 6, 2016, 7:33 am, 1633739
Amy Farber

May 6, 2016, 7:23 am, 1633738
‘The truth is that there are no foolproof methods for knowing when to hold ’em and when to fold ’em’

May 6, 2016, 6:35 am, 1633723
● US Jobless Claims Rise to Highest Level in 5 Weeks | Bloomberg ● Challenger: US job cuts accelerated in April | CNBC ● US Consumer Comfort Index falls to lowest level since Dec | Bloomberg ● US job market at a crossroads? | Reuters ● Hedge funds haven’t delivered ...

May 6, 2016, 5:34 am, 1633720

The Times was off by just a tiny little bit.

May 6, 2016, 5:34 am, 1633719

Some facts about the Appalachian Trail.

Every year, around 2,000 hikers attempt to tackle the AT's full length (around 2 to 3 million people walk a portion of the trail).But only about one-quarter of those thru-hikers, or around 500 people, make it the full way.

May 6, 2016, 5:23 am, 1633718

Economies are constantly evolving. Industries which once employed many people and were very successful can later become uncompetitive and unprofitable. The UK has seen the rise and fall of many manufacturing industries. Industries such as, cotton, wool, coal and ship-building were once key aspects of the UK economy, employing ...

May 6, 2016, 5:03 am, 1633705

All good inventions solve real problems. But what makes a great invention is how what it makes possible redefines what people consider to be real problems.

Take window blinds for example. As an invention, most people appreciate the real problem they solve by making ...

May 6, 2016, 5:03 am, 1633704

May 6, 2016, 4:44 am, 1633703

May 6, 2016, 2:04 am, 1633677

Only a shred of evidence, but a shred nonetheless:

Kurt Gray, a co-author at the University of North Carolina at Chapel Hill, and his colleagues investigated thousands of shoe purchases made by women who move to different cities, showing that women adopt the local trends when moving to wealthier cities ...

May 6, 2016, 2:04 am, 1633676

It is commonly held up as a model of dietary paternalism, but the most recent trends suggest a reversal of sorts:

Coca-Cola Femsa SAB, the country’s largest Coke bottler, said last Wednesday that its Mexican soda volumes rose 5.5% in the first quarter from a year ...

May 6, 2016, 12:04 am, 1633643
(May 6, 2016 12:00 AM, by Bryan Caplan) Today my homeschooled sons are taking the Advanced Placement United States History Exam. I took the exam when I was 17. They are 13. Given how often I deride the practical value of history in The Case Against Education, you... (1 ...

May 6, 2016, 12:04 am, 1633642

School choice has been central to the American education policy debate for a quarter century, but the debate has focused on only school choice. In a potentially profound ...

May 5, 2016, 10:04 pm, 1633608
Bernie Sanders was right.

May 5, 2016, 9:03 pm, 1633577
Earlier on the payroll report:

From CR: Preview of April Employment Report

And Goldman's April NFP Preview

"We expect a 240k gain in nonfarm payroll employment in April [and] the unemployment rate to fall to 4.9% [and] Average hourly earnings for all workers are likely to ...

May 5, 2016, 7:03 pm, 1633542

Daniel Little:

Hofstadter on the American right: Richard Hofstadter opened his 1963 Herbert Spencer Lecture at Oxford with these prescient words:

Although American political life has rarely been touched by the ...

May 5, 2016, 6:04 pm, 1633541
(May 5, 2016 06:31 PM, by David Henderson) 1.3 million is greater than 58,000 One of public choice economists' biggest insights is why, in a representative democracy, concentrated interest groups often gain at the expense of the dispersed consumers or taxpayers. Our favorite examples tend to be the... (2 ...

May 5, 2016, 5:33 pm, 1633537
Each week my family separates our recyclables from our regular trash. The former are put in our blue bin and are placed out on the curb for pickup on Wednesday mornings. Last Tuesday night, I walked to Westwood Village to attend a dinner when I saw two individuals diving into ...

May 5, 2016, 5:33 pm, 1633536

While reviewing some old CD posts from 2012 (including the Milton Friedman lecture below), I came across a post with a great quotation from Thomas Sowell on the “fallacy ...

May 5, 2016, 5:03 pm, 1633504

Presidential candidate Donald Trump today backed away a bit from his tax plan, describing it as open to negotiation.

Pressed by CNBC on Thursday as to how he could simultaneously brand himself as a populist who will take on wealthy elites while proposing sweeping tax cuts for billionaires, ...

May 5, 2016, 5:03 pm, 1633503

Iowa is a state rich with human capital, but held back by a complicated and out-of-date tax system. Today we're pleased to release Iowa Tax Reform Options: Building a Tax System for the 21st Century, the fifth in our series of state ...

May 5, 2016, 5:03 pm, 1633502

The U.S. Treasury Department’s latest currency report is supposed to ratchet up pressure on trade partners whose exchange-rate policies are giving exporters a leg up on American firms.

But the administration’s new metrics for calling out currency offenders still leave countries enough latitude to avoid triggering censure by Washington.

Under the Treasury’s ...

May 5, 2016, 5:03 pm, 1633501
Fannie and Freddie reported results this week. Here is some information on Real Estate Owned (REOs).

From Fannie Mae: Fannie Mae Reports Net Income of $1.1 Billion and Comprehensive Income of $936 Million for First Quarter 2016

Fannie Mae reported net income of $1.1 billion and comprehensive ...

May 5, 2016, 4:04 pm, 1633497

As of earlier this month, there were more than 2,819 CHAdeMO DC rapid chargers installed across the country, far more than the 1,532 installed in the whole of Europe or 854 found in the U.S.

That massive number of accessible, reliable charging stations combined with lower-power level 2 charging provision — ...

May 5, 2016, 4:04 pm, 1633496
(May 5, 2016 04:38 PM, by David Henderson) This is from here. HT to Timothy Taylor.... (0 COMMENTS)

May 5, 2016, 4:04 pm, 1633495

May 5, 2016, 4:04 pm, 1633494

Alright then, the Republican Party became the Party of Donald Trump Tuesday night. Good luck with that. Perhaps the senior senator from Massachusetts could chair a special investigation – a Warren Commission, as it were – looking into how exactly Rafael Cruz was involved in the JFK assassination conspiracy.

The last ...

May 5, 2016, 4:04 pm, 1633493

May 5, 2016, 4:04 pm, 1633492

Our guest this week is AEI resident fellow Katharine Stevens. Katharine’s research focuses on early-childhood care and education, opportunity for low-income Americans, and the implementation challenges of rapidly growing early-childhood education initiatives. Katharine recently published a report titled “Does Pre-K Work?” which examines 10 of the best-known, widely cited pre-K programs ...

May 5, 2016, 3:33 pm, 1633488

Given all of the political hysteria and misguided mercantilist thinking recently about international trade (especially from Trump, Hillary Clinton, and Bernie Sanders), I thought it would be a good time to re-post Milton Friedman’s 1978 lecture above at Kansas State University (posted previously on CD back ...

May 5, 2016, 3:03 pm, 1633457

It’s not a metaphysical certainty. It’s not inevitable. But Steven Blitz thinks the odds of a U.S. recession in the next 12 months are probably 60%. He thinks we’ll be lucky to avoid it.

Television interviews and online banner ads are full of financial analysts constantly and confidently predicting imminent recession or ...

May 5, 2016, 2:44 pm, 1633456

May 5, 2016, 2:04 pm, 1633455

Yann Algan, Camille Hémet, and David D. Laitin have a piece from the latest JPE, based on what appears to be very good data:

Relying on diversity measures computed at the apartment block level under conditions of exogenous allocation of public housing in ...

May 5, 2016, 2:04 pm, 1633454

May 5, 2016, 2:04 pm, 1633453

The Financial Times is running a major package of stories this week on automation, from AI to robotics.  One I wanted to highlight is this: “China’s robot revolution.” Here’s a portion:

Across the manufacturing belt that hugs China’s southern coastline, thousands of factories like Chen’s are turning to automation ...

May 5, 2016, 1:03 pm, 1633419

Taxing capital gains at lower rates than earned income has raised continuous debate in the tax world. The existing arguments center on whether it is fair to tax capital gains at lower rates than earned income. One new study by Professor William Gentry shed new light ...

May 5, 2016, 1:03 pm, 1633418
The Labor Department will release its broad snapshot of the jobs market on Friday. Economists surveyed by The Wall Street Journal forecast the report will show employers added a seasonally adjusted 205,000 jobs in April and the unemployment rate held steady at 5%.

May 5, 2016, 1:03 pm, 1633417

From the EPI:

The White House attacks the spread of abusive non-compete agreements: The White House released a report this morning that illuminates another part of the complex problem of stagnating wages—the rise of non-compete agreements and their spread to low-wage employment. Non-compete agreements, or “non-competes,” are ...

May 5, 2016, 1:03 pm, 1633416
A few excerpts from Goldman Sachs' April Payroll Preview by economist David Mericle:

We expect a 240k gain in nonfarm payroll employment in April. We increased our forecast from an initial estimate of 225k published last Friday as a result of the improvement in the employment component of the ISM ...

May 5, 2016, 12:44 pm, 1633415

May 5, 2016, 12:44 pm, 1633414

May 5, 2016, 12:35 pm, 1633413
US private nonfarm payrolls in April are projected to increase by 204,000 (seasonally adjusted) over the previous month in tomorrow’s Labor Dept. report, based on The Capital Spectator’s average point forecast for several econometric estimates. The prediction represents a modest improvement over the previous month’s increase. Two estimates based on ...

May 5, 2016, 12:04 pm, 1633410

Republicans now have a presumptive nominee — one headed to a clear delegate majority without visible opposition — sooner than the Democrats. It’s another way in which this year’s presidential race has defied expectations and ignored precedent.

Donald Trump will now have two months to stage-manage his Cleveland convention, whereas Hillary ...

May 5, 2016, 12:04 pm, 1633408

This week, those in the school choice community have celebrated National Charter Schools Week, and for good reason. Though there are multiple vehicles of school choice, charter schools are the largest in the country.

Today, over 6,700 charter schools operate in 42 states and the District of Columbia, educating ...

May 5, 2016, 12:04 pm, 1633409

I recently took a federally mandated certification exam to allow me to prescribe a drug called buprenorphine, a medication used in the United States mainly to treat patients who are addicted to heroin or painkillers. The course took eight hours and could be done at my own pace online. The ...

May 5, 2016, 11:33 am, 1633405
I greatly enjoy these monthly "report cards" that REPEC delivers. We all need short term rewards to nudge us to continue to engage in continued effort. Here are some metrics with 47,000 economists ranked.

As I have often noted, 3 of my books and 30 environmental articles ...

May 5, 2016, 11:23 am, 1633404
Refreshingly outspoken James Bullard, from the St. Louis Fed, gives an interview to the New York Times. Some great quotes (emphasis mine):

"The general rule of thumb within the Fed is that labor market data trumps G.D.P. data."

"Once major central banks hit the zero lower bound, the ...

May 5, 2016, 11:03 am, 1633370

Today is May 5, the date in 1896 when the Treasury Department gathered up all the tax returns and records from the Civil War-era federal income tax (1862-1872) and burned them.

Here are some interesting links I came across:

Trump Now Presumptive Republican Nominee: With the withdrawal of Ted Cruz and John ...

May 5, 2016, 11:03 am, 1633369

Today, we’re fortunate to have Willem Thorbecke, Senior Fellow at Japan’s Research Institute of Economy, Trade and Industry (RIETI) as a guest contributor. The views expressed represent those of the author himself, and do not necessarily represent those of RIETI, or any other institutions the author is affiliated with.

Chinese ...

May 5, 2016, 11:03 am, 1633368
This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Southern Nevada Home Prices Holding Steady with Increasing Sales and Tight Supply

According to ...

May 5, 2016, 10:44 am, 1633367

May 5, 2016, 10:44 am, 1633366

About 10 years ago, Rich Hynes wrote an intriguing paper on consumer debt collection, asking "where ...

May 5, 2016, 10:35 am, 1633365
It’s not terrible, but today’s updates on layoffs for April imply that growth is fading for the US labor market. Deciding if the deceleration will roll on–or give way to firmer numbers–is unknown at this point. Until or if upcoming releases bring deeper clarity, for good or ill, it’s still ...

May 5, 2016, 10:34 am, 1633364

May 5, 2016, 10:05 am, 1633358

Here is the latest:

Google is sufficiently confident about its technology that its staff have discussed launching a fully autonomous taxi service in Mountain View as soon as next year, according to people familiar with the company’s thinking. The service may initially be restricted to Google employees, which might get ...

May 5, 2016, 10:04 am, 1633357
(Don Boudreaux)

Here’s a note to Cafe Hayek commenter Thomas Hutcheson, who objects to this “Quotation of the Day” ...

May 5, 2016, 9:03 am, 1633324

The housing market has recovered, but sluggish entry-level construction is putting a squeeze on families that would like to buy their first home. A new report pins the blame on City Hall.

The culprit: Impact fees that builders have to pay municipalities when they get permits for new construction, says the report ...

May 5, 2016, 9:03 am, 1633323
The DOL reported:

In the week ending April 30, the advance figure for seasonally adjusted initial claims was 274,000, an increase of 17,000 from the previous week's unrevised level of 257,000. The 4-week moving average was 258,000, an increase of 2,000 from the previous week's unrevised average of 256,000.

May 5, 2016, 8:44 am, 1633322

May 5, 2016, 8:04 am, 1633321
(Don Boudreaux)

… is from page 99 of my colleague Dick Wagner’s latest, just-published book, Politics as a Peculiar Business:

The entitlements ...

May 5, 2016, 7:34 am, 1633317

May 5, 2016, 7:34 am, 1633316

Theodore Dalrymplecomments on something I also find puzzling:

At least as interesting, sociologically, as the clothes themselves were the models who wore them. I don’t know whether the company follows fashion or makes it, or whether there is some dialectical relationship between the two, but the models were ...

May 5, 2016, 7:34 am, 1633315

Nicely done by Roger L. Simon:

That reasonis moral narcissism, the underlying motivationbehind what Andrew McCarthy so accurately calls "willful blindness." Bernie is willfully blind about Israel, even though he spent timeon a kibbutzand still has relatives in the country.

Thismoral narcissism that grips Bernie -- unlikethe ...

May 5, 2016, 7:34 am, 1633314
By Marco Cipriani and Adam Copeland

In the third post in ...

May 5, 2016, 6:35 am, 1633289
● ADP reports US private-sector job gains slowed in April | MarketWatch ● US ISM Non-Mfg Index climbs to 4-month high in April | Bloomberg ● PMI: US service sector growth in April accelerates to 3-mo high | Markit ● US factory orders rose modestly in March | AP ● ...

May 5, 2016, 6:35 am, 1633288
Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a rebound in US growth for the second quarter. But if you’re looking for reasons to keep hope alive, Wednesday’s survey data for the services sector fits the bill. The ISM Non-Manufacturing ticked higher ...

May 5, 2016, 6:04 am, 1633287
Raw Story: Who will be Donald Trump’s running mate? Here are five options Joni Ernst The gun-totin’, Harley-ridin’, pig castratin’ Iowa farm girl burst onto the scene when she won the Iowa senate race in 2014. Ernst has shown no willingness to embrace Trump, but the 45-year-old first-term female senator ...

May 5, 2016, 6:04 am, 1633286

Key Points

The charter school sector has quadrupled in size since 2000, but operators report that they are still struggling to meet the full demand for high-quality educational options.Based on interviews with three different operators, the major impediments to the growth of charter networks appear to be regulatory, financial, and human-capital ...

May 5, 2016, 5:34 am, 1633283

From a UK newspaper, so the "chemist" in question is what we in the States would call a pharmacy or drugstore.

May 5, 2016, 5:03 am, 1633259

If you were paying attention to the news yesterday, you probably heard that the United States' trade deficit with the rest of the world hit was the smallest it has been in several years. Which is being presented as a positive for the ...

May 5, 2016, 5:03 am, 1633258

May 5, 2016, 4:05 am, 1633257

1. “For nearly 40 years he played host every May to a carriage parade from his house to the annual steeplechase races in Winterthur, the former du Pont estate in Delaware, followed by a celebration and pig roast at Chadds Ford…A bon vivant and a character, Mr. Weymouth was ...

May 5, 2016, 2:04 am, 1633227

trump (v.2) “fabricate, devise,” 1690s, from trump “deceive, cheat” (1510s), from Middle English trumpen (late 14c.), from Old French tromper “to deceive,” of uncertain ...

May 5, 2016, 2:04 am, 1633226
Yes, it’s okay to talk about climate change right now. The devastating natural disaster in Fort McMurray is “consistent” with climate change. The Fort McMurray wildfire is horrific. Miraculously, no people have been killed, so far. Saying that the unseasonably hot conditions in Alberta are “consistent with” climate change is ...

May 5, 2016, 12:04 am, 1633189
(May 5, 2016 12:06 AM, by Bryan Caplan) Individualists such as myself are often accused of being psychologically oblivious. Look around! The vast majority of human beings crave community and belonging. Social thinkers who refuse to account for this obvious fact may be smart and articulate. But they... (1 ...

May 5, 2016, 12:04 am, 1633188
(Don Boudreaux)

Last night at the American Enterprise Institute, Deirdre McCloskey and ...