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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June 28, 2016, 10:04 pm, 1649331
(Don Boudreaux)

… is from page 143 of the final volume (2016) – Bourgeois Equality – of Deirdre McCloskey’s ...

June 28, 2016, 9:03 pm, 1649325
NOTE: Fed Chair Yellen was scheduled to participate in a "Policy Panel" at the ECB Forum on Central Banking in Portugal on Wednesday. She has cancelled. Mark Carney, Governor of the Bank of England and Chairman of the G20's Financial Stability Board, has also cancelled.

• At 7:00 ...

June 28, 2016, 8:35 pm, 1649324

The Capital Spectator will be taking a long weekend to celebrate the 240-year-old USexit holiday, aka Independence Day for these United States. The usual routine resumes on Tuesday, July 5—directly after the July 4 fireworks have subsided and the ringing in your editor’s ears has receded to a low, dull ...

June 28, 2016, 8:04 pm, 1649321
The debate over whether the Fisher Effect is real has languished over the past year. It is hard to prove, and even I lost hope in it. However, I may have found the mechanism to make it work. First, look at this graph of the net profit rate plotted with ...

June 28, 2016, 7:03 pm, 1649305

Donald Trump used a big speech Tuesday at a metals-processing plant in western Pennsylvania to put more detailed policy meat on the bones of what critics have seen as his off-the-cuff brand of protectionism. Using a written script and a Teleprompter, Mr. Trump sought to tie Hillary ...

June 28, 2016, 6:34 pm, 1649304
Tags A A Home | Feed | Blog.rssGlobal EconomyPolitical TheoryAfter "Brexit," Can We Exit a Few Things Too?

June 28, 2016, 6:04 pm, 1649300
(Don Boudreaux)

This Thursday (June 30th), from 6:00 to 7:30pm, the Mercatus Center will host a reception to formally launch its new Program on the ...

June 28, 2016, 5:03 pm, 1649265
Earlier from the Richmond Fed: Manufacturing Sector Activity Declined; New Orders Decreased, Firms Continued to Increase Wages

Fifth District manufacturing activity weakened in June, according to the most recent survey by the Federal Reserve Bank of Richmond. New orders and shipments declined this month, while backlogs decreased further compared ...

June 28, 2016, 5:03 pm, 1649264
Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in May to 1.38%, down from 1.40% in April. The serious delinquency rate is down from 1.70% in May 2015.

These are mortgage loans that are "three monthly payments or more past due or in foreclosure".

June 28, 2016, 4:44 pm, 1649263

June 28, 2016, 4:34 pm, 1649262
A A Tags Home | Feed | Blog.rssBig GovernmentLegal SystemPolitical TheoryWhy Large, Local Legislatures Are Better than the EU Parliament ...

June 28, 2016, 4:05 pm, 1649261

The Government of Canada has made it a top priority to re-establish and strengthen our relationship with one of our most important partners, Mexico. To this end, Prime Minister Trudeau today announced Canada’s intention to lift the visa requirement for Mexican visitors to Canada beginning December 1, 2016. Lifting ...

June 28, 2016, 4:04 pm, 1649260
Long-time Republican strategists and campaign consultants privately acknowledge they are so certain of Hillary Clinton’s victory – and so worried about its impact on Senate races and GOP control of the Senate – that they are already considering a controversial tactic that explicitly acknowledges Donald Trump’s defeat. The tactic, used ...

June 28, 2016, 3:33 pm, 1649256

It would be funny if it wasn't so messed up:

[Boris Johnson] suggested that Britain should take its time before entering separation proceedings with Brussels, and he gave no details about when he would want to start the process. And the vision he sketched out — of a Britain that is ...

June 28, 2016, 3:33 pm, 1649255

Again, if you haven't realized it yet, this little bit of deception by VW was not a very smart thing to do:

Volkswagen has agreed to pay up to $14.7 billion to settle claims stemming from its diesel emissions cheating ...

June 28, 2016, 3:33 pm, 1649254

Here’s the CD version of the WSJ‘s daily Notable and Quotable items:

1. “When Socialism Collapses” by the editorial board of the Augusta Chronicle:

Venezuela is seeing mass hunger, food riots and chaos. Yet, many on the American left are pining for the same brand of socialism.

And that’s exactly what Democrats ...

June 28, 2016, 3:03 pm, 1649223

I find it remarkable that, going by the numbers, economic policy uncertainty is now higher than after the bankruptcy of Lehman — and even higher than in the days after 9/11.

June 28, 2016, 2:34 pm, 1649222

June 28, 2016, 2:05 pm, 1649214

1. Tim Taylor on BrexitBernanke on Brexit.  And Angus defends Brexit.

2. Michael Pollan defends psychedelic drugs.

3. Georgiana Houghton at the Courtauld is one of the best and most revelatory exhibits I have seen.  Hardly anyone has heard of ...

June 28, 2016, 1:34 pm, 1649210

I last wrote about Fedwire data two years ago. Since then, Fedwire has entered into a (nominal) recession. Is this something we need to worry about?

June 28, 2016, 1:03 pm, 1649178

Today is June 28, the date in 2012 when the U.S. Supreme Court handed down NFIB v. Sebelius, upholding the Affordable Care Act as authorized under the Taxing Clause. Ours was one of the few briefs submitted that addressed that issue, and I predicted that Chief Justice ...

June 28, 2016, 1:03 pm, 1649177
Here is the earlier post on Case-Shiller: Case-Shiller: National House Price Index increased 5.0% year-over-year in April

The year-over-year increase in prices is mostly moving sideways now around 5%. In April, the index was up 5.0% YoY.

In the earlier post, I graphed nominal house prices, ...

June 28, 2016, 12:44 pm, 1649176

In contrast to the cacophony created by Brexit, EU authorities have been working for several years on a

June 28, 2016, 12:05 pm, 1649169

Fifty Japanese graduates opted to gamble with their job prospects at a mahjong tournament set up by recruiters looking for a different way to find the next high flyer.

Held in a crammed mahjong outlet in downtown Tokyo, prospects competed against each other on Friday (June 24) to gain the ...

June 28, 2016, 12:04 pm, 1649168
(June 28, 2016 12:59 PM, by David Henderson) One of my fantasies is of a classroom in which a tenured economics professor at an accredited institution of higher learning says, "We must have free trade," and a few students leap out of their chairs and shout, "You first!"... (1 COMMENTS)

June 28, 2016, 12:04 pm, 1649167
(Don Boudreaux)

Here’s a letter to WTOP Radio:

Apparently worried about a looming shortage of rental units in Montgomery County, ...

June 28, 2016, 11:03 am, 1649135

Last Friday, Congressional Republicans unveiled a tax plan that would make major changes to the U.S. tax system. So far, much of the news coverage has focused on the plan’s promise to “dramatically simplify our broken tax code.” But how, exactly, would the plan go ...

June 28, 2016, 11:03 am, 1649134

The International Monetary Fund recently cut its U.S. economic forecast the U.S., painting a bleak growth picture ahead without a major overhaul of the American economy.

Here are six charts that detail why the fund is so concerned, and the IMF’s prescriptions.

[wsj-responsive-sandbox id = "0" ]

A rising share of the workforce ...

June 28, 2016, 11:03 am, 1649133

I have a new column:

Why the Public Has Stopped Paying Attention to Economist: The predictions from economists about the consequences of Brexit were widely ignored. That shouldn’t be surprising. In recent years the public has lost faith the in the economics profession.

One reason for the lack ...

June 28, 2016, 11:03 am, 1649132
S&P/Case-Shiller released the monthly Home Price Indices for April ("April" is a 3 month average of February, March and April prices).

This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.

Note: Case-Shiller reports Not ...

June 28, 2016, 10:45 am, 1649131

June 28, 2016, 10:35 am, 1649130

The costs of fiscal austerity, and of this wretched government’s incompetence, are vastly higher than even its critics appreciate.

I say this because of a new paper by Markus Brueckner and Hans Peter Gruener which shows that “lower growth rates are associated with a significant ...

June 28, 2016, 9:23 am, 1649126

There are perhaps 16 million people who voted Remain and are now very unhappy at the decision to leave the EU. Feelings are so strong there are calls for a second referendum – 3 million signing a petition for a 2nd referendum.

However, if the initial referendum was over-turned, you would ...

June 28, 2016, 9:03 am, 1649094
From the BEA: Gross Domestic Product: First Quarter 2015 (Third Estimate)

Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual ...

June 28, 2016, 8:44 am, 1649093

June 28, 2016, 8:44 am, 1649092

June 28, 2016, 8:35 am, 1649091

Next month’s “advance” GDP report for the US in the second quarter is widely projected to show that economic activity will rebound from Q1’s sluggish 0.8% gain (which is expected to be revised up to 1.0% in today’s revision, according to’s consensus forecast). But a higher level of macro ...

June 28, 2016, 8:04 am, 1649090
(June 28, 2016 07:06 AM, by Alberto Mingardi) Emily Skarbek has already offered very sound thoughts on Brexit - and David Henderson and Scott Sumner (as well as David Beckworth) are debating whether Brexit constitutes a monetary shock. I would just like to build on the point Emily... (1 COMMENTS)

June 28, 2016, 8:04 am, 1649089
(Don Boudreaux)

… is from pages 261-262 of Anthony de Jasay’s remarkable 1998 book, The State (original emphasis; footnotes deleted):

Since ...

June 28, 2016, 8:04 am, 1649088

June 28, 2016, 8:04 am, 1649087
by Barkley Rosser  (via Econospeak) The Tale of the Dragon Slayer The background for this tale is that I have just finished attending the 9th MDEF conference on Dynamic Modeling in Economics and Finance (actually, Modelli Dynamiche Economiche e Finanza) in Urbino, Italy.  Alan Kirman was in attendance and was much ...

June 28, 2016, 7:34 am, 1649082

Not good news for Chicago property owners. And this is worse:

But Moody's is saying this will only delay the inevitable. Chicago's unfunded pension liabilities are expected to grow for another ten years despite the massive tax increase.

June 28, 2016, 7:34 am, 1649083

Great. I really look forward to four more months of my phone ringing off the hook with stupid political calls.

June 28, 2016, 7:34 am, 1649080

June 28, 2016, 7:34 am, 1649081


There are two types of academics. Those who use the Oxford comma, those who don't and those who should.

Choose a discipline you love and you'll never work a day in your life likely because that field isn't hiring.

How many humanities professors does it ...

June 28, 2016, 6:35 am, 1649053

Brexit uncertainty continued to weigh on stock markets yesterday. Stratfor, a geopolitical consultancy, advises that the UK vote to leave the European Union may signal the start of a post-globalization world. Reva Goujon, a Stratfor analyst, writes that “global trade growth has been in structural decline since ...

June 28, 2016, 5:34 am, 1649051

I suppose this shouldn't be a surprise, but it is, kinda.

June 28, 2016, 5:03 am, 1649033

The U.S. Federal Reserve released its latest Flow of Funds report for the U.S. economy back on 9 June 2016, which we're finally getting around to today to give us a better idea of how the U.S. economy performed in the first quarter of ...

June 28, 2016, 5:03 am, 1649032

June 28, 2016, 5:03 am, 1649031

Jason Furman at ProMarket:

Productivity, Inequality, and Economic Rents: Productivity growth—a necessary (though not sufficient) condition for rising incomes in the long run—has slowed since 1973... At the same time, inequality in the United States is higher and, in recent decades, has risen faster than in other major advanced ...

June 28, 2016, 4:45 am, 1649030

June 28, 2016, 4:45 am, 1649029

June 28, 2016, 2:05 am, 1649009

Here is from MIT Technology Review, surveying research on chess blunders and cognition by Ashton Anderson at Microsoft Research in New York City, Jon Kleinberg of Cornell, and Sendhil Mullainathan:

…Anderson and co have found evidence of an entirely counterintuitive phenomenon in which skill levels play the opposite ...

June 28, 2016, 2:05 am, 1649008

…the surveys also revealed a lack of enthusiasm for buying or using a driverless car programmed to avoid pedestrians at the expense of its own passengers. One question asked respondents to rate the morality of an autonomous vehicle programmed to crash and kill its own passenger to save 10 ...

June 28, 2016, 12:34 am, 1648997
Tags A A Home | Feed | Blog.rssFinancial MarketsGlobal EconomyPolitical TheoryWhy All the Post-Brexit Hysteria?

June 27, 2016, 11:34 pm, 1648996
Many commenters compare Brexit to the American revolution. I think the constitutional convention is a better analogy for the moment and challenge ahead. A first attempt at union resulted in an unworkable Federal structure. Europe needs a constitutional convention to fix its union.

The EU's first attempt was basically ...

June 27, 2016, 11:33 pm, 1648995

Here are some recent news reports and blog posts that provide some valid reasons that the UK might be better off without being under the sclerotic, anti-consumer, anti-small business, anti-entrepreneur, pro-big business/big bank regulatory thumb of the EU and its many pro-regulatory, anti-consumer big members like France:

1. EU to launch ...

June 27, 2016, 8:34 pm, 1648983
A A Home | Feed | Blog.rssEU Hints It May Stop Speaking English To Spite UK

June 27, 2016, 7:34 pm, 1648982

June 27, 2016, 7:03 pm, 1648959
NOTE: Fed Chair Yellen was scheduled to participate in a "Policy Panel" at the ECB Forum on Central Banking in Portugal on Wednesday. She has cancelled. Mark Carney, Governor of the Bank of England and Chairman of the G20's Financial Stability Board, has also cancelled.

• At 8:30 ...

June 27, 2016, 6:44 pm, 1648958

June 27, 2016, 6:34 pm, 1648957
Tags A A Home | Feed | Blog.rssMedia and CultureValue and ExchangeGun-Control Advocates — Check Your Privilege

June 27, 2016, 6:04 pm, 1648953
(Don Boudreaux)

In popular discourse, America is said to be more “pro-business” than is France.  When people use this term ...

June 27, 2016, 6:04 pm, 1648952
The Supreme Court said Monday that people convicted of domestic abuse can be prevented from owning a gun, in a case that prompted the first questions from Justice Clarence Thomas in 10 years. In a 6-to-2 decision, the court said Congress had intended to keep firearms out of the hands ...

June 27, 2016, 6:04 pm, 1648951
And confirms that his own position: is the same as that of Brad DeLong (et cetera.) and those of us who try paying bills [T]he [Federal Funds Interest Rate target] debate has shifted in the opposite direction as market participants weigh the possibility of a rate cut. The Fed is ...

June 27, 2016, 5:33 pm, 1648947

The act of doing something you know you'll regret immediately after. "I always knew it was a terrible idea to vote 'leave', I guess I was just behaving British."

And seriously, how will this affect the EU ETS? Did they ever think of that? No, the ...

June 27, 2016, 5:33 pm, 1648946

It’s already time for my fifth “quarterly” spelling/punctuation/grammar rant of 2016 (see previous rants here, here, here and here, maybe I’ll have to switch to monthly rants) on what I think is the most common spelling/punctuation/grammar/orthographic mistake in the English language — the misuse of it’s ...

June 27, 2016, 5:03 pm, 1648914

Tim Duy:

Fed Once Again Overtaken By Events, by Tim Duy: With global financial markets reeling in the wake of Brexit - Britain's unforced error as a political gamble went too far - the Fed is back on the sidelines. A July hike was already out of the question ...

June 27, 2016, 5:03 pm, 1648913
From the ATA: ATA Truck Tonnage Index Increased 2.7% in May

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.7% in May, following a revised 1.7% drop during April. In May, the index equaled 139 (2000=100), up from 135.3 in April. The all-time high was ...

June 27, 2016, 4:44 pm, 1648912

June 27, 2016, 4:34 pm, 1648911
A A Home | Feed | Blog.rssBrexit Could Cause Exit from Bonds to Vault Cash 0 Views

With Brexit, the Brits liberated themselvesfromthe massive,overweening and despoticEU ...

June 27, 2016, 4:34 pm, 1648910
Tags A A Home | Feed | Blog.rssThe FedThe Problem Isn’t Fed Policy — It’s the Fed

June 27, 2016, 4:34 pm, 1648909
Tags A A Home | Feed | Blog.rssMedia and CultureValue and ExchangeDo Gun-Control Advocates Need to Check Their Privilege?

June 27, 2016, 4:34 pm, 1648908

June 27, 2016, 4:34 pm, 1648907

Full disclosure upfront: I worked on Puerto Rico while at the U.S. Treasury in 2015. All views here are my own.

The Hill has published my column on PROMESA (the bill that sets out a framework for fiscal oversight and territorial debt restructuring that passed the House earlier this month and ...

June 27, 2016, 4:04 pm, 1648904
(June 27, 2016 03:50 PM, by Scott Sumner) Commenter Matthew Moore asked the following question: Any chance of a post on the likely consequences of GBP devaluation? Ejection from the ERM caused a boom. I realise the UK wasn't deliberately overvalued this time, but are there parallels? In... (0 COMMENTS)

June 27, 2016, 3:03 pm, 1648869

Cecchetti & Schoenholtz:

A Primer on Helicopter Money: ... We are wary of joining the cacophony of commentators on helicopter money, but our sense is that the discussion could use a bit of structure. So, as textbook authors, we aim to provide some pedagogy. (For the record, here are ...

June 27, 2016, 3:03 pm, 1648870

Roberto Astolfi of the OECD Statistics Directorate:

Did the OECD Composite Leading Indicators see it coming?: ...Professor Luis Garicano of the London School of Economics is ... the man Queen Elizabeth asked “Why did no one see it coming?”; “it” being the crisis. In retelling the story, ...

June 27, 2016, 3:03 pm, 1648868
The Census Bureau has released the population estimates for 2015.

Using that data, on Sunday I posted a table ranking the largest 5-year cohorts in 2010, 2015, 2020, and 2030: Largest 5-year Population Cohorts are now "20 to 24" and "25 to 29"

Using the same ...

June 27, 2016, 2:44 pm, 1648866

June 27, 2016, 2:44 pm, 1648867

June 27, 2016, 2:44 pm, 1648865

June 27, 2016, 2:34 pm, 1648864
Tags A A Home | Feed | Blog.rssGlobal EconomyStrategyPolitical TheoryNations by Consent

June 27, 2016, 2:05 pm, 1648857

That is the new book by Ben Wilson, and no it has nothing (directly) to do with Brexit.  Rather it is a survey of the technological breakthroughs of the 1850s and how they reshaped Great Britain and the globe more generally.  Here is one short bit:

Japan may ...

June 27, 2016, 1:03 pm, 1648823

Today is June 27, the 86th birthday of Ross Perot, who ran for President as an independent in 1992 and received 19 percent of the vote. His platform was an interesting mix of left and right, with calls for entitlement reform, opposition to NAFTA, and avoiding social issues. On ...

June 27, 2016, 12:05 pm, 1648822

I strongly recommend a visit, as the different currents of contemporary Europe swirl together here like nowhere else.  You can see high culture, high taxes, dysfunctional governance, bickering linguistic groups, EU bureaucrats, tourists, Art Nouveau, Turks and Moroccans, and cops carrying submachine guns, all within minutes of ...

June 27, 2016, 12:05 pm, 1648821

1. Dutch government to fund major research replication effort.

2. Modeling the giraffe: can it swim?  How can you argue with sentences such as these: “Giraffe limb bones are slightly thicker than those of other artiodactyls (van Schalwyk et al. 2004), so their density was set as ...

June 27, 2016, 12:04 pm, 1648820
(June 27, 2016 01:46 PM, by David Henderson) My fellow UCLA grad and former Council of Economic Advisers senior economist colleague applies Ronald Coase-type thinking to limits on liability for nuclear power plants. He writes: The same principle applies to nuclear construction. If people and owners of property... (0 COMMENTS)

June 27, 2016, 12:04 pm, 1648819

June 27, 2016, 11:34 am, 1648818

|Peter Boettke|

Watch and listen very carefully to this wonderful talk by Elinor Ostrom from the Engelberg Center for Innovation Policy at the NYU School of Law in 2011.

June 27, 2016, 11:33 am, 1648817

From the article “North Carolina’s Light Rail System a New Poster Boy for Cronyism” by Greg Pulscher (emphasis mine)

Say you need to get from point A to point B. Taking the shortest distance between the two is typically the one most traveled and most desired. Google Maps tends to ...

June 27, 2016, 11:03 am, 1648786
From the Dallas Fed: Texas Manufacturing Activity Declines Again

Texas factory activity declined again in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, posted a second consecutive negative reading but rose from -13.1 to -7.0, ...

June 27, 2016, 10:04 am, 1648777
(Don Boudreaux)

… is from page 112 of Matt Ridley’s excellent 2015 book, The Evolution of Everything:

You will often here ...

June 27, 2016, 9:34 am, 1648772
A friend sends along this summary:

June 27, 2016, 9:33 am, 1648771

This weirdness happens every time gas prices fall significantly:

Falling gas prices have made big, heavy cars fashionable again, said Michael Sivak, the director of sustainable worldwide transportation at the University of Michigan’s Transportation Research Institute. In fact, demand for trucks, S.U.V.s and vans has rebounded ...

June 27, 2016, 9:33 am, 1648770

Helicopter money is not monetary policy. It is a fiscal policy carried out with the cooperation of the central bank. That is, if the Fed were to drop $100 bills out of helicopters, it would be doing the Treasury’s bidding.

We are wary of joining the cacophony of commentators ...

June 27, 2016, 9:23 am, 1648769
My latest Macro Musings podcast is with Will Luther, assistant professor of economics at Kenyon College and an adjunct scholar with Cato's Center for Monetary and Financial Alternatives. Will joins me to discuss the origins of ...

June 27, 2016, 9:03 am, 1648738
Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.

From ...

June 27, 2016, 8:44 am, 1648737

June 27, 2016, 8:35 am, 1648736

Equity markets around the world took a hit at the end of last week in the wake of Friday’s news that Britain voted to leave the European Union. Stocks almost everywhere posted sharp losses once the dust cleared for the trading week through June 24. US junk bonds, however, managed ...

June 27, 2016, 7:34 am, 1648733

Back in the '70s the U.S. antitrust agencies were concerned about anticompetitive conditions in grocery retailing, conditions that were allegedlyworsened because entry into grocery retailing was supposedly just so very difficult.

Despite the difficulties Wal-Mart entered and last year it sold $167 billion of groceries.

June 27, 2016, 7:34 am, 1648732

This was interesting, I learned something, and I'm surprised that The Atlantic ran it.

Crime rates started to decline in the mid-1930s, at the same time that the New Deal went into effect. This may seem like cause-and-effect: unemployment and poverty were reduced, so violent crime diminished. But ...

June 27, 2016, 7:34 am, 1648731

Don Boudreaux:

People who really believe that trade restrictions prevent domestic unemployment or raise domestic wages – people who really believe that minimum wages raise the incomes of low-skilled workers without causing any loss of employment or worsening of other terms of these workers’ jobs – people who ...

June 27, 2016, 7:34 am, 1648730

Go ahead, explain to me again how awful capitalism is.

The Chinese food chain’s success story—how a single outlet in the Glendale Galleria grew to 1,800 locations worldwide—begins with one secret ingredient: owners who care.

Related: "Buc-eenomics".

Over the weekend, I stopped to buy gas at a ...

June 27, 2016, 7:34 am, 1648729

Calm, reasonable, and completely convincing. Send the links to a gun-control advocate you love.

"Why I 'Need' an AR-15".

"Why Gun Control Can’t Be Solved in the USA".

"Why terrorists target gun-freezones".

June 27, 2016, 7:34 am, 1648728

I dare say this is brilliant. These paragraphs come from the beginning and the middle:

In middle incomes, as Kevin Murphy told us, the “returns to skill” have increased. This has nothing to do with top-end cronyism. As Kevin so nicely reminds us, wages go up when demand ...

June 27, 2016, 7:34 am, 1648727
An interview with Jamie McAndrews

As Director of Research for the New York Fed ...

June 27, 2016, 7:23 am, 1648726

What they didn’t tell you during the EU referendum (at least not in the Daily Mail, Sun and Daily Express)

Economic experts are worth listening to. A string of senior ‘leave’ politicians lined up to say you shouldn’t listen to economists making warnings about short term and long-term damage to economy. ...

June 27, 2016, 7:03 am, 1648710

Before the government can measure the size of the gig economy — or is it the sharing economy? The digital economy? — the sector needs to be defined.

The Commerce Department recently proposed a four-part definition for what it calls “digital matching firms” and identified more than 100 businesses that ...

June 27, 2016, 6:44 am, 1648709

June 27, 2016, 6:44 am, 1648708

How should we feel about cruise lines that offer special amenities for top-paying travelers, or first-class sections of airplanes? Do such consumption inequalities harm the social fabric or is there more to the story? Richard Epstein of New York University ...

June 27, 2016, 6:35 am, 1648707

In the wake of Friday’s stunning Brexit news, attention will increasingly focus on the messy details of implementing the UK’s decision to leave the European Union. As Reuters points out, there are several scenarios that could unfold. Meanwhile, there’s more chaos as a political crisis roils ...

June 27, 2016, 6:04 am, 1648706
Watching the videos of Anwar Shaikh, He presented an idea relating inflation to the net profit rate. Net profit rate = Corporate profit rate – effective Fed rate His view is that inflation will occur when the profit rate is squeezed by the base Fed rate. When net profit rate ...

June 27, 2016, 5:03 am, 1648695

If you want to know where stock prices are going to go next, you need to know three things:

What ...

June 27, 2016, 3:03 am, 1648682

June 27, 2016, 2:44 am, 1648681

June 27, 2016, 2:05 am, 1648678

Yes, I am still pro Remain, and also generally pro immigration, and I am still hoping the Brits take a cue from DeAndre Jordan.  (I also see geopolitics and national security as a significant reason to favor Remain, just ask Putin; furthermore the transition problems are looking ...

June 27, 2016, 2:04 am, 1648677
(June 27, 2016 12:03 AM, by Bryan Caplan) My next project is my non-fiction graphic novel on the ethics and social science of immigration, tentatively titled All Roads Lead to Open Borders. But I've already begun outlining the my next big word book, Poverty: Who To Blame. Here... (1 COMMENTS)

June 27, 2016, 12:34 am, 1648673
Tags A A Home | Feed | Blog.rssThe FedMoney and BanksMoney and BankingThe Fed and Bernanke Are Wrong About the Natural Interest Rate