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.


Jobs

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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- Recent Entries


November 24, 2014, 9:33 am, 1376923

“A journey of a thousand miles begins with a single step.”
Chinese proverb from Tao Te Ching.

The recent international agreement to improve the loss-absorbing capacity of globally active banks is an important move in the right direction. But financial regulators should go significantly further to make these banks and the ...


November 24, 2014, 9:03 am, 1376874
Ewald Nowotny, a member of the European Central Bank’s governing council. Bloomberg News

VIENNA—The European Central Bank should assess the measures it has already taken to increase ...


November 24, 2014, 9:03 am, 1376873

The Wall Street Journal’s Daily Report on Global Central Banks for Monday, November 24, 2014:

Sign up for the newsletter: http://on.wsj.com/grandcentralsignup.

Highlights


Hilsenrath’s Take: A PBOC Reporter Points to Threats for World #2 Economy What ...


November 24, 2014, 8:44 am, 1376872
President Obama's action to defer the deportation of millions of undocumented workers in the U.S. may have some positive and negative effects on the economy. WSJ economics editor Sudeep Reddy explains.


November 24, 2014, 8:44 am, 1376871
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November 24, 2014, 8:44 am, 1376870
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November 24, 2014, 8:44 am, 1376869
A universal basic income (UBI) and unemployment insurance (UI) are two possible forms of social insurance for an economy in which job loss is a significant risk. Which works better? How generous should ...


November 24, 2014, 8:34 am, 1376868
There’s a pernicious rumor making the rounds that economic and market forecasts are accurate. There’s also a misguided notion embraced in some corners that all predictions are worthless at all times under all conditions. Both of these extreme views are unproductive, bordering on dangerous. Yes, peering into the future is ...


November 24, 2014, 8:34 am, 1376864

Inversion is the gift that keeps on giving for Actavis. Last year the pharmaceutical company reincorporated from its Parsipanny, New Jersey, home to Ireland, after a $5 billion deal with Warner Chilcotte. This year, before Treasury’s inversion curbs took effect, it purchased New York-based Forest Laboratories for $25 ...


November 24, 2014, 8:34 am, 1376865

The Department of Energy snookered the media last week with a report that seems to show that its clean energy lending programs are profitable. “Remember Solyndra? Those loans are making money,” went a typical headline.

Unfortunately, that’s not true. Taxpayers are losing money on DOE lending. Less than originally ...


November 24, 2014, 8:34 am, 1376863

The latest narrative making the rounds in Washington is that President Obama will kill prospects for tax reform in 2015 if he grants legal status to undocumented immigrants though an executive order. House Speaker John Boehner (R-OH) and others claim that this step will so poison the well of trust ...


November 24, 2014, 8:34 am, 1376867

There’s more than one way to skin a cat (and reduce taxes). Warren Buffett, chairman of Berkshire Hathaway, has made a swap for Procter & Gamble’s interest in Duracell. The “cash-rich split-off” means that Berkshire Hathaway bought Duracell in exchange for its appreciated P&G stock, worth $4.7 billion. Capital gains ...


November 24, 2014, 8:34 am, 1376862

The National Tax Association gave this year’s Dan Holland Medal for outstanding contributions to the study and practice of public finance to MIT professor Jim Poterba.

Jim, who is also president of the National Bureau of Economic Research, is a terrific economist and one of the nicest people you’ll ever meet. ...


November 24, 2014, 8:34 am, 1376866

On the Hill this week: House Republicans will choose either Paul Ryan or Kevin Brady to be the next Ways & Means Committee chair. But Ryan would have to give up the gavel if he chooses to run for president, according to a new party rule approved last ...


November 24, 2014, 8:34 am, 1376861

A Senator says “no way” to a bill that won’t see December’s light of day. As far as the lame-duck Congress is concerned, the Marketplace Fairness Act is dead: House Speaker John Boehner assured as much last week. Senator Ted Cruz has added his two cents ...


November 24, 2014, 8:34 am, 1376856

The Cato Institute has organized an online forum to debate pro-growth economic policy reforms. Tax Policy Center scholars Bill Gale, Donald Marron, and Eric Toder have each contributed to the discussion.

The United States could reduce its contribution to global climate change and increase domestic prosperity by taxing emissions of carbon ...


November 24, 2014, 8:34 am, 1376855

With Congress away, the Daily Deduction will not publish for the rest of the week. We’ll be back as usual on Monday, December 1. Happy Thanksgiving!  

In California, a tax increase breeds a budget battle and tuition hike. In 2012, Democratic Governor Jerry Brown successfully campaigned for reelection ...


November 24, 2014, 8:34 am, 1376858

Pardon me for being confused. Two weeks ago, voters turned the Senate and several state houses over to Republicans and increased the GOP majority in the House. Now, in a new Wall Street Journal-NBC News poll, (firewall) Americans have firmly embraced—a Democratic agenda.

They want more government spending on roads ...


November 24, 2014, 8:34 am, 1376857

Shutdown, Omnibus Spending, Continuing Resolution: So many choices in the wake of an Executive Action. The newly emboldened GOP (or is it?) has several options when responding to last night’s executive order on immigration issued by President Obama. After its Thanksgiving break, Congress will have until ...


November 24, 2014, 8:34 am, 1376860

As expected: Paul Ryan will succeed Dave Camp as House Ways & Means Chair. Representative Kevin Brady removed himself from consideration earlier this week, though he had more committee seniority. The full House GOP conference approved its  Steering Committee’s chairmanship recommendations, including Jason Chaffetz  to replace Darrell Issa on the ...


November 24, 2014, 8:34 am, 1376859

The Cato Institute has organized an online forum to debate pro-growth economic policy reforms. Tax Policy Center scholars Bill Gale, Donald Marron, and Eric Toder have each contributed to the discussion.

As policy makers search for ways to raise economic growth and improve the living standards of future generations, a ...


November 24, 2014, 8:04 am, 1376854
(Don Boudreaux)

Rev. Angelina Karrass – who describes herself as a pastor in Queens who “regularly reads” Cafe Hayek “to see how the other side thinks, or as God knows refuses to think” – e-mails me to ask why I “assume the cost of a living [i.e., minimum] wage is ...


November 24, 2014, 8:04 am, 1376853
(Don Boudreaux)

… is from pages 170-171 of Jonathan Haidt’s excellent 2012 book, The Righteous Mind (original emphases; footnote deleted):

Alpha-male chimps are not truly leaders of their groups.  They perform some public services, such as mediating conflicts.  But most of the time, they are better described as bullies who take what they want.

We ...


November 24, 2014, 7:33 am, 1376852

"The Grand Illusion:Does time have a future? Yes, but how much of a future depends on what the ultimate fate of the cosmos turns out to be."

"Video: Do We Live in a Multiverse?"


November 24, 2014, 7:33 am, 1376851

Amen to this:

And for those who defend the arbitrary charter cap, it’s time to admit it: You’re not concerned because New Yorkers don’t want charter schools. You’re concerned because they do.

(Link via Instapundit.)

BTW more charters might well help with this: "There Are ...


November 24, 2014, 7:33 am, 1376849

Michael Greenspan responds, excellently, to Randy Newman's anti-Romney-voter song.


November 24, 2014, 7:33 am, 1376850

Call me old-fashioned, but maybe this is mostly the parents' responsibility.


November 24, 2014, 7:33 am, 1376848

November 24, 2014, 7:33 am, 1376847
Rod Garratt and Rosa Hayes





In June 2014, the mining pool Ghash.IO briefly controlled more than half of all mining power in the


November 24, 2014, 7:03 am, 1376785

 

Businesses in the U.S. and around the world are taking a dimmer view of the future, according to a global survey released Monday. That is leading to cutbacks in employment and spending ...


November 24, 2014, 7:03 am, 1376786
Elderly South Korean women practice Taekwondo in Incheon, South Korea, 2006. Getty Images

South Korea’s statistics office has forecast that females will outnumber males in the country ...


November 24, 2014, 7:03 am, 1376784
Associated Press

The belief that the Chinese government implicitly guarantees much, if not all, of the debt in China’s formal financial system, is widely taken a fact. After all, ...


November 24, 2014, 7:03 am, 1376783
Ewald Nowotny, a member of the European Central Bank’s governing council. Bloomberg News

VIENNA—The European Central Bank should assess the measures it has already taken to increase ...


November 24, 2014, 6:44 am, 1376782
President Obama's action to defer the deportation of millions of undocumented workers in the U.S. may have some positive and negative effects on the economy. WSJ economics editor Sudeep Reddy explains.


November 24, 2014, 6:44 am, 1376780

The Great Recession uncovered the difficulties that economic structural models have in explaining the data. This column proposes a methodology that can help identify the sources of mis-specification by introducing exogenous processes. These exogenous processes are not structural shocks but processes that can improve the fit. The results indicate that ...


November 24, 2014, 6:44 am, 1376781

Patented pharmaceuticals diffuse across international borders slowly, and sometimes don't diffuse across borders at all. This column analyses the effect of patent protection and price regulation on the speed of and extent to which drugs enter new markets. There is a fundamental tradeoff between affordability – taking the form of ...


November 24, 2014, 6:44 am, 1376779

Many countries have announced emissions targets for 2020. To evaluate which countries are doing their fair share, this column proposes a ‘scorecard’ approach based on three principles of fairness in climate change mitigation: latecomer catch-up, progressivity, and cost. The authors find that most countries’ targets, including those of China and ...


November 24, 2014, 6:44 am, 1376778
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November 24, 2014, 6:44 am, 1376777
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November 24, 2014, 6:44 am, 1376776
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November 24, 2014, 6:44 am, 1376775
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November 24, 2014, 6:44 am, 1376774

Emily Oster of the University of Chicago talks with EconTalk host Russ Roberts about why U.S. infant mortality is twice that in Finland and high relative to the rest of the world, given high income levels in the United States. The conversation explores the roles ...


November 24, 2014, 6:34 am, 1376773
● German Business Confidence Unexpectedly Gains in November | Bloomberg ● Euro near two-year low as investors bet on more ECB easing | Reuters ● All eyes on oil: What will OPEC do this week? | CNNMoney ● China Cuts Interest Rates For First Time Since 2012 | RTT ● ...


November 24, 2014, 5:33 am, 1376769

This could change everything.

An experiment on the TV programmeTrust Me, I’m a Doctorhas shown that eating reheated pasta is significantly healthier than consuming it freshly cooked.

The BBC show demonstrated that cooking, cooling and then reheating pasta, turning it into ‘resistant starch’, reduced the rise ...


November 24, 2014, 5:33 am, 1376768



(p. A17) Whether the Affordable Care Act lives up to its name depends on how, or whether, you consider its consequences for the wider economy.


. . .


I estimate that the ACA's long-term impact will include about 3% less weekly employment, 3% fewer aggregate work ...


November 24, 2014, 5:23 am, 1376767

Readers Question: There are around 22 million households in the UK, 2/3 of whom own their house.
So the rental market would be around 7 million of whom one million receive benefit, some portion living in social housing, some in ...


November 24, 2014, 5:03 am, 1376718

In 2014, the average live weight of the typical turkey that will be consumed during the Thanksgiving holiday is 30.2 pounds.


November 24, 2014, 5:03 am, 1376717

November 24, 2014, 5:03 am, 1376716

Theera of "rock-bottom economics" is far from over:

Rock Bottom Economics, by Paul Krugman, Commentary, NY Times: Six years ago the Federal Reserve hit rock bottom. It had been cutting the federal funds rate ... more or less frantically in an unsuccessful attempt to get ahead of the recession ...


November 24, 2014, 3:03 am, 1376650
Associated Press

The belief that the Chinese government implicitly guarantees much, if not all, of the debt in China’s formal financial system, is widely taken a fact. After all, ...


November 24, 2014, 2:05 am, 1376648

First there are the economics books, including books by people I know, including Piketty, The Second Machine Age, Tim Harford’s wonderful macro explainer, Megan McArdle’s The Up Side of Down, Lane Kenworthy on social democracy, The Fourth Revolution by John ...


November 24, 2014, 1:33 am, 1376647
Telecom companies in Russia and Saudi Arabia have been hit by the world's most sophisticated hacking software to date.

Symantec believes a Western intelligence agency is responsible.

Please consider World’s Most Advanced Hacking Spyware Let Loose

A cyber snooping operation reminiscent of the Stuxnet worm and ...


November 24, 2014, 1:03 am, 1376618
Elderly South Korean women practice Taekwondo in Incheon, South Korea, 2006. Getty Images

South Korea’s statistics office has forecast that females will outnumber males in the country ...


November 24, 2014, 1:03 am, 1376617

 

Businesses in the U.S. and around the world are taking a dimmer view of the future, according to a global survey released Monday. That is leading to cutbacks in employment and spending ...


November 24, 2014, 12:34 am, 1376616
Teaser:

Minutes ...


November 24, 2014, 12:04 am, 1376615
(November 24, 2014 03:11 AM, by David Henderson) Mexican Justice Department personnel are disguising themselves as U.S. Marines to take part in armed raids against drug suspects in the United States, according to people familiar with the matter, an escalation of Mexican involvement in battling drug cartels that... (1 COMMENTS)


November 23, 2014, 10:04 pm, 1376607

November 23, 2014, 10:04 pm, 1376606
Guest Post by Mark Jamison, retired Postmaster. News of Ron Johnson the Tea Party favorite from Wisconsin taking over as chair of the Senate committee on Homeland Security & Governmental Affairs has caused an overwhelming sense of panic among progressives and postal workers. Johnson will control oversight of the Postal ...


November 23, 2014, 9:23 pm, 1376605
Sometimes teaching economics puts us in a very privileged position to influence students lives in a positive way. After adiscussion of the theory anda brilliant graphical analysisofmerit and demerit goods, it is likely that I canovercome any information failure on the students behalf and see dramatic increases in the consumption ...


November 23, 2014, 9:03 pm, 1376601
From Professor Hamilton at Econbrowser: Lower oil prices and the U.S. economy

Last year Americans consumed 135 billion gallons of gasoline. That means that if prices stay where they are, consumers will have an extra $108 billion each year to spend on other things. And if the historical ...


November 23, 2014, 8:44 pm, 1376600

Many countries have announced emissions targets for 2020. To evaluate which countries are doing their fair share, this column proposes a ‘scorecard’ approach based on three principles of fairness in climate change mitigation: latecomer catch-up, progressivity, and cost. The authors find that most countries’ targets, including those of China and ...


November 23, 2014, 8:44 pm, 1376599

The Great Recession uncovered the difficulties that economic structural models have in explaining the data. This column proposes a methodology that can help identify the sources of mis-specification by introducing exogenous processes. These exogenous processes are not structural shocks but processes that can improve the fit. The results indicate that ...


November 23, 2014, 6:44 pm, 1376591
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November 23, 2014, 6:34 pm, 1376590

No one was surprised when the broadcast television networks decided not to carry President Obama’s speech Thursday evening. The networks aren’t The Networks any longer.  Everyone remembers a moment when they first decided they needed cable television, too.

By offering superior content, cable reduced commercial television’s revenue stream, its ambitions, and ...


November 23, 2014, 6:05 pm, 1376588

November 23, 2014, 5:33 pm, 1376587
I was interested to read "Behavioral Political Economy: A Survey" by Jan Schnellenbach and Christian Schubert. (HT marginal revolution'sirresistible links.)

Context: I have long been puzzled at the high correlation between behavioral economics and interventionism.

People do dumb things, in somewhat predictable ways. ...


November 23, 2014, 3:33 pm, 1376576
Statements from various high-ranking central bank officials prove they are totally clueless.

For example, please consider an announcement today by European Central Bank (ECB) Vice President Vitor Constancio: Europe not at risk of full-blown deflation.

During a debate in central Italy, Constancio said he did ...


November 23, 2014, 3:33 pm, 1376575
I will spend Thanksgiving in Carpinteria, California. It is home to some of the world's most pleasant beaches. Below I present two photos of our own "private beach". We walk for about a mile along this beach and only occasionally see other people and horses. In the ...


November 23, 2014, 3:03 pm, 1376528

Jim Hamilton:

Lower oil prices and the U.S. economy: ... The current price of gasoline is 80 cents/gallon below what it has averaged over the last 3 years. Last year Americans consumed 135 billion gallons of gasoline. That means that if prices stay where they are, consumers will have ...


November 23, 2014, 3:03 pm, 1376527

Since I posted an excerpt from Noah Smith's column, I should also post this response from Frances Woolley:

Is economics really a dismal science for women?: Donna Ginther and Shulamit Kahn have just published a paper that tracks thousands of American academics from the time they ...


November 23, 2014, 2:05 pm, 1376524

THREE times in the last 35 years, Russian military forces have crossed international borders – in Afghanistan in 1979, Georgia in 2008 and the Crimea earlier this year. As Simon Derrick, the currency strategist at BNY Mellon points out, each occasion coincided with a peak in the oil price. And ...


November 23, 2014, 2:04 pm, 1376523
Crooks and Liars has a post up on it’s site here: Wingnut Cartoonist At Indy Star Gets His (Gary Varvel) Cartoon Yanked Claiming the cartoon was overtly racist, the Indianapolis Star eventually yanked it after initially removing the mustache off of the man coming through the window claiming the mustache ...


November 23, 2014, 1:33 pm, 1376520

Donna Ginther and Shulamit Kahn have just published a paper that tracks thousands of American academics from the time they first get their PhDs through to their tenure and promotion decisions. They conclude:

Economics is the one fieldwhere gender differences in tenure receipt seem to remain even ...


November 23, 2014, 1:33 pm, 1376519

Beautiful.

See also "This list of broken records shows how insanely good Lionel Messi is".


November 23, 2014, 1:03 pm, 1376494

For the last 4 years, the national average retail price of gasoline in the United States stayed within a range of $3.25-$4.00 a gallon. But that all changed this fall, with U.S. consumers now paying an average price of $2.82.


November 23, 2014, 1:03 pm, 1376493
For fun ... recently we've seen another recession call for 2015, this time from the Jerome Levy Forecasting Center (following their an incorrect recession call in 2011). Over the last few years, there were several incorrect recession calls from ECRI and others. I disagreed with all of ...


November 23, 2014, 12:04 pm, 1376492
(November 23, 2014 12:03 PM, by David Henderson) When L'Affaire Gruber began two weeks ago, Tyler Cowen challenged us to stick to discussing Gruber's economics rather than his personal failings. I took up the challenge here, pointing out that Gruber's willingness to mislead could explain what looked like... (2 COMMENTS)


November 23, 2014, 11:33 am, 1376491
The price of 52 Samsung TVs gathered by the BPP, April 2008 - November 2009 (Cavallo)
In a previous post, I mentioned that the ...


November 23, 2014, 10:34 am, 1376478

November 23, 2014, 10:05 am, 1376475

This Vice documentary on sewage in New York is actually quite interesting. I would enjoy the Richard Scarry book.

Hat tip: Connor.


November 23, 2014, 10:04 am, 1376474
(Don Boudreaux)

… is from page 18 of the 1983 collection of some of the writings of the late G. Warren Nutter, entitled Political Economy and Freedom; specifically, it’s from Nutter’s 1974 essay “Freedom in a Revolutionary Economy”:

More fundamentally, something must be wrong in a society that feels compelled to ...


November 23, 2014, 10:04 am, 1376473
- by New Deal democrat     (from Bonddad blog) Failure to deflate: flat consumer prices only slightly help real wages, sales Usually changes in the inflation rate are all about the price of gasoline.  Not in October.  Although gas prices fell -6.4% (compared with a decline of -5.0% a year ...


November 23, 2014, 9:03 am, 1376463

The Federal Reserve has asked its inspector general, Mark Bialek, to scrutinize the manner in which the central bank oversees large financial companies, potentially pulling back the curtain on an area that has seen endless criticism since the financial crisis.

The Fed disclosed Thursday its general counsel Scott Alvarez, who has ...


November 23, 2014, 9:03 am, 1376462
Bloomberg News

Household debt in South Korea is rising at its fastest pace in seven years, driven by government efforts to help prop up the economy.

Outstanding household debt grew ...


November 23, 2014, 9:03 am, 1376464

A raft of settlements and criminal charges against big Wall Street firms reinforces a loss of public faith in the banking system that poses a threat to the country’s financial stability, said William Dudley, president of the Federal Reserve Bank of New York.

“This loss of trust is so severe that ...


November 23, 2014, 9:03 am, 1376466
In the past, the Fed adjusted rates by moving its benchmark federal funds rate, an overnight rate on interbank lending, by adding or withdrawing reserves out of the banking ...


November 23, 2014, 9:03 am, 1376461
Women participate less in the workforce in many Asian countries than they do in the West. Agence France-Presse/Getty Images

Economic “miracles” depend to a large degree on ...


November 23, 2014, 9:03 am, 1376465
James Bullard, president of the St. Louis Federal Reserve Bank, at the Jackson Hole economic symposium on Aug. 21. Bloomberg News

Broad expectations the Federal Reserve will start raising short-term interest ...


November 23, 2014, 9:03 am, 1376459
Prime Minister Shinzo Abe, shown at a ruling-party rally Friday, must win over voters who haven’t benefited from his Abenomics growth policies. Agence France-Presse/Getty Images

Prime Minister ...


November 23, 2014, 9:03 am, 1376456
Kentucky had the biggest decrease in its unemployment rate, 0.5 percentage point to 6.2%, the lowest level in more than six years. Sarah Portlock/The Wall Street ...


November 23, 2014, 9:03 am, 1376455
William Dudley, president of the Federal Reserve Bank of New York, listens during a Senate Banking Subcommittee hearing in Washington, D.C., on Friday. Bloomberg News

Federal Reserve ...


November 23, 2014, 9:03 am, 1376460
Bank of England Monetary Policy Committee member David Miles said specific guidance over the medium-term might give households and businesses a false sense of certainty. Reuters

LONDON—Providing ...


November 23, 2014, 9:03 am, 1376457
President Barack Obama announces executive actions on immigration policy during a televised address from the White House on Thursday. Reuters

The White House on Friday said


November 23, 2014, 9:03 am, 1376458

The Wall Street Journal’s Daily Report on Global Central Banks for Friday, November 21, 2014:
Sign up for the newsletter: http://on.wsj.com/grandcentralsignup.

Highlights

Hilsenrath’s Take: Dealer Survey Highlights Fed’s Looming Jobs Vs Inflation Conundrum Fed Launches ...


November 23, 2014, 9:03 am, 1376453
A Senate hearing this week raised the question of whether the Fed has fully addressed its alleged shortcomings as a regulator of big banks. Here are five things to know.


November 23, 2014, 9:03 am, 1376454

The last month has been a challenging time for St. Louis Fed President James Bullard.

In the view of many market observers, the veteran central banker has sent conflicting messages about the outlook for Federal Reserve interest rate policy, injecting uncertainty into the central bank outlook at a time when ...


November 23, 2014, 9:03 am, 1376452
In the U.S., financial markets, government agencies and most businesses will close next Thursday to observe the Thanksgiving holiday. Before Americans go off to a day of thanks, turkey and football, the shortened workweek will bring a long list of economic reports. Here are five items to watch:


November 23, 2014, 9:03 am, 1376451
William Dudley, president of the Federal Reserve Bank of New York, speaks during a Senate Banking Subcommittee hearing in Washington, D.C., on Friday. Bloomberg News

If ...


November 23, 2014, 8:34 am, 1376450

This post by Richard reminds me that we need more class-consciousness.

Rightists often argue that class war can be divisive and mean-spirited. But as Richard points out, the opposite is (also?) true. The reduced salience of class divisions has led not to a healthy community ...


November 23, 2014, 8:04 am, 1376448
(Don Boudreaux)

This EconPop movie review is both insightful and witty.  Be sure to watch to the very end.


November 23, 2014, 7:33 am, 1376445

Los Angeles and New York clearly win.


November 23, 2014, 7:33 am, 1376444


November 23, 2014, 6:04 am, 1376427
My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. The Cassandras are out in force, from the prime minister down, predicting doom and gloom for the world economy and by extension a knock-on effect for...


November 23, 2014, 5:33 am, 1376426

I'm real glad these folks fight on our side.


November 23, 2014, 5:23 am, 1376425

I’m a very intellectually curious person — I could spend most of my time researching investing questions if I had the resources to do that and that alone.  This post at the blog will be a little more wonky than most.  If ...


November 23, 2014, 5:03 am, 1376402

November 23, 2014, 4:05 am, 1376401

…cetacean brain size, relative to body size, increased substantially about thirty-eight mill years ago when the odontocetes evolved from the ancient archaeocetes…

What drove these changes? It does not seem to have been the transition to an aquatic existence itself as that occurred about fifty-five million years ago and brains stayed ...


November 23, 2014, 4:05 am, 1376400

…the evidence suggests that China was larger (in terms of purchasing power parity) than any other economy in the world until around 1889, when the US eclipsed it. Now, 125 years later, the rankings have reversed again, following decades of rapid economic development in China.

That is from Jeffrey Sachs, ...