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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October 1, 2014, 3:33 pm, 1344581

It turns out that that Federal Finance Minister Joe Oliver is reported as saying that “the government can shrink the national debt by growing the economy and ‘without actually paying off any debt’.” At the same time, as part of pre–budgetary consultations with the finance committee, ...


October 1, 2014, 3:33 pm, 1344580
In a Time Magazine Op-Ed, Congressman Charles Rangel (Democrat from New York), a combat veteran says It’s Time for a War Tax and a Reinstated Draft.

While I am optimistic about our Commander-in-Chief’s strategy to defeat the Islamic State of Iraq and Syria, I voted against ...


October 1, 2014, 3:33 pm, 1344579

Bard College economist Pavlina Tcherneva has cooked up a frightening and much-shared income-inequality chart (see above) — “the most important chart about the American economy you’ll see this year,” according to Vox —  that seems to confirm the worst: America has become a winner-take-everything society. Since the 1980s, ...


October 1, 2014, 3:33 pm, 1344578

1. Here’s what you can buy in Flint, Michigan for $425,000 (pictured above):

Gorgeous historic home in Flint’s most prestigious neighborhood! Impressive marble Foyer, beautiful hardwood floors throughout, crown molding, paneled Library with french doors. Huge master suite with cozy ...


October 1, 2014, 3:03 pm, 1344518

As nationwide political momentum for marijuana legalization grows stronger, a recent estimate shows potential revenue from a marijuana taxes could result in an approximately $3 billion increase in available state funds. Although the general underpinning of the estimate, published by NerdWallet, has been subject to


October 1, 2014, 3:03 pm, 1344517

One of the strange quirks in the U.S. government’s “Buy American” laws is that many items covered by the rules—from hand tools to trolley cars—wouldn’t necessarily be able to carry a “Made in USA” label if found on a store shelf.

The Buy American Act, for instance, around since the Great ...


October 1, 2014, 3:03 pm, 1344516

I'm not so sure that the solution to Americans working "strange hours" is "to revert to the shop-closing laws (Blue Laws) that prevailed in the US years ago." What do you think?:

Americans work too long (and too often at strange times), by Daniel S. Hamermesh, Elena Stancanelli, Vox EU: ...


October 1, 2014, 3:03 pm, 1344515
Reis released their Q3 2014 Office Vacancy survey this morning. Reis reported that the office vacancy rate was unchanged in Q3 compared to Q2 at 16.8%. This is down slightly from 16.9% in Q3 2013, and down from thecycle peak of 17.6%.

From Reis Senior Economist Ryan Severino:


October 1, 2014, 3:03 pm, 1344514
Based on an WardsAuto estimate, light vehicle sales were at a16.34 million SAAR in September. That is up 7% from September 2013, but down 6% from the 17.4 million annual sales rate last month.

This was below the consensus forecast of 16.8 million SAAR (seasonally adjusted annual rate).


October 1, 2014, 2:05 pm, 1344513

October 1, 2014, 2:05 pm, 1344512

Jon Hilsenrath says Bernanke deserves one, I agree.  I would gladly see a Bernanke-Woodford-Svensson prize, perhaps working in Mark Gertler too.

But for this year’s pick, due October 13, I am predicting William J. Baumol, possibly with William G. Bowen, for work on ...


October 1, 2014, 2:04 pm, 1344511
I’m reprising a previous (and longer) post here in hopefully simplified and clarified form, for a discussion I’m in the midst of. “Saving” and “Savings” seem like simple concepts, but they’re not. They have many different meanings, and writers’ different usages and definitions (often implicit or even unconscious) make coherent understanding and ...


October 1, 2014, 1:03 pm, 1344474

In July, the DC Council approved a major tax reform that cuts income and business taxes, expands the low-income tax credit, and applies sales tax to items exempt by historical accident, all based on the recommendations of a blue-ribbon commission. Effective today, consumers must pay the 5.75 percent sales ...


October 1, 2014, 1:03 pm, 1344473

Nigeria’s finance minister Ngozi Okonjo-Iweala says the Ebola virus is having a negligible impact on her country’s economy, but the Boko Haram insurgency is eroding growth prospects.

Agence France-Presse/Getty Images

“We’re ...


October 1, 2014, 1:03 pm, 1344472

Unemployment is much more damaging to society than moderate levels of inflation, making central bankers’ disproportionate focus on the level of consumer price growth misguided, a former Bank of England rate-setter now at Dartmouth College writes in a new paper.

Along with three co-authors, David Blanchflower, known for his ...


October 1, 2014, 1:03 pm, 1344470
Associated Press

The European Central Bank is expected to refrain from new stimulus measures when it meets Thursday in Naples, Italy and instead focus on implementing a new, private-asset purchase program that was part of September’s stimulus ...


October 1, 2014, 1:03 pm, 1344471

The glass ceiling is still there, but it’s getting thinner.

A trio of economists, wielding big data from Social Security’s records, says that in 1981-85, women constituted just 1.9% of the top 0.1% of earners (based on average earnings for those years) and 5.2% of the top 1%.


October 1, 2014, 1:03 pm, 1344469

Nearly a quarter of metropolitan areas had fewer jobs in August than five years earlier, showing that the national labor market recovery has missed broad swaths of the U.S.

According to Labor Department data released Wednesday, 92 regions have experienced net job loss since August 2009 despite the country steadily ...


October 1, 2014, 1:03 pm, 1344468

Jared Bernstein says there's more slack in the labor market than you'd think from just looking at the unemployment rate:

...So why not just look at the unemployment rate and call it a day? Because special factors in play right now make the jobless rate an inadequate measure of ...


October 1, 2014, 1:03 pm, 1344467



[From Brookings]

The fiscal impact measure shows how much federal, state, and local government taxes and spending added to or subtracted from the ...


October 1, 2014, 1:03 pm, 1344466

From Chapter 4 of the IMF’s World Economic Outlook, released today:

Global current account (“flow”) imbalances have narrowed significantly since their peak in 2006, and their configuration has changed markedly in the process. The imbalances that used to be ...


October 1, 2014, 12:44 pm, 1344465
Looked at one way, economic ties between the U.S. and India have expanded greatly. But huge opportunities remain on both sides.


October 1, 2014, 12:44 pm, 1344464
A


October 1, 2014, 12:44 pm, 1344463
A


October 1, 2014, 12:05 pm, 1344460

Mises Daily Wednesday by Dick Clark:

2014’s new US Farm Bill eliminates many direct subsidies to farmers, while replacing them with subsidized insurance programs. This will lead to higher costs for taxpayers and distorted markets in the future.


October 1, 2014, 12:05 pm, 1344459

Lots of people like to concentrate on the deficit when looking at public finances. In 2013, he federal government of the United States ran a budget deficit of $614 billion, which is quite a bit, but seemingly small relative to the ...


October 1, 2014, 12:05 pm, 1344457

The September issue of The Free Market, the Mises Institute’s monthly,  is now online!

September’s issue features a new book review from David Gordon, and on the 100th anniversary of World War I, Hunt Tooley reflects on modern views of the war:

In his ...


October 1, 2014, 12:05 pm, 1344458

Well, war is good for certain sectors of the economy. For example: weapons manufacturing. Taxpayers and holders of US dollars won’t fare quite as well.

Writes Bloomberg:

Led by Lockheed Martin Corp. (LMT), the biggest U.S. defense companies are trading at record prices as shareholders ...


October 1, 2014, 12:05 pm, 1344456

This is perhaps today’s underreported news story:

Catalonia’s regional government said Tuesday it was suspending its promotion of an independence referendum, a day after a decision by Spain’s Constitutional Court blocking the nonbinding vote.

Catalonia’s leaders still hoped to hold the vote on Nov. 9, said spokesman Francesc ...


October 1, 2014, 12:04 pm, 1344455

For all of you high achievers out there, your workplace is probably the largest single place that you spend time in. While there have been some wacky theories over the years as to what type of office surroundings make more productive, when ...


October 1, 2014, 12:04 pm, 1344454
Banks are obviously different from households. But I think explaining two key differences goes far towards explaining why “endogenous money” theory — often pooh poohed as either confused or obvious — is important to economic thinking. The first is a dweeby accounting difference. The other, which arises from that, is very, ...


October 1, 2014, 11:33 am, 1344452

The Council of Graduate Schools (CGS) recently released its annual report recently on US graduate school enrollment and degrees for 2013, and here are some of the more interesting findings in ...


October 1, 2014, 11:23 am, 1344451
If you are one of the thousands of drivers who has just spent up to 13 hours online, trying to renew your car tax, you may not find this quiz so entertaining. However, for the rest of us, the BBC have a quiz about some of the changes to finances ...


October 1, 2014, 11:03 am, 1344385

U.S. workers who have been out of a job for six months or longer can and will reenter the labor market as the unemployment rate falls further, according to a new paper countering arguments that the long-term jobless are increasingly unemployable due to an erosion of skills.

That doesn’t mean that


October 1, 2014, 11:03 am, 1344384
Former Treasury Secretary Lawrence Summers delivers remarks during the 2014 annual conference of the Export-Import Bank in April in Washington. Getty Images

The U.S. government over time ...


October 1, 2014, 11:03 am, 1344382

The Federal Reserve should continue to act fully independently from the U.S. Treasury even in times of crisis, Fed Gov. Jerome Powell said Tuesday in response to calls for closer cooperation between the two bodies in a Brookings Institution paper.

The research, of which former Treasury Secretary Lawrence Summers is a ...


October 1, 2014, 11:03 am, 1344386

Bank of Japan officials are losing their hopes for a quick rebound of the economy, their confidence further shaken by a slew of poor indicators released on Tuesday, according to people familiar with the central bank’s thinking.

While the BOJ’s policy board isn’t expected to decide on any additional measures ...


October 1, 2014, 11:03 am, 1344383

The European Central Bank must be wondering when it will catch a break.

On Monday, surveys published by the European Commission showed it was at risk of losing its battle to persuade consumer and households that the inflation rate will soon start to pick up, and edge towards its target over ...


October 1, 2014, 11:03 am, 1344390
Pedestrians walk past advertisements for property at an estate agents office in Beijing. Bloomberg News

Just how much will a downturn in China’s property market hurt the ...


October 1, 2014, 11:03 am, 1344381

The S&P Case-Shiller national home price index is up just 5.6% in the year ended in July, continuing a slowing trend since late 2013.

Las Vegas was one of just ...


October 1, 2014, 11:03 am, 1344389
Japan’s industrial output unexpectedly fell 1.5% in August. Bloomberg News

A raft of economic data released Tuesday continues to paint a picture of sluggish growth for ...


October 1, 2014, 11:03 am, 1344388

Brazilians face many options in the Oct. 5 vote, but for economists and investors the options are clear: It is reform or die.

Some economists say that even if incumbent ...


October 1, 2014, 11:03 am, 1344387

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, September 30, 2014:

Sign up for the newsletter.

Highlights

Hilsenrath’s Take: Report Points to Downsides of Fed’s Consensus Culture Fed Rate Policies Aid Foreign ...


October 1, 2014, 11:03 am, 1344378

China’s devalued exchange rate has made it a pariah of U.S.-based manufacturing and a beloved target of countless U.S. political diatribes and bills seeking to censure Beijing for its currency policy.

But it is key U.S. ally Germany that’s sapping growth from the global economy, according to the latest ...


October 1, 2014, 11:03 am, 1344374
Five takeaways from a surprisingly positive Bank of Japan tankan survey of business sentiment that will likely lessen pressure on the central bank to take further action.


October 1, 2014, 11:03 am, 1344373
A young boy works on a computer in a convenience store in Beijing. Agence France-Presse/Getty Images

Steady and slow expansion of China’s economic activity might be what ...


October 1, 2014, 11:03 am, 1344372

October 1, 2014, 11:03 am, 1344371

Nigeria’s finance minister Ngozi Okonjo-Iweala says the Ebola virus is having a negligible impact on her country’s economy, but the Boko Haram insurgency is eroding growth prospects.

Agence France-Presse/Getty Images

“We’re ...


October 1, 2014, 11:03 am, 1344375

The cross-currents of the global economy leave the world’s central banks confronting varied policy choices in the months ahead. The U.S. and U.K. recoveries finally have enough momentum for the Federal Reserve and Bank of England to anticipate raising raise short-term interest rates from record lows next year. The European ...


October 1, 2014, 11:03 am, 1344376

The time might be approaching for the U.S. Treasury to rethink its strategy of issuing more long-term debt relative to short-term debt, a former senior U.S. Treasury official said Tuesday.

The Treasury has been lengthening the average maturity of the debt it issues for several years. At 68.4 months as of ...


October 1, 2014, 11:03 am, 1344379

A top Bank of England policy maker said Tuesday he doesn’t think that providing more explicit guidance on the future path of interest rates in the U.K. would be a very good idea.

David Miles, one of nine rate-setters on the BOE’s Monetary Policy Committee, said in a speech at the ...


October 1, 2014, 11:03 am, 1344377

Infrastructure investment is the antidote to serial disappointments in global growth.

That’s what the International Monetary Fund is touting ahead of a gathering of top finance officials from around the world.

Especially for advanced economies, infrastructure investment “is one of the few remaining policy levers available to support growth, given ...


October 1, 2014, 11:03 am, 1344380

Household incomes in the Plains states are booming.

Nebraska and North Dakota posted the strongest income growth in the second quarter among all 50 states. Overall incomes—reflecting what Americans earn in salary, rental income and government assistance—grew a seasonally adjusted 2.7% in those states in the spring, Commerce Department data show.

Incomes ...


October 1, 2014, 11:03 am, 1344370
The ISM manufacturing index suggests slower expansion in September than in August. The PMI was at 56.6% in September, down from 59.0% in August. The employment index was at 54.6%, down from 58.1% in August, and the new orders index was at 60.0%, down from 66.7%.

From the ...


October 1, 2014, 11:03 am, 1344369
Earlier the Census Bureau reported that overall construction spending decreased in August:

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2014 was estimated at a seasonally adjusted annual rate of $961.0 billion, 0.8 percent below the revised July estimate of $968.8 ...


October 1, 2014, 10:44 am, 1344368
A


October 1, 2014, 10:35 am, 1344367
Private-sector employment continued to rise at a moderate pace in September, according to this morning’s ADP Employment Report. Last month’s 213,000 increase in jobs (seasonally adjusted) was slightly higher than the consensus forecast, but generally in line with the pace … Continue reading →


October 1, 2014, 10:35 am, 1344366

A lot has been written about the failures of economics, some of it worth reading. However, as far as I know, nobody has pointed out that pretty much all of us - me, Simon Wren-Lewis, the Adam Smith Institute and all - make a systematic error in thinking ...


October 1, 2014, 10:04 am, 1344363
(Don Boudreaux)

… is from page 109 of Michael Huemer’s insightful and powerful 2013 book, The Problem of Political Authority:

Respect for authority was Hitler’s key weapon.  The same is true of all the greatest man-made evils.  No one has ever managed, working alone, to kill over a million people.  Nor ...


October 1, 2014, 10:04 am, 1344362
by New Deal democrat         (re-posted with permission from Bondadd blog) Sadly, Ed Yardeni is the Wanker of the Day – wage stagnation edition Dr. Ed Yardeni has some clickbait up at his blog titled, The Wage Stagnation Myth. Yardeni is a highly-regarded financial markets analyst, but this ...


October 1, 2014, 9:33 am, 1344356
The IMF endorses the free-lunch view of infrastructure spending.That is, an IMFstudy suggests that the expansionary effects are sufficiently large that debt-financed infrastructure spending could reduce the debt-GDP ratio over time.

Certainly this outcome is theoretically possible (just like self-financing tax cuts), butyou can count me asskeptical ...


October 1, 2014, 9:03 am, 1344294

October 1, 2014, 9:03 am, 1344293
From ADP:

Private sector employment increased by 213,000 jobs from August to September according to the August ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
...


October 1, 2014, 8:45 am, 1344292
Looked at one way, economic ties between the U.S. and India have expanded greatly. But huge opportunities remain on both sides.


October 1, 2014, 8:35 am, 1344291
September was a complete rout. All the major asset classes suffered losses last month—the first calendar month of across-the-board red ink since June 2013. At the top of the casualty list: emerging-market stocks (MSCI EM), which tumbled 7.4% in September. … Continue reading →


October 1, 2014, 8:04 am, 1344288
by Dale Coberly VERY SHORT POST ON SOCIAL SECURITY DISABILITY INSURANCE WITH A SURPRISE ENDING The Committee for a Responsible Federal Budget has issued a “call for papers” with suggestions for “fixing” SSDI. I expect that by “fixing” they mean cutting people off and getting them back to work. After ...


October 1, 2014, 7:33 am, 1344284

Steven Pinker smacks some of the more egregious problems in "academese".

Enough already. Our indifference to how we share the fruits of our intellectual labors is a betrayal of our calling to enhance the spread of knowledge. In writing badly, we are wasting each other’s time, sowing ...


October 1, 2014, 7:33 am, 1344283

A comfort in my old age.

Roger Ekrich noticed many old books, including Chaucer's "The Canterbury Tales", referencedtwo periods of sleepbeing the norm in their era.


October 1, 2014, 7:33 am, 1344281

Needless to say, bring it on!

Imperial College has discovered how to turn off an enzyme which is driving many incurable diseases.

The NMT enzyme makes irreversible changes to proteins which stop damaged cells from dying and, instead, speeds up their replication, causing cancer.


October 1, 2014, 7:33 am, 1344282

You can have my Oxford comma when you pry my cold, dead hands from it.


October 1, 2014, 7:33 am, 1344280
Claudia M. Buch, James Chapman, and Linda Goldberg

Over the past thirty years, the typical large bank has become a global entity with subsidiaries in many countries. In parallel, financial liberalization has increased the interconnectedness of banking systems, with domestic banking systems becoming more exposed to ...


October 1, 2014, 7:23 am, 1344279
THE LATEST fiasco at Tesco could prove an embarrassment for more than just the retailer. There appears to have been an over-recording of profit of some £250m, and some are asking questions about the company’s auditors.


October 1, 2014, 7:23 am, 1344277
We've got another fantastic interactive quiz format for you. This one will help test how much your students have taken in over these first few weeks of the AS course. This activity called 'Four Words' shows students the first four words of a definition of a key phrase. Students must ...


October 1, 2014, 7:23 am, 1344278
Two hundred and fifty students at University College London (UCL) start learning economics in a new way today, Wednesday 1 October.


October 1, 2014, 7:23 am, 1344276

External debt is the total  public (government) and private debt owed to non-residents repayable in internationally accepted currencies, goods, or services. This is gross (total) external debt. It does not measure net debt.

External debt is different to measures of public (government) debt. See: List of national debt by country.

Some ...


October 1, 2014, 7:23 am, 1344275

This is a list of the gross National debt that countries have. National debt refers to the amount of total government debt a country has. This is also referred to as ‘public sector debt’. It is compiled using data from the IMF, ...


October 1, 2014, 7:03 am, 1344236
A young boy works on a computer in a convenience store in Beijing. Agence France-Presse/Getty Images

Steady and slow expansion of China’s economic activity might be what ...


October 1, 2014, 7:03 am, 1344235

October 1, 2014, 7:03 am, 1344234
From the MBA: Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey

Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 26, 2014. ...

The Refinance Index decreased 0.3 percent ...


October 1, 2014, 6:44 am, 1344233
A


October 1, 2014, 5:24 am, 1344229

Photo Credit: Michael Daddino

I am mystified at why people might be outraged or surprised that the Federal Reserve does a poor job of overseeing banks.  The Fed is an overstaffed bureaucracy.  Overstaffed bureaucracies always tend toward consensus ...


October 1, 2014, 5:23 am, 1344228

Readers Question: Is it possible for a country to completely pay off its national debt?

Yes. A country with an easy source of tax (e.g. oil rich Middle-East countries) could easily run a budget surplus and buy back any previous government bonds.

It ...


October 1, 2014, 5:03 am, 1344166
A young boy works on a computer in a convenience store in Beijing. Agence France-Presse/Getty Images

Steady and slow expansion of China’s economic activity might be what ...


October 1, 2014, 5:03 am, 1344165

Did you know that if you're willing to defer collecting retirement benefits from Social Security, you can actually ...


October 1, 2014, 5:03 am, 1344164

October 1, 2014, 4:04 am, 1344163
A


October 1, 2014, 3:03 am, 1344119

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, September 30, 2014:

Sign up for the newsletter.

Highlights

Hilsenrath’s Take: Report Points to Downsides of Fed’s Consensus Culture Fed Rate Policies Aid Foreign ...


October 1, 2014, 3:03 am, 1344118

Bank of Japan officials are losing their hopes for a quick rebound of the economy, their confidence further shaken by a slew of poor indicators released on Tuesday, according to people familiar with the central bank’s thinking.

While the BOJ’s policy board isn’t expected to decide on any additional measures ...


October 1, 2014, 3:03 am, 1344117

U.S. workers who have been out of a job for six months or longer can and will reenter the labor market as the unemployment rate falls further, according to a new paper countering arguments that the long-term jobless are increasingly unemployable due to an erosion of skills.

That doesn’t mean that


October 1, 2014, 3:03 am, 1344120

Brazilians face many options in the Oct. 5 vote, but for economists and investors the options are clear: It is reform or die.

Some economists say that even if incumbent ...


October 1, 2014, 3:03 am, 1344124
Japanese Prime Minister Shinzo Abe at the U.N. Climate Summit in New York, Sept 23. Reuters

Faced with a drop in demand after an April sales tax ...


October 1, 2014, 3:03 am, 1344116
Former Treasury Secretary Lawrence Summers delivers remarks during the 2014 annual conference of the Export-Import Bank in April in Washington. Getty Images

The U.S. government over time ...


October 1, 2014, 3:03 am, 1344123
A row of newly constructed homes selling in the new Sydney suburb of Greenhills Beach Reuters

SYDNEY–Australia’s central bank and banking regulator are on course to announce ...


October 1, 2014, 3:03 am, 1344122
Pedestrians walk past advertisements for property at an estate agents office in Beijing. Bloomberg News

Just how much will a downturn in China’s property market hurt the ...


October 1, 2014, 3:03 am, 1344121
Japan’s industrial output unexpectedly fell 1.5% in August. Bloomberg News

A raft of economic data released Tuesday continues to paint a picture of sluggish growth for ...


October 1, 2014, 3:03 am, 1344113

The S&P Case-Shiller national home price index is up just 5.6% in the year ended in July, continuing a slowing trend since late 2013.

Las Vegas was one of just ...


October 1, 2014, 3:03 am, 1344115

The European Central Bank must be wondering when it will catch a break.

On Monday, surveys published by the European Commission showed it was at risk of losing its battle to persuade consumer and households that the inflation rate will soon start to pick up, and edge towards its target over ...


October 1, 2014, 3:03 am, 1344107

The cross-currents of the global economy leave the world’s central banks confronting varied policy choices in the months ahead. The U.S. and U.K. recoveries finally have enough momentum for the Federal Reserve and Bank of England to anticipate raising raise short-term interest rates from record lows next year. The European ...


October 1, 2014, 3:03 am, 1344106
Five takeaways from a surprisingly positive Bank of Japan tankan survey of business sentiment that will likely lessen pressure on the central bank to take further action.


October 1, 2014, 3:03 am, 1344109

Infrastructure investment is the antidote to serial disappointments in global growth.

That’s what the International Monetary Fund is touting ahead of a gathering of top finance officials from around the world.

Especially for advanced economies, infrastructure investment “is one of the few remaining policy levers available to support growth, given ...


October 1, 2014, 3:03 am, 1344108

The time might be approaching for the U.S. Treasury to rethink its strategy of issuing more long-term debt relative to short-term debt, a former senior U.S. Treasury official said Tuesday.

The Treasury has been lengthening the average maturity of the debt it issues for several years. At 68.4 months as of ...


October 1, 2014, 3:03 am, 1344114

The Federal Reserve should continue to act fully independently from the U.S. Treasury even in times of crisis, Fed Gov. Jerome Powell said Tuesday in response to calls for closer cooperation between the two bodies in a Brookings Institution paper.

The research, of which former Treasury Secretary Lawrence Summers is a ...


October 1, 2014, 3:03 am, 1344112

Household incomes in the Plains states are booming.

Nebraska and North Dakota posted the strongest income growth in the second quarter among all 50 states. Overall incomes—reflecting what Americans earn in salary, rental income and government assistance—grew a seasonally adjusted 2.7% in those states in the spring, Commerce Department data show.

Incomes ...


October 1, 2014, 3:03 am, 1344111

A top Bank of England policy maker said Tuesday he doesn’t think that providing more explicit guidance on the future path of interest rates in the U.K. would be a very good idea.

David Miles, one of nine rate-setters on the BOE’s Monetary Policy Committee, said in a speech at the ...


October 1, 2014, 3:03 am, 1344110

China’s devalued exchange rate has made it a pariah of U.S.-based manufacturing and a beloved target of countless U.S. political diatribes and bills seeking to censure Beijing for its currency policy.

But it is key U.S. ally Germany that’s sapping growth from the global economy, according to the latest ...


October 1, 2014, 2:05 am, 1344105

I see a whole bunch of candidates here, each backed by a broadly plausible psychological story:

1. They are more ruthless than we realize.

2. They are more like us than we realize.

2b. #1 and #2.

3. They have longer time horizons than we imagine.

4. Due to extreme political constraints, they have far ...


October 1, 2014, 1:03 am, 1344092
Five takeaways from a surprisingly positive Bank of Japan tankan survey of business sentiment that will likely lessen pressure on the central bank to take further action.


October 1, 2014, 12:44 am, 1344091
A


October 1, 2014, 12:44 am, 1344090

This week's episode was a conversation with University of Chicago philosopher Martha Nussbaum. She and EconTalk host Russ Roberts discussed her work on the capabilities approach, the limits of GDP, stoicism, and the value of philosophy.

We'd like to hear your reaction to their conversation. As always, our goal is ...


October 1, 2014, 12:34 am, 1344089

2014’s new US Farm Bill eliminates many direct subsidies to farmers, while replacing them with subsidized insurance programs. This will lead to higher costs for taxpayers and distorted markets in the future.


October 1, 2014, 12:05 am, 1344087

Emily Wax-Thibodeaux reports:

The new supervisor thought his idea was innocent enough. He wanted the baristas to write the names of customers on their cups to speed up lines and ease confusion, just like other Starbucks do around the world.

But these aren’t just any customers. They are regulars at ...


October 1, 2014, 12:04 am, 1344086
(October 1, 2014 12:05 AM, by Bryan Caplan) I've long believed that human beings are overly touchy. Many actively look for excuses to take offense. This excess negativity isn't just unpleasant. Due to the scarcity of attention and patience, unreasonable offense frequently crowds out reasonable offense. It's no... (1 ...


October 1, 2014, 12:04 am, 1344085
(Don Boudreaux)

“G. Pyle” – who describes himself or herself as “a darn reg’lar” Cafe patron – points out to me by e-mail that the Quotation of the Day from exactly three years ago, one from the great Harold Demsetz, is relevant to today’s earlier letter to Paul Krugman.


October 1, 2014, 12:04 am, 1344084
(Don Boudreaux)

Intrigued by G. Pyle pointing me to a Cafe Hayek post of exactly three years ago, I went – just out of curiosity – to see what was posted at the Cafe exactly ten years ago today.  Here’s the last of three Cafe posts from September ...


September 30, 2014, 11:33 pm, 1344083
On September 4, ECB President pulled out a financial bazooka including a pledge to build up the ECB's balance sheet by another €1 trillion.

Draghi confirmed the asset purchases would "include the real estate, the RMBS, real estate ABS. It would also include a fairly wide range of ABS ...


September 30, 2014, 9:33 pm, 1344059

Legal challenges to various aspects of Obamacare (aka the Affordable Care Act) keep traveling on a rollercoaster. Today’s episode of the law’s continuing courtroom soap operate involves a ruling by a federal district court in Oklahoma, which overturned a 2012 IRS rule authorizing premium assistance tax credits in federal exchanges ...


September 30, 2014, 9:03 pm, 1344051
Wednesday will be busy! First, from the National Restaurant Association: Restaurant Performance Index Registers August Gain

Driven by stronger same-store sales and customer traffic levels and a more optimistic outlook among restaurant operators, the National Restaurant Association’s Restaurant Performance Index (RPI) posted a solid gain in August. ...


September 30, 2014, 8:44 pm, 1344050

Negative real interest rates imply redistribution from savers to debtors. This column, by the EU Commissioner for Employment, Social Affairs and Inclusion, argues that such redistribution would benefit the whole economy. It would strengthen aggregate demand – including investment demand – at time when such a boost is clearly needed.


September 30, 2014, 8:44 pm, 1344048

High debt and deflation have afflicted Japan, the Eurozone, and the US. However, the implemented so far monetary and fiscal policies have been disappointing. This column discusses the importance of helicopter money in the form of overt monetary financing in addressing these problems. The overt money financing is the policy ...


September 30, 2014, 8:44 pm, 1344049

Clinical practice guidelines recommend treating all patients with similar attributes the same way. This column argues that, under conditions of uncertainty or ambiguity, this may be bad advice. Treating similar patients differently provides two benefits. The first is diversification – assigning similar patients to different treatments limits the consequences of ...


September 30, 2014, 8:34 pm, 1344047
Teaser:

Let’s ...


September 30, 2014, 8:05 pm, 1344046

Thomson Reuters has been predicting Nobel Prizes for the last dozen years, with modest success, and this year names Israel Kirzner as a potential economics winner, in a hypothetical joint prize with William Baumol for research in entrepreneurship. (This is one ...


September 30, 2014, 7:33 pm, 1344045

The Energy Information Administration (EIA) released new state crude oil production data yesterday for the month of July, and one of the highlights of that monthly report is that oil output in America’s No. 1 oil-producing state – Texas ...


September 30, 2014, 7:03 pm, 1344027

The cross-currents of the global economy leave the world’s central banks confronting varied policy choices in the months ahead. The U.S. and U.K. recoveries finally have enough momentum for the Federal Reserve and Bank of England to anticipate raising raise short-term interest rates from record lows next year. The European ...


September 30, 2014, 6:44 pm, 1344026
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September 30, 2014, 6:04 pm, 1344023
Mark Thoma wrote today that the Fed should not raise rates too soon, because… “If the Fed raises rates too soon, it is working class households who will be hurt the most by the slower recovery of employment.” His thinking is not deep enough. He just sees that a rise ...


September 30, 2014, 5:33 pm, 1344020
In 2010, vice-president Joe Biden publicly vowed the US would be “totally out” of Afghanistan “come hell or high water, by 2014.”

In a few short months, 2014 will be gone. Are US troops out of Afghanistan? Nope. Iraq? Nope. Instead, we have troops in Syria.

Political Promises


September 30, 2014, 5:33 pm, 1344018

1. From Margaret Wente’s article “The New Campus Sex Puritans” in the Globe and Mail:

Sixty years ago, sexual behavior among the young caused deep alarm among the puritanical religious right. Today, it causes deep alarm among the puritanical progressive left. Like their forebears, they are doing their best ...


September 30, 2014, 5:33 pm, 1344019

The Energy Information Administration (EIA) released new state crude oil production data yesterday for the month of July, and one of the highlights of that monthly report is that oil output in America’s No. 1 oil-producing state – Texas ...


September 30, 2014, 5:03 pm, 1343961

We've been asked which states adjust their gasoline tax for inflation. Most states (and the federal government) define their gas tax in so many cents per gallon, which can make a difference as time passes and inflation erodes the purchasing power of that tax rate. For example, the federal ...


September 30, 2014, 5:03 pm, 1343960

China’s devalued exchange rate has made it a pariah of U.S.-based manufacturing and a beloved target of countless U.S. political diatribes and bills seeking to censure Beijing for its currency policy.

But it is key U.S. ally Germany that’s sapping growth from the global economy, according to the latest ...


September 30, 2014, 5:03 pm, 1343959

Infrastructure investment is the antidote to serial disappointments in global growth.

That’s what the International Monetary Fund is touting ahead of a gathering of top finance officials from around the world.

Especially for advanced economies, infrastructure investment “is one of the few remaining policy levers available to support growth, given ...


September 30, 2014, 5:03 pm, 1343958

The time might be approaching for the U.S. Treasury to rethink its strategy of issuing more long-term debt relative to short-term debt, a former senior U.S. Treasury official said Tuesday.

The Treasury has been lengthening the average maturity of the debt it issues for several years. At 68.4 months as of ...


September 30, 2014, 5:03 pm, 1343957

Earlier this year, the hapless Cleveland Cavaliers signed a two-year deal ...


September 30, 2014, 5:03 pm, 1343956

Martin Wolf, in "Why inequality is such a drag on economies":

...in 2012, says the Organisation for Economic Co-operation and Development, the US ranked highest among the high-income countries in the share of relatively low-paying jobs. ...


September 30, 2014, 5:03 pm, 1343955
Fannie Mae reported today that the Single-Family Serious Delinquency rate declined slightly in August to 1.99% from 2.00% in July. The serious delinquency rate is down from 2.61% in August 2013, and this is the lowest level since October 2008.

The Fannie Mae serious delinquency rate peaked ...


September 30, 2014, 4:44 pm, 1343954
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September 30, 2014, 4:35 pm, 1343953

A poll released today by the conservative Hudson Institute and the liberal group Public Citizen finds that nearly 9 in 10 voters surveyed favor clear rules that define political activities by non-profit tax-exempt organizations. The public’s desire for clarity is not surprising, given the amount of undisclosed campaign money ...


September 30, 2014, 4:34 pm, 1343952

More than a year after first putting the proposal before its commissioners for consideration, the Federal Communications Commission has eliminated a long standing rule that barred local stations from broadcasting games on local ...


September 30, 2014, 4:34 pm, 1343951
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September 30, 2014, 4:05 pm, 1343948

Pierre Mouganie has a new paper:

In 1997, the French government put into effect a law that permanently exempted young French male citizens born after Jan 1, 1979 from mandatory military service while still requiring those born before that cutoff date to serve. This paper uses a ...


September 30, 2014, 4:04 pm, 1343947
Okay, well, as all you AB regular readers know, yesterday I posted a post deconstructing—and, yes, that’s what I did—a blog post on the Forbes website by William F. Cannon.  He blogs there on “health, freedom, and other uncertainties,” but his day job is Director of Health Policy Studies at the Cato ...


September 30, 2014, 3:33 pm, 1343943
Reader Mike wonders how interest can ever be repaid in a credit-based economy.

Hi Mish,

I wonder if you would be able to comment on this from Bill Gross in For Wonks Only:

"A credit-based financial economy (as opposed to pure cash) depends on ...


September 30, 2014, 3:33 pm, 1343942

A recent New York Times piece frets that communities lucky enough to get Google Fiber superfast internet don’t yet know what to do with all that blazing bandwidth. (Well, other than exploring the ability to download 600 cute cat photos a second.) But give them time. As ...


September 30, 2014, 3:33 pm, 1343940

September 30, 2014, 3:33 pm, 1343941

Over at Pacific Standard, Noah Berlatsky writes about the strange copyright case of Alice Randall’s 2001 The Wind Done Gone, a parody of Gone with the Wind. Berlatsky notes that “a district court at first forbade publication of The Wind Done Gone, arguing the work was a ...


September 30, 2014, 3:23 pm, 1343939
You may have seen my post giving you an example of introducing the concept ofdiseconomies of scale on Sunday where you ask a large team of students to draw an image of Steve Jobs. This next one is nothing like that!Instead, here's another example of a future-proofed activity that uses ...


September 30, 2014, 3:03 pm, 1343875

Last week, Chile’s President Michelle Bachelet signed legislation that would reform much of Chile’s tax system in order to raise tax revenue for the country.

This law would raise the top corporate income tax rate from 20 percent to 27 percent by 2017.

The law also creates a separate corporate ...


September 30, 2014, 3:03 pm, 1343874

In June 2014, the Internal Revenue Service released a “Taxpayer Bill of Rights” at the recommendation of the Taxpayer Advocate Service. The publication attempts to clearly outline the fundamental rights a taxpayer has when filing their returns and dealing with the IRS in general.

In an attempt to further ...


September 30, 2014, 3:03 pm, 1343873

A top Bank of England policy maker said Tuesday he doesn’t think that providing more explicit guidance on the future path of interest rates in the U.K. would be a very good idea.

David Miles, one of nine rate-setters on the BOE’s Monetary Policy Committee, said in a speech at the ...


September 30, 2014, 3:03 pm, 1343872
A few key points:
1) There is a clear seasonal pattern for house prices.
2) The surge in distressed sales during the housing bust distorted the seasonal pattern.
3) Even though distressed sales are down significantly, the seasonal factor is based on several years of data - and the factor ...


September 30, 2014, 3:03 pm, 1343871
I started 2014 expecting a slowdown in year-over-year (YoY) prices as "For Sale" inventory increases, and the price slowdown is very obvious! The Case-Shiller Composite 20 index was up 6.7% YoY in July; the smallest YoY increase since November 2012 (the National index was up 5.6%, also the slowest YoY ...


September 30, 2014, 2:44 pm, 1343870
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September 30, 2014, 2:44 pm, 1343869
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September 30, 2014, 2:44 pm, 1343868
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September 30, 2014, 2:44 pm, 1343867
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September 30, 2014, 2:05 pm, 1343865

Mises Daily Tuesday by Mark Tovey:

When dealing with people in a potentially hostile environment (such as a zombie apocalypse) how do we decide if we should trade with strangers or kill them? It turns out time preference and ...


September 30, 2014, 2:05 pm, 1343864

Mises Daily Tuesday by Ron Paul:

Devolving government into smaller units promotes economic growth. The smaller the size of government, the less power it has to hobble free enterprise with taxes and regulations.

Just because people do not wish to live under ...


September 30, 2014, 2:04 pm, 1343863
(Don Boudreaux)

Heres’ a letter to Paul Krugman:

Mr. Krugman:

On your blog recently you wrote that conspicuous spending by the rich “imposes negative externalities on the rest of the population” (“Having It and Flaunting It,” Sept. 24).  You are here, I assume, endorsing the argument made by Cornell economist


September 30, 2014, 1:03 pm, 1343796

Chile has for many years had one of the lowest corporate tax rates in the developed world, and also one of the fastest rates of economic growth. Between 2000 and 2010, Chile’s corporate tax rate was 15 to 17 percent, lower than that found in any developed country except ...


September 30, 2014, 1:03 pm, 1343795

The S&P Case-Shiller national home price index is up just 5.6% in the year ended in July, continuing a slowing trend since late 2013.

Las Vegas was one of just ...


September 30, 2014, 1:03 pm, 1343794

Household incomes in the Plains states are booming.

Nebraska and North Dakota posted the strongest income growth in the second quarter among all 50 states. Overall incomes—reflecting what Americans earn in salary, rental income and government assistance—grew a seasonally adjusted 2.7% in those states in the spring, Commerce Department data show.

Incomes ...


September 30, 2014, 1:03 pm, 1343793

The two neighboring states of Wisconsin and Minnesota share a similar economic structure and size; and yet their fortunes have diverged over the past three years. One correlate of Wisconsin’s growth deficit is state and local government spending.

First, let’s document Wisconsin’s lagging performance along three dimensions — gross state ...


September 30, 2014, 12:44 pm, 1343792
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September 30, 2014, 12:44 pm, 1343791
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September 30, 2014, 12:44 pm, 1343789
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September 30, 2014, 12:44 pm, 1343790
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September 30, 2014, 12:44 pm, 1343788

TODAY Russia submitted its budget to the Duma, the lower house of the parliament. After three rounds of discussions, Vladimir Putin, the president, will sign it into law. The budget shows how much trouble the Russian economy is in—and how unwilling the government is to face up to reality.

It’s an ...


September 30, 2014, 12:36 pm, 1343787
The ISM Manufacturing Index is expected to decline slightly to 58.1 in tomorrow’s update for September vs. the previous month, based on The Capital Spectator’s median econometric point forecast. The estimate is still well above the neutral 50.0 mark and … Continue reading →


September 30, 2014, 12:36 pm, 1343786

By James Kwak

I wrote a column that went up this morning at The Atlantic about the ProPublica/This American Life story about the New York Fed. The gist of the argument is that we all knew the New York Fed was captured; for people like Tim Geithner, that’s a feature, ...


September 30, 2014, 12:34 pm, 1343785

The smaller the size of government, the less power it has to hobble free enterprise with taxes and regulations.


September 30, 2014, 12:05 pm, 1343781

Whenever you see someone use the word “neoliberalism” you are probably dealing with someone who spends most of his or her time in a left-wing echochamber where people believe they are being oppressed by “free markets” and that things will be set ...


September 30, 2014, 12:05 pm, 1343780

September 30, 2014, 12:04 pm, 1343779
(September 30, 2014 11:13 AM, by Scott Sumner) There is a sort of zero sum aspect to exchange rates. Any change in exchange rates means one currency is weaker and one is stronger, relative to the other. But exchange rates tell us nothing about whether currencies are weaker... (0 COMMENTS)


September 30, 2014, 11:33 am, 1343777

In a  recent TechRepublic piece, reporter Erin Carson points out various myths about driverless cars. One of them involves passenger passivity. Although the eventual goal is that your car can motor to the office while you kick back and work on the Penske file or watch ...


September 30, 2014, 11:33 am, 1343776

A year ago saw the final post on The Oil Drum, a popular blog — started in 2005 — devoted to discussing the idea that global oil production had peaked. Next up was an age of energy scarcity and economic collapse. Actually what peaked was interest in “peak ...


September 30, 2014, 11:33 am, 1343775

In today’s Wall Street Journal, Syl Schieber and I return to the question of whether Americans face a “retirement crisis,” as many articles and organizations have claimed.

The first chart is from the OECD and compares the income of retirees in a given country to the average income in ...


September 30, 2014, 11:33 am, 1343774

The Energy Information Administration (EIA) released new data this week on international energy production for the month of June, and here are some highlights of that update:

1. For the 20th month in a row starting in November 2012, “Saudi ...


September 30, 2014, 11:33 am, 1343773

The Energy Information Administration (EIA) released new data this week on international energy production for the month of June, and here are some highlights of that update:

1. For the 20th month in a row starting in November 2012, “Saudi ...


September 30, 2014, 11:03 am, 1343708

The Federal Reserve should continue to act fully independently from the U.S. Treasury even in times of crisis, Fed Gov. Jerome Powell said Tuesday in response to calls for closer cooperation between the two bodies in a Brookings Institution paper.

The research, of which former Treasury Secretary Lawrence Summers is a ...


September 30, 2014, 11:03 am, 1343710
Former Treasury Secretary Lawrence Summers delivers remarks during the 2014 annual conference of the Export-Import Bank in April in Washington. Getty Images

The U.S. government over time ...


September 30, 2014, 11:03 am, 1343709

The European Central Bank must be wondering when it will catch a break.

On Monday, surveys published by the European Commission showed it was at risk of losing its battle to persuade consumer and households that the inflation rate will soon start to pick up, and edge towards its target over ...


September 30, 2014, 11:03 am, 1343707

At MoneyWatch:

The silver lining in falling college enrollment, by Mark Thoma: College enrollment "declined by close to half a million (463,000) between 2012 and 2013, marking the second year in a row that a drop of this magnitude has occurred," according to a report from the ...


September 30, 2014, 11:03 am, 1343706

I have a new column:

Why Have Policymakers Abandoned the Working Class?, by Mark Thoma: The risks associated with a negative economic shock can vary widely depending on the wealth of a household. Wealthy households can, of course, absorb a shock much easier than poorer households. Thus, it’s important to ...


September 30, 2014, 11:03 am, 1343705
S&P/Case-Shiller released the monthly Home Price Indices for July ("July" is a 3 month average of May, June and July prices).

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

Note: Case-Shiller reports ...


September 30, 2014, 10:44 am, 1343704
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September 30, 2014, 10:44 am, 1343703
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September 30, 2014, 10:44 am, 1343702

THERE has been a widespread media narrative recently which says that the British labour market recovery has relied on low-paying jobs. We highlighted this trend, and its implications for tax revenues, in the print edition two weeks ago. However, the Independent's John Rentoul claims we have all got ...


September 30, 2014, 10:44 am, 1343701

The CFPB entered into a Consent Order with Flagstar Bank regarding its default mortgage servicing practices. This order is really important. It's the first enforcement action of the CFPB's new servicing rules, and its "benching" remedy that prevents Flagstar from most default servicing until it demonstrates ...


September 30, 2014, 10:36 am, 1343700
Private nonfarm payrolls in the US are projected to rise 204,000 (seasonally adjusted) in tomorrow’s September update of the ADP Employment Report, based on The Capital Spectator’s median econometric point forecast. The expected monthly gain matches August’s increase. Compared with … Continue reading →


September 30, 2014, 10:36 am, 1343699

For a long time, I've argued that government borrowing is due is large part to the corporate sector's financial surplus - its excess of retained profits over capital spending. However, today's GDP figures show that something else is also happening.

These show that ...


September 30, 2014, 10:34 am, 1343698
Teaser:

The ...


September 30, 2014, 10:05 am, 1343691

Bras, girdles and leggings infused with caffeine and sold as weight loss aids were more decaf than espresso, and the companies that sold them have agreed to refund money to customers and pull their ads, U.S. regulators said on Monday.

The Federal Trade Commission said Wacoal America and Norm Thompson Outfitters, ...


September 30, 2014, 10:04 am, 1343690


September 30, 2014, 9:33 am, 1343688

Scientists announced Monday that human-caused climate change contributed to and/or amplified nine of 2013's most extreme weather events, making one of the most definitive statements yet on the direct link between individual weather extremes and human-induced climate change.

In a new report released in the Bulletin of the American Meteorological Society ...


September 30, 2014, 9:03 am, 1343626

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, September 30, 2014:

Sign up for the newsletter.

Highlights

Hilsenrath’s Take: Report Points to Downsides of Fed’s Consensus Culture Fed Rate Policies Aid Foreign ...


September 30, 2014, 9:03 am, 1343624

U.S. workers who have been out of a job for six months or longer can and will reenter the labor market as the unemployment rate falls further, according to a new paper countering arguments that the long-term jobless are increasingly unemployable due to an erosion of skills.

That doesn’t mean that


September 30, 2014, 9:03 am, 1343625

Bank of Japan officials are losing their hopes for a quick rebound of the economy, their confidence further shaken by a slew of poor indicators released on Tuesday, according to people familiar with the central bank’s thinking.

While the BOJ’s policy board isn’t expected to decide on any additional measures ...


September 30, 2014, 8:45 am, 1343623
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September 30, 2014, 8:36 am, 1343622
The Treasury market’s inflation forecast via 10-year Notes continues to fall and the US stock market has turned wobbly too. That’s a troubling combination… if it continues. The antidote to this mini re-run of heightened disinflation risk is economic growth. … Continue reading →


September 30, 2014, 8:04 am, 1343621
(Don Boudreaux)

… is from page 146 of Ludwig von Mises‘s 1951 essay “Profit and Loss,” as reprinted in the 2008 Liberty Fund edition of Mises’s 1952 collection, Planning for Freedom:

What has been called the democracy of the market manifests itself in the fact that profit-seeking business is unconditionally ...


September 30, 2014, 7:33 am, 1343615

New York Times columnist stumbles onto truth. But instead of lamenting how big business has gotten, why not greatly decrease what they can lobby for by limiting government?


September 30, 2014, 7:33 am, 1343613

"So corporate insiders are using company cash and borrowed money to buy back company shares while selling the same shares from their personal accounts. Venture capital firms are IPOing their portfolios as fast as they can get them out the door. Private equity firms are selling. And AAII members are ...


September 30, 2014, 7:33 am, 1343614

And as the government pays for more and more of our health care, you ain't seen nothing yet.


September 30, 2014, 7:33 am, 1343611

Victor Davis Hanson: "About the best choice is to support without qualification the only two pro-American and constitutional groups in the Middle East, the Israelis and Kurds."

Works for me.


September 30, 2014, 7:33 am, 1343612

I don't agree with everything--on #5, I think kids need a lot more "workforce-prep mentality" from the schools and on #8, lots of things make little kids cry, including the current curriculum--but for both supporters and opponents of Common Core there's food for thought here.

And see also former ...


September 30, 2014, 7:33 am, 1343610
Fatih Karahan, Samuel Kapon, and Kaivan K. Sattar

Job openings are arguably one of the most important indicators of recovery in the labor market, as they reflect employers’ willingness to hire. The number of job openings has recovered steadily since the recession, yet through the end of ...


September 30, 2014, 7:24 am, 1343609

Photo Credit: Ron

There’s a significant problem when you are a supremely big and connected financial institution: your failure will have an impact on the financial system as a whole.  Further, there is no one big enough to rescue ...