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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August 30, 2016, 11:03 pm, 1668965
Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM, The ADP Employment Report for August. This report is for private payrolls only (no government). The consensus is for 175,000 payroll jobs added in ...


August 30, 2016, 8:34 pm, 1668945
Tags A A Home | Feed | Blog.rssTaxes and SpendingTim Cook and Apple's Gross Hypocrisy on Taxes


August 30, 2016, 8:04 pm, 1668944
(Don Boudreaux)

Here’s a letter to the Wall Street Journal:

Dear Editor:

Hunter Blair opposes cutting corporate income taxes because, as he ...


August 30, 2016, 7:33 pm, 1668943

Happy Fact: A private-sector wealth-transfer machine has saved average investors $1 trillion. That machine is Vanguard, and its model is worth highlighting.

That’s from the opening paragraph of the ...


August 30, 2016, 7:03 pm, 1668934

Earlier today, the European Commission announced that it would require Ireland to collect roughly $14.5 billion in taxes from Apple, after determining that Ireland had granted Apple “illegal tax benefits” under the rules of the European Union. The decision has already ignited a fierce debate: IrelandApplethe U.S. Treasury, ...


August 30, 2016, 7:03 pm, 1668933
Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in July to 1.30%, down from 1.32% in June. The serious delinquency rate is down from 1.63% in July 2015.

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


August 30, 2016, 6:34 pm, 1668932
A A Home | Feed | Blog.rssThe Right Lessons from Obamacare's Meltdown 0 Views


August 30, 2016, 6:04 pm, 1668928
by Mike Kimel Police Killings, Gender and Race, Part 2 A few weeks ago, I had a post looking at police killings of civilians. Using statistics on police shootings, homicides, and demographics, I reached the controversial conclusion that: contrary to popular perception, the data seems to show that Black people ...


August 30, 2016, 6:04 pm, 1668927

Political dissident Vladimir Kara-Murza describes the dangers of life as an opponent of the Putin regime, narrowly surviving an assassination attempt, and the murder of fellow dissident Boris Nemtsov.


August 30, 2016, 6:04 pm, 1668926

The chart above shows the annual rate of US traffic fatalities (deaths per 100 million vehicle miles traveled) from 1950 to 2015, based on


August 30, 2016, 5:33 pm, 1668924

Conference and Meeting: March 16-17, 2017

Pre-conference Professional Development Workshops: March 15, 2017

The Society for Benefit-Cost Analysis (SBCA) is an international group of practitioners, academics and others who are working to improve the theory and application of ...


August 30, 2016, 5:33 pm, 1668923

The chart above shows the annual rate of US traffic fatalities (deaths per 100 million vehicle miles traveled) from 1950 to 2015, based on


August 30, 2016, 5:03 pm, 1668892

Elise Gould at the EPI:

Rising wage inequality continues to be a defining feature of the U.S. labor market: It’s well documented and widely understood that wage inequality has grown dramatically over the last four decades as productivity and compensation growth have become delinked. Despite an ...


August 30, 2016, 4:44 pm, 1668891
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August 30, 2016, 4:44 pm, 1668890
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August 30, 2016, 4:34 pm, 1668889

The Bank for International Settlements’ (BIS) broad effective index is the gold standard for assessing exchange rates. And the BIS shows—building on a point that George Magnus has made—that China’s currency, measured against a basket of its trading partners, has depreciated significantly since last summer. And since the ...


August 30, 2016, 4:05 pm, 1668882

August 30, 2016, 4:04 pm, 1668881

Last week, the California Supreme Court declined to hear Vergara v. California, the case in which nine plaintiffs claimed that numerous California statutes regarding teacher tenure, dismissal and “last in, first out” policies prevent high-poverty and minority students from receiving an education of equal substantive quality to their ...


August 30, 2016, 4:04 pm, 1668880

Why has the government of President Nicolás Maduro failed to address the catastrophic scarcity of food and medicine that is causing hunger and desperation among millions of innocent people?

Maybe it’s because, in a repressive system looking to keep people preoccupied with their personal survival, hunger is a feature, not a ...


August 30, 2016, 3:34 pm, 1668875
The online class "Asset Pricing" is resurrected, at least half-way.

The videos, readings, slides/whiteboards and notes are all now here on my webpage. If you just want the lecture ...


August 30, 2016, 3:33 pm, 1668874

From Consensus Among Economists - An Update:

Three of the propositions focus on environmental policy. In contrast to the moderate consensus of disagreement found in the two earlier surveys, the 2011 sample now exhibits a substantial consensus of disagreement with the proposition that reducing the power of the Environmental Protection ...


August 30, 2016, 3:33 pm, 1668873

As I’ve suggested many times before on CD, Uber and other ride-hailing services might represent the greatest innovation in ground transportation since the invention of the automobile. ...


August 30, 2016, 3:03 pm, 1668842
The FDIC released the Quarterly Banking Profile for Q2 today:

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $43.6 billion in the second quarter of 2016, up $584 million (1.4 percent) from a year earlier. The increase in ...


August 30, 2016, 2:44 pm, 1668841
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August 30, 2016, 2:34 pm, 1668840
A A Tags Home | Feed | Blog.rssHealthTaxes and SpendingInterventionismPolitical TheoryWhen it Comes to Spending, the US Is a Typical Western Welfare State


August 30, 2016, 2:04 pm, 1668836
(August 30, 2016 12:40 PM, by Scott Sumner) In this post I'm going to ask for your advice. I'd like to know why the public, and even the more sophisticated pundits, have so much trouble understanding monetary offset. Stephen Kirchner sent me a Bloomberg piece discussing the sudden... (1 COMMENTS)


August 30, 2016, 2:04 pm, 1668835
(Don Boudreaux)

As Jim McClure points out in a Facebook comment, the editors of The Economist – in


August 30, 2016, 2:04 pm, 1668833
Back when I worked for the claims department of a major insurance company, I got stuff. Some of the stuff consisted of tickets to Broadway shows and sporting events, and sometimes I got bottles of booze, Canadian Club being a popular choice for some reason. These items were tendered to ...


August 30, 2016, 2:04 pm, 1668834
Here I am just going to suggest you click and read https://mainlymacro.blogspot.it/2016/08/hete
rodox-economics-mainstream-macro.html . I do have some thoughts at Robert’s Stochastic thoughts but I don’t think they are worth your time.


August 30, 2016, 2:04 pm, 1668832

In his speech accepting the Republican nomination in 1996, Robert Dole said this:

Let me be the bridge to an America that only the unknowing call myth. Let me be the bridge to a time of tranquility, faith and confidence in action.

And to those who say it was never so, that ...


August 30, 2016, 2:04 pm, 1668831

Hillary Clinton’s supporters have two basic lines of defense when it comes to the recent revelations that the State Department gave special access to major Clinton Foundation donors: First, when it comes to granting access to big donors, everybody does it; and second, no one has proven a quid pro ...


August 30, 2016, 1:33 pm, 1668828

Using the relationship between rents for New York city apartments and commute times, fivethirtyeight.com finds that the average commuter is willing to pay $56 a month to reduce commute times by 1 minute.

Here's a picture:


August 30, 2016, 1:03 pm, 1668797

Today is August 30, the 123rd birthday of Huey “The Kingfish” Long, governor of Louisiana from 1928 to 1932 and U.S. Senator from then until his assassination in 1935. When governor, he repealed the poll tax, reduced personal property taxes, and created a homestead exemption. In 1934, he ...


August 30, 2016, 1:03 pm, 1668796
Here is the earlier post on Case-Shiller: Case-Shiller: National House Price Index increased 5.1% year-over-year in June

The year-over-year increase in prices is mostly moving sideways now around 5%. In June, the index was up 5.1% YoY.

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


August 30, 2016, 12:44 pm, 1668795
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August 30, 2016, 12:05 pm, 1668794

What if Donald Trump actually won the election?  What would happen with trade and the economy?

Here is part one, all nice and pretty with photos, part two will come tomorrow.  Zoellick suggests that Trump abrogated various trade deals, the legal default would be a return to…Smoot-Hawley!  As ...


August 30, 2016, 12:04 pm, 1668793
(August 30, 2016 12:27 PM, by David Henderson) First, banks have partially withdrawn from the mortgage game after facing swathes of new rules and $110 billion of fines for misconduct. They still own mortgage-backed bonds and they still make home loans to wealthy folk, which they keep on... (0 COMMENTS)


August 30, 2016, 12:04 pm, 1668792

Paperback
ISBN: 978-1599474694
Price: $12.95
Publisher: Templeton Press
Available September 5, 2016

Buy the Book

America has changed. The work force has ...


August 30, 2016, 12:04 pm, 1668791

We’ve heard a lot this election about making college education free. And it seems the media is full of stories of students graduating with tens of thousands of dollars of debt, and in this economy, no clear job path to allow them to pay it off.  What are the myths ...


August 30, 2016, 12:04 pm, 1668790

Read the PDF

Who will win in November? The September issue of AEI’s Political Report shows what voters think. In past elections, voters have made fairly accurate predictions of presidential contest winners. We also report on President Obama’s approval ratings, an indication of the incumbent party’s strength going into ...


August 30, 2016, 11:03 am, 1668759
S&P/Case-Shiller released the monthly Home Price Indices for June ("June" is a 3 month average of April, May and June 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 ...


August 30, 2016, 10:44 am, 1668758
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August 30, 2016, 10:44 am, 1668757
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August 30, 2016, 10:44 am, 1668755
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August 30, 2016, 10:44 am, 1668756
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August 30, 2016, 10:05 am, 1668753

Microsoft did not dispute reports that it would spend $1.1 billion on the Boydton data center, and said that “on average, data centers employ tens to several dozen people,” in a mixture of corporate and contracted positions. It declined to let a reporter tour the ...


August 30, 2016, 10:05 am, 1668752

I haven’t written much about the massive increase in the price of the EpiPen because I’ve said it all before–mostly this about FDA costs and delay and some bending of various laws to favor cronies and, as with the infamous Shkreli and Daraprim case, one solution would be a ...


August 30, 2016, 10:04 am, 1668751
(Don Boudreaux)

… is from page 5 of the third edition (2015) of my colleagues Tyler Cowen’s and Alex Tabarrok’s principles-of-microeconomics textbook, ...


August 30, 2016, 10:04 am, 1668750


August 30, 2016, 9:24 am, 1668746

Photo Credit: Doug Waldron

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Before I write this evening, I would like to point out what is going on with Horsehead Holdings [ZINCQ].  There was an article in ...


August 30, 2016, 8:44 am, 1668715
Donald Trump is caught in a bind similar to one Mitt Romney faced: He portrays an economy in crisis while many of the states that will determine if he wins or loses are doing distinctly well.


August 30, 2016, 8:35 am, 1668714

Yesterday’s upbeat report on consumer spending and income in the US provides fresh support for last week’s moderately hawkish comments from Fed officials, who hinted that another interest-rate hike is near, perhaps as early as next month’s Federal Open Market Committee (FOMC) meeting. Yet support for pricing in a ...


August 30, 2016, 8:04 am, 1668713
(August 30, 2016 07:01 AM, by Alberto Mingardi) Tyler Cowen links to this piece by Cara Giaimo on an initiative of the Italian government: a € 500 euro bonus that youngsters can cash in as they turn 18. If I read him correctly, Tyler is moderately positive... (0 COMMENTS)


August 30, 2016, 8:04 am, 1668712

August 30, 2016, 7:34 am, 1668710

"Bookworm" from the Bookworm Room:

With a child heading off to college, I’ve decided to start a new feature at my blog. As the spirit moves me, I’m going to quote, verbatim, from college catalogs. I’m not going to go the cheap and easy route of quoting from ...


August 30, 2016, 7:34 am, 1668709

To me, this story illustrates the need for detailed, location-specific information in helping students and running schools.


August 30, 2016, 7:34 am, 1668708

George Leef has great funreviewing a new book claiming "college professors [are]harried and overburdened to the point where they’re putting their very health at risk".

Oddly, Berg and Seeber present data showing that actual corporate chief executive officers feel less stress and more ability to get their work ...


August 30, 2016, 7:34 am, 1668707

John Cochrane:

The cause of sclerotic growth is the major economic policy question of our time. The three big explanations are 1) We ran out of ideas (Gordon); 2) Deficient "demand," remediable by more fiscal stimulus (Summers, say) 3); Death by a thousand cuts of cronyist regulation and ...


August 30, 2016, 7:03 am, 1668692

Want to craft a standout resume? Try adding skills like communication, organization and punctuality.

Nearly 58% of employees who touted stellar communication skills were hired over the course of a year, according to an analysis of 2.3 million LinkedIn profiles for The Wall Street Journal.

Employers are increasingly looking for workers with ...


August 30, 2016, 7:03 am, 1668691

Four years ago, in July 2012, an influx of investors in the U.S. real estate market began buying up homes at an accelerated rate, which prompted a sharp rise in median new home sale prices, which lasted for a year.

During that time, ...


August 30, 2016, 6:44 am, 1668690
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August 30, 2016, 5:34 am, 1668687

The Committee for a Responsible Federal Budget presents the discouraging forecasts.

CBOnow projects deficits more than tripling, from $438 billion in 2015 to $1.24 trillion by 2026, with trillion dollar deficits returning by 2024. CBO now projects the deficit for 2016 to be $152 billion higher than 2015 ...


August 30, 2016, 3:03 am, 1668662

August 30, 2016, 2:05 am, 1668658

Being a reticent fellow myself, I enjoyed that Bloomberg-given headline.  That is for my latest column, on the recent book and ideas of Heather Boushey.  She wishes government to take a much larger hand in sick paid leave, parental leave, and care for the elderly, among other ...


August 30, 2016, 2:04 am, 1668657
(August 30, 2016 12:10 AM, by Bryan Caplan) [Warning: More spoilers!]Two further comments on Captain Fantastic:1. I know of no other movie that so powerfully captures the fun of large families. Homeschooling one kid off the grid would feel lonely and dull for parent and child alike. Homeschooling... (0 COMMENTS)


August 30, 2016, 2:04 am, 1668656

Over the fold, some concluding comments from a chapter I’ve written about the rise and decline of neoliberalism. I’m drawing on the “three-party system” analysis I’ve put forward before, in which neoliberalism (in both ‘hard’ and ‘soft’ forms) is increasingly breaking down under pressure from tribalists on the right, ...


August 30, 2016, 1:33 am, 1668655
Working with my friends at Fudan University, we have released a new paper on the unintended consequences of China's recent water pollution regulation. You can read the paper here.


August 30, 2016, 1:03 am, 1668647
Tuesday:
• At 9:00 AM ET, b>S&P/Case-Shiller House Price Index for June. Although this is the June report, it is really a 3 month average of April, May and June prices. The consensus is for a 5.2% year-over-year increase in the Comp 20 index for June. The


August 30, 2016, 12:44 am, 1668646
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August 30, 2016, 12:34 am, 1668645
Tags A A Home | Feed | Blog.rssLegal SystemThe Police StateTaxes and SpendingPolitical TheoryDon't Confuse "Private" Prisons with Free-Market Prisons


August 30, 2016, 12:04 am, 1668643
by Linda Beale Chamber of Commerce Sues Treasury on Inversion Regs Back in April, the Chamber of commerce suggested that it might sue the Treasury Department for violating the Administrative Procedures Act (APA) over the new inversion regs that were issued in April (T.D. 9761, REG-135734-14).  See Fortune article (Apr. ...


August 29, 2016, 10:04 pm, 1668632
“…it is often said that to regulate the hours of labour, or to introduce differential import duties, is to break economic law.” — Palgrave’s Dictionary of Political Economy, 1894 Do you agree that regulating the hours of labor is a violation of economic law?


August 29, 2016, 8:44 pm, 1668620
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August 29, 2016, 8:04 pm, 1668619
(Don Boudreaux)

… is from pages 290-291 of the 1990 Transaction Publishers reprint of W.H. Hutt‘s superb (but now, sadly, ...


August 29, 2016, 8:04 pm, 1668618

1. Chart of the Day (above). The trend in the chart above shows another remarkable energy milestone for which we can thank hydraulic fracturing and horizontal ...


August 29, 2016, 7:33 pm, 1668617

1. Chart of the Day (above). The trend in the chart above shows another remarkable energy milestone for which we can thank hydraulic fracturing and horizontal ...


August 29, 2016, 6:05 pm, 1668585

An international team of scientists from the Search for Extraterrestrial Intelligence (SETI) is investigating mysterious signal spikes emitting from a 6.3-billion-year-old star in the constellation Hercules—95 light years away from Earth. The implications are extraordinary and point to the possibility of a civilization far more advanced than our own.

The safe ...


August 29, 2016, 6:04 pm, 1668584
(August 29, 2016 07:21 PM, by David Henderson) I was driving home from a hiking trip on Friday and tuned into Rush Limbaugh's show for longer than I usually do. (My morning commute is 11 minutes.) He raised an issue I heard him raise a few months... (0 COMMENTS)


August 29, 2016, 6:04 pm, 1668583

My previous blog post was about weak US productivity growth. One big part of that weakness — perhaps cyclical, perhaps secular — is weak business investment. Check out this chart:

In the Financial Times last week, Northwestern University economist and productivity ...


August 29, 2016, 5:03 pm, 1668550
Economist Tom Lawler sent me the table below of short sales, foreclosures and all cash sales for selected cities in July.

On distressed: Total "distressed" share is down year-over-year in all of these markets (except Springfield).

Short sales and foreclosures are down in all of these areas.


August 29, 2016, 4:44 pm, 1668549
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August 29, 2016, 4:34 pm, 1668548
Tags A A Home | Feed | Blog.rssStrategyPolitical TheoryThe Hopeless GOP Narrative


August 29, 2016, 4:04 pm, 1668546

Study of the professions has been a neglected part of the analysis of “civil society,” the name given to the vast realm of activity that takes place between the state and the individual.

This realm was of less consequence in the ancient city-state, where the main actors were the state, the ...


August 29, 2016, 4:04 pm, 1668547

By the time a drug reaches your medicine cabinet, it passes through a long series of intermediaries who each take a cut of money. It’s part of an intricate, if not wasteful supply chain that pharmaceutical companies created more than 30 years ago. It’s a scheme that’s now working against ...


August 29, 2016, 3:33 pm, 1668541

Abstract:

This study applies the methodology of a recent study that ranks economics departments at national universities in the U.S. South to economics faculties at regional universities in the same geographic location. Ranking results from a “core” (i.e., the top five faculty researchers) of each institution's economics faculty reveals that Appalachian ...


August 29, 2016, 2:05 pm, 1668508

August 29, 2016, 2:04 pm, 1668507
(August 29, 2016 03:00 PM, by David Henderson) I was on WRKO radio in Boston this morning discussing the VAT. Here's the link.... (0 COMMENTS)


August 29, 2016, 2:04 pm, 1668506
(Don Boudreaux)

Here’s a letter to a new correspondent of mine:

Mr. Sean Horvath

Mr. Horvath:

Thanks for your e-mail – in response to ...


August 29, 2016, 2:04 pm, 1668505
(Don Boudreaux)

If the devil is in the details, and if the details can be hidden from view by lumping them all into various aggregate ...


August 29, 2016, 2:04 pm, 1668504

According to ancient sources, during the 84th Olympiad in 364 BCE spectators enjoying the last round of the Pentathlon had their attention suddenly diverted to an enormous pitched battle outside the arena as rival city states clashed for control of the games. Once the invaders had emerged victorious, and the ...


August 29, 2016, 2:04 pm, 1668503

On  August 8, Donald Trump announced that he will overhaul his tax plan. One of his advisers, Steven Moore, said that the target for the new plan’s revenue loss is $3 trillion. That’s a $7 trillion smaller revenue loss than the Urban-Brookings Tax Policy Center and ...


August 29, 2016, 2:04 pm, 1668498

Whether a Millennial or Generation Xer, anyone under 40 may find it hard to believe that politicians from opposing parties can agree on anything. The idea that a Democratic President and Republican Congress can work together, let alone pass comprehensive reform, must seem unimaginable.

But this week marks the 20th anniversary ...


August 29, 2016, 2:04 pm, 1668501

Mylan, the generic pharma company, was probably unwise to recently raise the price of its EpiPen anti-allergy emergency device. And the announcement today that it will introduce a cheaper version will not assuage its opponents. As we enter the home straight of an election where candidates will use any issue ...


August 29, 2016, 2:04 pm, 1668502

Figuring out how to translate promising science into medicine preoccupies both academic and industry researchers – yet few express the distinct challenges as eloquently as Dr. Diego Miralles, a physician-scientist who started his career as an HIV clinician-investigator at Duke, then transitioned to biotech, and later to big pharma. Recently, ...


August 29, 2016, 2:04 pm, 1668500

The remarkable cascade of bad news from this spring and summer about the status of the Affordable Care Act — a.k.a. Obamacare — is convincing even the law’s ardent defenders that a problem is brewing:

Aetna announced that it is pulling out of eleven of the 15 states where ...


August 29, 2016, 2:04 pm, 1668499

If Hillary Clinton or Donald Trump wants to ensure that America remains a great country, one place she or he could start is by working with Congress to reform America’s international food aid policy. Currently, U.S. food aid programs benefit about 46 million people every year around the world who ...


August 29, 2016, 1:03 pm, 1668465

Today is August 29, the 397th birthday of Jean-Baptiste Colbert, the French Minister of Finance under King Louis XIV and reorganizer of the finances of the country along protectionist lines. On taxes, though, he sought to broaden the base of tax and lower the overall rate, and his summation ...


August 29, 2016, 1:03 pm, 1668464
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 ...


August 29, 2016, 12:34 pm, 1668463

Foreign exchange intervention has long been one of those things that works better in practice than in theory.*

Emerging markets worried about currency appreciation certainly seem to believe it works, even if the IMF doesn’t.**

Korea a few weeks back, for example.

Korea reportedly intervened—in scale and fairly visibly—when the won reached 1090 ...


August 29, 2016, 12:05 pm, 1668458

This is from the Telegraph obit:

“However, not many, perhaps, were aware that the serial was commissioned with a serious political purpose: to popularise public choice theory. It is because it succeeded spectacularly that Jay received a knighthood in 1988.”

There are numerous interesting points in the obituary, for ...


August 29, 2016, 11:23 am, 1668455


My latest Macro Musings podcast is with Hugh Rockoff. Hugh is a professor of economics at Rutgers University and has done extensive work on U.S. economic history.He is the coauthor of the popular textbook “History of the American ...


August 29, 2016, 11:03 am, 1668424

Why are some states unwilling to help the poor?:

States of Cruelty, by Paul Krugman, NY Times: ...While many people are focused on national politics, with reason — one sociopath in the White House can ruin your whole day — many crucial decisions are taken at the state and ...


August 29, 2016, 11:03 am, 1668423

Alan Kirman:

Complexity and Economic Policy, OECD Insights: ...Economic theory has... developed increasingly sophisticated models to justify the contention that individuals left to their own devices will self organise into a socially desirable state. However, in so doing, it has led us to a view of the economic system ...


August 29, 2016, 11:03 am, 1668422

Larry Summers:

Disappointed by what came out of Jackson Hole: I had high hopes for the Federal Reserve’s annual Jackson Hole conference. The conference was billed as a forum that would look at new approaches to the conduct of monetary policy—something that I have been urging as necessary ...


August 29, 2016, 11:03 am, 1668421
From the Dallas Fed: Texas Manufacturing Activity Increases

Texas factory activity increased in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 4.5 after a near-zero reading in July, suggesting output picked up ...


August 29, 2016, 10:44 am, 1668420
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August 29, 2016, 10:34 am, 1668419
Tags A A Home | Feed | Blog.rssMoney and BanksGold StandardMoney and BankingHow US States Can Pave the Way for Greater Use of Sound Money ...


August 29, 2016, 10:04 am, 1668414
This is an open thread inviting discussion of the very serious people who discuss how opinions differ on shape of planet, but no longer claim both sides have a point. I am old enough to remember when only shrill dirty fucking hippies argued that the GOP had gone crazy. After ...


August 29, 2016, 9:33 am, 1668412

August 29, 2016, 9:33 am, 1668411

This is trulyfrightening:

Cheating has become second nature to many students. In studies, more than two-thirds of college students say they’ve cheated on an assignment. As many as half say they’d be willing to purchase one. To them, higher education is just another transaction, less about learning than about obtaining ...


August 29, 2016, 9:33 am, 1668410

“We’re really only at 1% of what is possible, and probably even less than that. […] We should be building great things that don’t exist.” Larry Page, Google I/O 2013 Keynote

With the summer coming to an end, professors everywhere are greeting a new group of students. So, our ...


August 29, 2016, 9:03 am, 1668379
The BEA released the Personal Income and Outlays report for July:

Personal income increased $71.6 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis ... personal consumption expenditures (PCE) increased $42.0 billion (0.3 percent).
...
Real PCE increased 0.3 percent. ...


August 29, 2016, 8:44 am, 1668378
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August 29, 2016, 8:35 am, 1668377

Investment gains were missing in action last week for all the major asset classes, based on a set of broadly defined proxy ETFs. The best performer only managed to hold steady for the five trading days through Aug. 28, with the rest of the field posting varying degrees of ...


August 29, 2016, 8:05 am, 1668375

The subtitle is The Power of Disorder to Transform Our Lives, and it is Tim’s best and deepest book.  You’ll be hearing more about it in due time, the publication date is October 4, you can pre-order it here.

The post Tim Harford’s *Messy* appeared first ...


August 29, 2016, 8:04 am, 1668374

August 29, 2016, 8:04 am, 1668373
(Don Boudreaux)

… is from page 35 of Richard Stroup’s 2003 book, Eco-nomics: What Everyone Should Know About Economics and ...


August 29, 2016, 7:34 am, 1668371

Funny and true.

Liberals love to explain Donald Trump to liberals. . . .

I can sympathize with my colleagues’ profusion of punditry. I thought of writing a “Why People Support Trump” column myself, but it seemed like all the good ideas were taken. And if there’s ...


August 29, 2016, 7:34 am, 1668370

That's the truth. And when it does, you can be sure there will be a whole mess of Americans crying, "Why didn't somebody warn us?"


August 29, 2016, 7:34 am, 1668369

Bravo. If Chicago is "where fun goes to die" but political correctness does, too, it's a good trade.

Unsurprisingly, some are upset: "It’s not just about 'special snowflakes': What’s missing in U. of Chicago’s 'no trigger warnings, no safe spaces' letter" (rather reasonable for Salon) and "The University ...


August 29, 2016, 7:34 am, 1668367

Very nicely done by


August 29, 2016, 7:34 am, 1668368

Puzzle (at least to a Washington Post writer): "The stuff we really need is getting more expensive. Other stuff is getting cheaper."

Solution (brought to you by the Foundation for Economic Education): "Why Luxury TVs Are Affordable when Basic Health Care Is Not".


August 29, 2016, 7:03 am, 1668336

For a market that hasn't experienced much in the way of volatility lately, Friday, 26 August 2016 was a welcome departure for observers. Unfortunately, if you only tracked the closing price of the S&P 500 from day to day, you wouldn't have noticed!

To see ...


August 29, 2016, 6:44 am, 1668335

Leo Katz, professor of law at the University of Pennsylvania, talks with EconTalk host Russ Roberts about his book, Why the Law Is So Perverse. Katz argues that certain seemingly inexplicable features of the law are the result of conflicts ...


August 29, 2016, 5:34 am, 1668332

The author is a professor of neurology at Chapel Hill and argues it's mainly because some Republicansare skeptical of evolution and/or manmade global warming.

No, really.


August 29, 2016, 5:03 am, 1668313

August 29, 2016, 2:05 am, 1668296

No, that is not enlightenment about life, that is enlightenment about Enlightenment, as in the eighteenth century phenomenon.  P., a loyal MR reader, wrote to me with such a request, noting correctly that “I usually find that broad, ambitious survey books are not the answer.”

That survey would be Peter Gay, ...


August 29, 2016, 12:44 am, 1668289
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August 29, 2016, 12:34 am, 1668288
A A Tags Home | Feed | Blog.rssThe EntrepreneurLegal SystemThe Police StateWorld HistoryEntrepreneurshipHow Legal, Branded Heroin Would Make Drugs Safer


August 29, 2016, 12:04 am, 1668287
(August 29, 2016 12:01 AM, by Bryan Caplan) [Warning: Packed withCaptain Fantastic spoilers!]Few movies speak to me more personally than Captain Fantastic. It's not just a movie about homeschooling; it's a movie about natalist homeschoolers living in a nearly-airtight Bubble. And psychologically, the movie's patriarch eerily resembles me.... (0 COMMENTS)