Economics Roundtable

January 2014 Payroll Employment

We are getting closer to the previous peak.

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.


EconModel

The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.


RSS Feed

- Recent Entries


April 23, 2014, 3:03 pm, 1259724

A shortage of Treasury securities is driving very strong demand for a tool the Federal Reserve is testing in hopes that it may one day give the central bank better control over short-term interest rates.


April 23, 2014, 3:03 pm, 1259723
From housing economist Tom Lawler:

Meritage Homes, the ninth largest US home builder, reported that net home orders in the quarter ended March 31, 2014 totaled 1,525, down 1.4% from the comparable quarter of 2013. Orders were down despite a 16% YOY increase in the company’s average community ...


April 23, 2014, 2:04 pm, 1259720

From Jeff Deist:

An important but overlooked story is Walmart’s recent announcement that it will offer cheap store-to-store money transfers.  Given the ubiquity of Walmart stores (which are large and strategically located), this development represents a real threat to the existing wire-transfer industry.

But what if Walmart reduced or eliminated the transfer fee, ...


April 23, 2014, 2:04 pm, 1259718

It is worth recalling that Congress during the first Clinton administration passed legislation limiting cash compensation for CEO’s of public companies to $1 million. The result was that compensation swung to stock options. This in turn encouraged CEO’s to borrow in order to buy in company stock, which helped stoke ...


April 23, 2014, 2:04 pm, 1259719

Further to Hunter’s remarks: Piketty understands “capital” as a homogeneous, liquid pool of funds, not a heterogeneous stock of capital assets. This is not merely a terminological issue, as those familiar with the debates on capital theory from the 1930s and 1940s are well aware. Piketty’s approach focuses on ...


April 23, 2014, 2:04 pm, 1259717
(April 23, 2014 02:46 PM, by David Henderson) According to Solow, if Piketty gets his way, real wages will stagnate. My copy of Thomas Piketty's Capital in the Twenty-First Century finally arrived and now I face a tradeoff between reading it and reading many reviews of it. I'm... (1 COMMENTS)


April 23, 2014, 1:33 pm, 1259712
Students at the University of Manchester in England are unhappy with the way they are being taught and they are not alone. In a widely publicized, and highly articulatereport, the Post-Crash Economics Society, a group of Manchester Univesity students, is highly critical of "business as usual" in the economics ...


April 23, 2014, 1:33 pm, 1259711
Erik Paul Johnson in Resource and Energy Economics:

Renewable portfolio standards (RPSs) have become a popular tool for state governments to promote renewable electricity generation and to decrease carbon dioxide emissions within a state or region. Renewable portfolio standards are a policy tool likely to persist for many decades due to ...


April 23, 2014, 1:03 pm, 1259650

Inequality is a hot topic these days. Everyone seems to want to write about it. The launch of TheUpshot, the new project from the New York Times, included a story on the wealth of the middle class, the Times Sunday Review had a column on inequality ...


April 23, 2014, 1:03 pm, 1259648
Bloomberg

Math and science are the peas and carrots of the jobs market: great for a career future, but resolutely unpopular with the young.

Even amid a relatively weak jobs ...


April 23, 2014, 1:03 pm, 1259649

The Wall Street Journal’s Daily Report on Global Central Banks for Wednesday, April 23, 2014

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

Highlights

Hilsenrath’s Take: Housing Recovery, We Hardly Knew You Fed Looks Likely to Stick to ...


April 23, 2014, 1:03 pm, 1259647

The euro zone has seen its fair share of “angst of the week” moments over the past couple of years (to borrow a phrase used by European Central Bank President Mario Draghi).

Ultra-low inflation, or “lowflation,” as the International Monetary Fund has dubbed it, may be the latest.

The annual rate of ...


April 23, 2014, 1:03 pm, 1259645

An analysis from economists at Goldman Sachs shows how the degree to which mortgage lending standards ease over the next few years could make for a big difference in home sales volumes.

New home sales in March posted a surprising plunge from February, dropping 14.5%, and leaving ...


April 23, 2014, 1:03 pm, 1259644

Almost three out of five Americans are worried about having enough gold for their golden years.

A poll released by Gallup Tuesday shows 59% of respondents were very or moderately worried about having enough money for retirement. That has been the top financial concern since the turn of the century. The ...


April 23, 2014, 1:03 pm, 1259646

Economists have been disappointed by a string of weaker-than-expected home-sales reports. Sales of existing homes dropped in March, including in parts of the country that weren’t hit by cold weather this winter. Sales of new homes, reported Wednesday, were down 13.3% from a year earlier to their lowest ...


April 23, 2014, 1:03 pm, 1259643
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.

From AIA: Architecture Billings Index Mired in Slowdown

Following a modest two-month recovery in the level of demand for design services, the Architecture Billings Index (ABI) again turned negative last month. As ...


April 23, 2014, 12:44 pm, 1259642

TODAY’S batch of business surveys paint a reassuring picture of the euro-zone recovery. Though better than nothing this was pretty sluggish last year, starting with growth of just 0.3% in the second quarter, which slipped to 0.1% in the third and 0.2% in the fourth; annualised, these rates were 1.3%, ...


April 23, 2014, 12:44 pm, 1259641

On Monday, lawyers for NML and Argentina (with a cameo by lawyers for the US Department of Justice) were before the Supreme Court arguing about the scope of a US court's power to order discovery in aid of execution. (Here's the transcript; ...


April 23, 2014, 12:04 pm, 1259635

This 42 year economist from French academe has written a hot new book: Capital in the Twenty-First Century. The US edition has been published by Harvard University Press and, remarkably, is leading the best seller list, the first time that a Harvard book has done so. A recent review describes ...


April 23, 2014, 12:04 pm, 1259636

Julain Adorney writes in today’s Mises Daily:

CEO turnover has reached its highest peak since 2009, which indicates two things. First, CEOs who do not fully grasp the rapid technological change their companies are living through are being let go. Being a CEO ...


April 23, 2014, 12:04 pm, 1259634

April 23, 2014, 11:33 am, 1259631

. . . of being one of several people having "ulterior motives" and promulgating "stealth anti-Keynesian propaganda" by Paul Krugman. (My post from last week is here.)

I consider the accusation a badge of honor.

(And allow me to delete "stealth" and substitute "explicit". As usual on the ...


April 23, 2014, 11:33 am, 1259630
Greenlight Capital hedge fund manager Einhorn Shorting Tech as ‘Cool Kid’ Stocks Show Bubble.

Greenlight Capital Inc., the $10.3 billion hedge-fund firm run by David Einhorn, said it was betting against a group of technology stocks as evidence grows of a bubble.

“There is a clear ...


April 23, 2014, 11:33 am, 1259628

Once again Robert Laszewski offers a much-needed reality check on the state of the Affordable Care Act. Read the whole thing, but here are few highlights:

1.) About half of the enrollments are coming from people who were previously insured and half are not.

2.) About 15% to 20% of ...


April 23, 2014, 11:33 am, 1259627

It takes a long time to recover from a bubble.

The Nasdaq Composite Index is up over 1,000 points over the last year and a half, closing on April 22 at 4,161. After 14 years, this is still 18% below the top of 5,048 in March, 2000, although you might feel ...


April 23, 2014, 11:33 am, 1259629

In a recent debate hosted by the GWU chapter of the Benjamin Rush Institute, AEI’s James Capretta and Scott Gottlieb argued the ACA can’t be fixed and needs to be replaced. Sara Rosenbaum and Dr. Seth Trueger took the opposing view. The full event ...


April 23, 2014, 11:33 am, 1259626

The Energy Information Administration (EIA) released new data yesterday on international energy production for the months of November and December 2013. For the 14th straight month starting in November 2012, total petroleum production (including crude oil and other ...


April 23, 2014, 11:33 am, 1259625

In a landmark decision yesterday in favor of advancing equal treatment for all and moving towards a colorblind society, the Supreme Court voted 6-2 to support Michigan voters’ decision in 2006 to end the discriminatory practices of affirmative action discrimination and racial preferences profiling for admissions to the state’s public ...


April 23, 2014, 11:03 am, 1259559

Housing demand is cracking under the weight of affordability. The National Association of Realtors reported Tuesday that sales of existing homes fell a small 0.2% in March to an annual rate of 4.59 million. It was the seventh drop in the last eight months, pushing sales 7.5% below ...


April 23, 2014, 11:03 am, 1259558

That America is becoming rapidly more racially diverse comes as no surprise. Less explored is how the increasing racial divide between the young and old will raise tough questions for policy makers.

One in two babies born last year was a minority child, according to Kenneth Johnson, a demographer at the ...


April 23, 2014, 11:03 am, 1259560

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, April 22, 2014

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

Highlights

Hannon’s Take: Central Bank Nirvana, Interrupted China Details Cut in Rural Banks’ Reserve Requirements Yuan ...


April 23, 2014, 11:03 am, 1259561

Firmer economic data and solid corporate earnings from the United States are raising hopes that Asia will soon see a long-awaited bounce in exports to the West. The question is how strong ...


April 23, 2014, 11:03 am, 1259562

The steady increase in the proportion of Americans earning degrees after high school graduation continued in 2012 for the fifth straight year, according to a new report.

The jump to 39.4% is an increase of 0.7 percentage point over 2011, according to the annual Lumina Foundation report “A Stronger Nation.” ...


April 23, 2014, 11:03 am, 1259563

A roundup of economic news on Asia and emerging markets from around the Web.

The Developing World’s Growing Divide: Across the developing world, a bewildering fissure is opening between economies’ leading and lagging sectors, Dani Rodrik says.

Managing the Exchange Rate: Choosing the right exchange-rate regime is a perennial issue ...


April 23, 2014, 11:03 am, 1259556
Agence France-Presse/Getty Images

Former Federal Reserve Chairman Ben Bernanke said Tuesday the U.S.  central bank’s actions during the financial crisis could have been more effectively communicated to the ...


April 23, 2014, 11:03 am, 1259551

A roundup of economic news on Asia from around the Web.

Fight or flight in Myanmar? Over the last year Myanmar  has received more than US$3.6 billion in foreign direct investment, an increase of nearly 300 percent. But enormous barriers to future investment remain, and if reforms aren’t enacted ...


April 23, 2014, 11:03 am, 1259557

The Obama administration has championed two programs that limit payments on student loans and ultimately forgive large chunks of debt. But with the use of these programs skyrocketing, the White House and others now want to limit how much student debt is forgiven.


April 23, 2014, 11:03 am, 1259553

The Supreme Court’s affirmative-action ruling Tuesday said that states may end racial preferences at public universities. What are the numbers behind race and college enrollment?

Data from the National Center for Education Statistics suggest that there has been a convergence among races going to college in recent years. But ...


April 23, 2014, 11:03 am, 1259552

Global trade is quickly becoming less about container ships and oil pipelines and more about the exchange of goods and services that have a high degree of knowledge or intellectual content baked in, and often digital component to boot, according to a new report.

“Knowledge-intensive” flows, ranging from royalties payments to ...


April 23, 2014, 11:03 am, 1259555

Fewer high school graduates are enrolling in college following the recession, according to a Labor Department report Tuesday.

Nearly 3 million people between ages 16 and 24 graduated from high school between January ...


April 23, 2014, 11:03 am, 1259554

The Federal Reserve should focus on evidence of wage gains rather than falling unemployment as a sign the economy is improving enough to start raising interest rates, two former Bank of England officials say.

Falling U.S. labor force participation reflects a weak economic recovery rather than more intractable structural factors such ...


April 23, 2014, 11:03 am, 1259549
Australia’s economy is slowly recovering from the end of a decade-long boom in mining investment. Bloomberg

A benign reading on first-quarter inflation gives Australia’s central bank more ...


April 23, 2014, 11:03 am, 1259550
Stronger growth in China would boost economies across Asia. Agence France-Presse/Getty Images

An initial peek at April manufacturing data Wednesday suggests China’s economy is beginning ...


April 23, 2014, 11:03 am, 1259548

Bank of England officials are struggling to make sense of a big rise in self-employment in the U.K., a development that may affect when officials choose to lift interest rates.

At its April 9 meeting, Monetary Policy Committee officials agreed that the U.K.’s economic recovery appears to be gaining momentum, and ...


April 23, 2014, 11:03 am, 1259546

The Wall Street Journal’s Daily Report on Global Central Banks for Wednesday, April 23, 2014

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

Highlights

Hilsenrath’s Take: Housing Recovery, We Hardly Knew You Fed Looks Likely to Stick to ...


April 23, 2014, 11:03 am, 1259544

The euro zone has seen its fair share of “angst of the week” moments over the past couple of years (to borrow a phrase used by European Central Bank President Mario Draghi).

Ultra-low inflation, or “lowflation,” as the International Monetary Fund has dubbed it, may be the latest.

The annual rate of ...


April 23, 2014, 11:03 am, 1259545
Bloomberg

Math and science are the peas and carrots of the jobs market: great for a career future, but resolutely unpopular with the young.

Even amid a relatively weak jobs ...


April 23, 2014, 11:03 am, 1259547

Mervyn King, former governor of the Bank of England and now Lord King of Lothbury, has received another honor to add to his lengthening list of gongs since swapping central banking for academia. He has been named a Knight Companion of the Noble Order of the Garter.

The Order of the ...


April 23, 2014, 11:03 am, 1259543
The Census Bureau reports New Home Sales in March were at a seasonally adjusted annual rate (SAAR) of384 thousand.

February sales were revised up from 440 thousand to449 thousand, and January sales were revised up from 455 thousand to470 thousand.

The first graph shows New ...


April 23, 2014, 10:35 am, 1259542

Some (female) tweeters have expressed exasperation at the amount of coverage given to David Moyes' sacking. I'm not sure they're right. Football is about more than 22 men chasing a ball. It also lets in light upon what is normally ...


April 23, 2014, 10:04 am, 1259538

Mark Skousen, through his Economic Logic and The Structure of Production, has been leading the fight for years for a measurement of economic activity that more closely aligns with a capital structure based macroeconomics. GDP is truly a Keynesian–based view of the economy; a data set that often ...


April 23, 2014, 10:04 am, 1259537

April 23, 2014, 10:04 am, 1259536
(April 23, 2014 09:07 AM, by Bryan Caplan) Normal 0 MicrosoftInternetExplorer4 Last night's immigration debate with Mark Krikorian and Alex Nowrasteh was... interesting. Reflections forthcoming. For now, here's my opening statement. Normal 0 MicrosoftInternetExplorer4 America Should Open its Borders Under current U.S. law, it is illegal for... (0 COMMENTS)


April 23, 2014, 9:33 am, 1259532

Retirement is weird, when you think about it. We consume small amounts of leisure for most of our lives, then suddenly stop working completely and consume a big bunch of leisure for the rest of our lives. We smooth our consumption of all other goods, but we don't smooth our ...


April 23, 2014, 9:33 am, 1259531

April 23, 2014, 9:33 am, 1259530

From the comments:

I was wondering if there is a table of contents available somewhere.

Here is a PDF that contains all of the front and back matter (except for the introduction) of the Encyclopedia of Environmental and Resource Economics: Download Contents ...


April 23, 2014, 9:03 am, 1259468

A roundup of economic news on Asia from around the Web.

Fight or flight in Myanmar? Over the last year Myanmar  has received more than US$3.6 billion in foreign direct investment, an increase of nearly 300 percent. But enormous barriers to future investment remain, and if reforms aren’t enacted ...


April 23, 2014, 9:03 am, 1259467
Stronger growth in China would boost economies across Asia. Agence France-Presse/Getty Images

An initial peek at April manufacturing data Wednesday suggests China’s economy is beginning ...


April 23, 2014, 9:03 am, 1259466
Australia’s economy is slowly recovering from the end of a decade-long boom in mining investment. Bloomberg

A benign reading on first-quarter inflation gives Australia’s central bank more ...


April 23, 2014, 9:03 am, 1259465

Bank of England officials are struggling to make sense of a big rise in self-employment in the U.K., a development that may affect when officials choose to lift interest rates.

At its April 9 meeting, Monetary Policy Committee officials agreed that the U.K.’s economic recovery appears to be gaining momentum, and ...


April 23, 2014, 9:03 am, 1259464

Mervyn King, former governor of the Bank of England and now Lord King of Lothbury, has received another honor to add to his lengthening list of gongs since swapping central banking for academia. He has been named a Knight Companion of the Noble Order of the Garter.

The Order of the ...


April 23, 2014, 9:03 am, 1259463

The Wall Street Journal’s Daily Report on Global Central Banks for Wednesday, April 23, 2014

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

Highlights

Hilsenrath’s Take: Housing Recovery, We Hardly Knew You Fed Looks Likely to Stick to ...


April 23, 2014, 9:03 am, 1259462
Bloomberg

Math and science are the peas and carrots of the jobs market: great for a career future, but resolutely unpopular with the young.

Even amid a relatively weak jobs ...


April 23, 2014, 8:34 am, 1259461

A new Manhattan Institute Project FDA report tries to move beyond the “too fast” or “too slow” debate over the FDA’s performance. The report’s authors, Joseph DiMasi and Christopher-Paul Milne of the Tufts Center for the Study of Drug Development and Alex ...


April 23, 2014, 8:04 am, 1259459
(April 23, 2014 07:13 AM, by Alberto Mingardi) I was reading recently John Vincent's "The Formation of the British Liberal Party 1857-68", a classic on the subject and a most interesting book. I was struck by the following passage: Very striking rewards, then, did not act at all... (0 COMMENTS)


April 23, 2014, 7:33 am, 1259457

Conservative economists believe that markets usually work really well, but Richard Fernandez makes a good case for there being some imperfections in the market for "common sense".


April 23, 2014, 7:33 am, 1259456

The Onion, of course.

Of course, I couldn’t simply stand by and let that happen, so I intervened and ordered a forceful takeover of the strategically important peninsula of Crimea—a territory with historical ties to Russia that our nation had long desired. It’s certainly no easy task ...


April 23, 2014, 7:33 am, 1259455

Live in concert from Town Hall in New York City, Lake Street Drive.

Gorgeous. Guaranteed to make you smile or your money back.

(Here's Rachel covering Aretha.)

(And for Raleigh-area readers, they're coming to Booth Ampitheatre in Cary June 13.)


April 23, 2014, 7:33 am, 1259454
The Chronicle has a lot to say about Thomas Piketty and modern economics. Piketty has done a great job assembling new data sources to document long run trends in inequality. As I understand it, his explanation hinges on how the returns to capital and the rate of economic ...


April 23, 2014, 7:03 am, 1259407
Australia’s economy is slowly recovering from the end of a decade-long boom in mining investment. Bloomberg

A benign reading on first-quarter inflation gives Australia’s central bank more ...


April 23, 2014, 7:03 am, 1259405

Mervyn King, former governor of the Bank of England and now Lord King of Lothbury, has received another honor to add to his lengthening list of gongs since swapping central banking for academia. He has been named a Knight Companion of the Noble Order of the Garter.

The Order of the ...


April 23, 2014, 7:03 am, 1259406

Bank of England officials are struggling to make sense of a big rise in self-employment in the U.K., a development that may affect when officials choose to lift interest rates.

At its April 9 meeting, Monetary Policy Committee officials agreed that the U.K.’s economic recovery appears to be gaining momentum, and ...


April 23, 2014, 7:03 am, 1259404
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 18, 2014. ...

The Refinance Index decreased 4 percent from ...


April 23, 2014, 6:44 am, 1259403

REMEMBER this chart?

A few weeks ago we examined research assessing the benefits of European Union membership. For most entrants joining the EU gave real output per person a big boost relative to what might have been expected. But not for ...


April 23, 2014, 6:36 am, 1259402
It’s widely recognized that the manufacturing sector is highly sensitive to the business cycle. Employment trends in this corner tend to react earlier to macro distress compared with payrolls generally. As a result, monitoring this slice of the labor market … Continue reading →


April 23, 2014, 6:34 am, 1259401

The discussion thread on yesterday’s posting “Supreme Court Upholds Michigan Referendum Banning Affirmative Action In Higher Education” is uncharacteristically ugly, with more slinging of insults than thoughtful ...


April 23, 2014, 6:04 am, 1259400

By the Very Revd John Drury.  I mentioned the book favorably in passing once before, but I don’t think I drove home how much I liked and learned from it.  For me it is a clear choice for best book of the year so far.

Here is ...


April 23, 2014, 5:33 am, 1259395

I don't know why it should make anyone "weep". Pay follows productivity.


April 23, 2014, 5:33 am, 1259394

Funny and alarming at the same time.

Any website’s comments section — evenour fancy new one— gets its share of scam artists, luring in clicks with promises of work-from-home schemes or miracle diets. They seem so easy to spot and resist, it’s a wonder how ...


April 23, 2014, 5:03 am, 1259357

Fewer high school graduates are enrolling in college following the recession, according to a Labor Department report Tuesday.

Nearly 3 million people between ages 16 and 24 graduated from high school between January ...


April 23, 2014, 5:03 am, 1259358
Agence France-Presse/Getty Images

Former Federal Reserve Chairman Ben Bernanke said Tuesday the U.S.  central bank’s actions during the financial crisis could have been more effectively communicated to the ...


April 23, 2014, 5:03 am, 1259360

That America is becoming rapidly more racially diverse comes as no surprise. Less explored is how the increasing racial divide between the young and old will raise tough questions for policy makers.

One in two babies born last year was a minority child, according to Kenneth Johnson, a demographer at the ...


April 23, 2014, 5:03 am, 1259362

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, April 22, 2014

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

Highlights

Hannon’s Take: Central Bank Nirvana, Interrupted China Details Cut in Rural Banks’ Reserve Requirements Yuan ...


April 23, 2014, 5:03 am, 1259363

Firmer economic data and solid corporate earnings from the United States are raising hopes that Asia will soon see a long-awaited bounce in exports to the West. The question is how strong ...


April 23, 2014, 5:03 am, 1259361

Housing demand is cracking under the weight of affordability. The National Association of Realtors reported Tuesday that sales of existing homes fell a small 0.2% in March to an annual rate of 4.59 million. It was the seventh drop in the last eight months, pushing sales 7.5% below ...


April 23, 2014, 5:03 am, 1259359

The Obama administration has championed two programs that limit payments on student loans and ultimately forgive large chunks of debt. But with the use of these programs skyrocketing, the White House and others now want to limit how much student debt is forgiven.


April 23, 2014, 5:03 am, 1259352
Stronger growth in China would boost economies across Asia. Agence France-Presse/Getty Images

An initial peek at April manufacturing data Wednesday suggests China’s economy is beginning ...


April 23, 2014, 5:03 am, 1259356

The Federal Reserve should focus on evidence of wage gains rather than falling unemployment as a sign the economy is improving enough to start raising interest rates, two former Bank of England officials say.

Falling U.S. labor force participation reflects a weak economic recovery rather than more intractable structural factors such ...


April 23, 2014, 5:03 am, 1259353

A roundup of economic news on Asia from around the Web.

Fight or flight in Myanmar? Over the last year Myanmar  has received more than US$3.6 billion in foreign direct investment, an increase of nearly 300 percent. But enormous barriers to future investment remain, and if reforms aren’t enacted ...


April 23, 2014, 5:03 am, 1259351
Australia’s economy is slowly recovering from the end of a decade-long boom in mining investment. Bloomberg

A benign reading on first-quarter inflation gives Australia’s central bank more ...


April 23, 2014, 5:03 am, 1259354

Global trade is quickly becoming less about container ships and oil pipelines and more about the exchange of goods and services that have a high degree of knowledge or intellectual content baked in, and often digital component to boot, according to a new report.

“Knowledge-intensive” flows, ranging from royalties payments to ...


April 23, 2014, 5:03 am, 1259355

The Supreme Court’s affirmative-action ruling Tuesday said that states may end racial preferences at public universities. What are the numbers behind race and college enrollment?

Data from the National Center for Education Statistics suggest that there has been a convergence among races going to college in recent years. But ...


April 23, 2014, 5:03 am, 1259350

Why won't wind energy power the ...


April 23, 2014, 5:03 am, 1259349

April 23, 2014, 5:03 am, 1259348

Solow on Piketty:

Thomas Piketty Is Right: Everything you need to know about 'Capital in the Twenty-First Century', by Robert Solow: Income inequality in the United States and elsewhere has been worsening since the 1970s. The most striking aspect has been the widening gap between the rich and the ...


April 23, 2014, 4:04 am, 1259347

Nick is a philosopher at Oxford and he has worked with Larry Temkin and Nick Bostrom.  He typed up his version of our conversation (pdf), it starts with this:

Purpose of the conversation: I contacted Tyler to learn about his perspectives on existential risk and other long-run issues for ...


April 23, 2014, 3:33 am, 1259344
From Typepad:

What happened? Beginning Thursday evening, Typepad was hit with a distributed denial of service (DDoS) off and on through today. A DDoS attack is an attempt to make services unavailable, but in no way was your Typepad account compromised. All information in your Typepad account is secure, including billing ...


April 23, 2014, 3:33 am, 1259343

Unfortunately, in this case it is a research lab:

For more than a century, federal scientists have worked on Pivers Island near the historic town of Beaufort and the beaches of Emerald Isle studying the ocean and the fish, turtles and dolphins of its seagrass estuaries and rocky reefs.

Surrounded by three ...


April 23, 2014, 3:23 am, 1259342
Many thanks to Mark Seccombe for letting us know about this terrific HOD Economics opportunity - well worth a look. Please mention that you saw this on the tutor2u Economics blog! All the details you need are below. ...


April 23, 2014, 3:03 am, 1259323

Long-term unemployment creates a drag on inflation similar to that created by short-term joblessness, according to a new paper by a Federal Reserve economist paper that casts doubt on the notion that researchers should study the two categories separately.


April 23, 2014, 3:03 am, 1259317

The steady increase in the proportion of Americans earning degrees after high school graduation continued in 2012 for the fifth straight year, according to a new report.

The jump to 39.4% is an increase of 0.7 percentage point over 2011, according to the annual Lumina Foundation report “A Stronger Nation.” ...


April 23, 2014, 3:03 am, 1259318

A roundup of economic news on Asia and emerging markets from around the Web.

The Developing World’s Growing Divide: Across the developing world, a bewildering fissure is opening between economies’ leading and lagging sectors, Dani Rodrik says.

Managing the Exchange Rate: Choosing the right exchange-rate regime is a perennial issue ...


April 23, 2014, 3:03 am, 1259315

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, April 22, 2014

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

Highlights

Hannon’s Take: Central Bank Nirvana, Interrupted China Details Cut in Rural Banks’ Reserve Requirements Yuan ...


April 23, 2014, 3:03 am, 1259314

Housing demand is cracking under the weight of affordability. The National Association of Realtors reported Tuesday that sales of existing homes fell a small 0.2% in March to an annual rate of 4.59 million. It was the seventh drop in the last eight months, pushing sales 7.5% below ...


April 23, 2014, 3:03 am, 1259321

One of the Great Recession’s enduring mysteries has been the apparent breakdown in longstanding relationships between the economy’s growth rate and unemployment during and after the downturn.

Economists have long looked to a rule of thumb known as Okun’s Law, which suggests the jobless rate should fall by about one percentage ...


April 23, 2014, 3:03 am, 1259322

Six years after ratcheting up mortgage-lending standards, lenders are showing signs of increased risk taking when it comes to mortgage credit, as the Wall Street Journal noted on Saturday.

Lending standards would have grown much tighter than they did through the downturn if it hadn’t been for the Federal ...


April 23, 2014, 3:03 am, 1259313

That America is becoming rapidly more racially diverse comes as no surprise. Less explored is how the increasing racial divide between the young and old will raise tough questions for policy makers.

One in two babies born last year was a minority child, according to Kenneth Johnson, a demographer at the ...


April 23, 2014, 3:03 am, 1259320

Adding to a string of recent data suggesting a slow start for the spring home-sales season, national builder NVR Inc. kicked off the industry’s earnings season with lackluster results. And bad winter weather may not wholly be to blame.


April 23, 2014, 3:03 am, 1259319

Oh, to be a mail carrier in North Dakota.

A mailman for the U.S. Postal Service closes the door on his postal vehicle. Getty Images

One


April 23, 2014, 3:03 am, 1259316

Firmer economic data and solid corporate earnings from the United States are raising hopes that Asia will soon see a long-awaited bounce in exports to the West. The question is how strong ...


April 23, 2014, 3:03 am, 1259306

A roundup of economic news on Asia from around the Web.

Fight or flight in Myanmar? Over the last year Myanmar  has received more than US$3.6 billion in foreign direct investment, an increase of nearly 300 percent. But enormous barriers to future investment remain, and if reforms aren’t enacted ...


April 23, 2014, 3:03 am, 1259305
Stronger growth in China would boost economies across Asia. Agence France-Presse/Getty Images

An initial peek at April manufacturing data Wednesday suggests China’s economy is beginning ...


April 23, 2014, 3:03 am, 1259304
Australia’s economy is slowly recovering from the end of a decade-long boom in mining investment. Bloomberg

A benign reading on first-quarter inflation gives Australia’s central bank more ...


April 23, 2014, 3:03 am, 1259307

Global trade is quickly becoming less about container ships and oil pipelines and more about the exchange of goods and services that have a high degree of knowledge or intellectual content baked in, and often digital component to boot, according to a new report.

“Knowledge-intensive” flows, ranging from royalties payments to ...


April 23, 2014, 3:03 am, 1259308

The Supreme Court’s affirmative-action ruling Tuesday said that states may end racial preferences at public universities. What are the numbers behind race and college enrollment?

Data from the National Center for Education Statistics suggest that there has been a convergence among races going to college in recent years. But ...


April 23, 2014, 3:03 am, 1259311
Agence France-Presse/Getty Images

Former Federal Reserve Chairman Ben Bernanke said Tuesday the U.S.  central bank’s actions during the financial crisis could have been more effectively communicated to the ...


April 23, 2014, 3:03 am, 1259310

Fewer high school graduates are enrolling in college following the recession, according to a Labor Department report Tuesday.

Nearly 3 million people between ages 16 and 24 graduated from high school between January ...


April 23, 2014, 3:03 am, 1259309

The Federal Reserve should focus on evidence of wage gains rather than falling unemployment as a sign the economy is improving enough to start raising interest rates, two former Bank of England officials say.

Falling U.S. labor force participation reflects a weak economic recovery rather than more intractable structural factors such ...


April 23, 2014, 3:03 am, 1259312

The Obama administration has championed two programs that limit payments on student loans and ultimately forgive large chunks of debt. But with the use of these programs skyrocketing, the White House and others now want to limit how much student debt is forgiven.


April 23, 2014, 2:04 am, 1259303
(April 23, 2014 12:09 AM, by Bryan Caplan) Under open borders, over six billion people would be free to move to the United States. The population could increase by more than a factor of twenty. And under real open borders, there's no mandatory waiting period. If everyone wants... (1 COMMENTS)


April 23, 2014, 1:34 am, 1259302
Chinese manufacturing remains in contraction for 2014. Output and new orders were down for the 4th consecutive month, but at a slightly reduced pace according to the HSBC Flash China Manufacturing PMI.



Commenting on the Flash China Manufacturing ...


April 23, 2014, 1:23 am, 1259301

Last night I was at the Towson University International Markets Summit.  I’m grateful to the students for inviting me, as it is an honor.  During the presentation, I mentioned the book “Accounting for Value” by Stephen Penman.  I reviewed the book two years ago.  A great book, and one that ...


April 23, 2014, 1:23 am, 1259300
Here is a Country Profile revision sheet that I have created as part of my revision programme for my A2 students.The idea is to complete (neatly) one sheet each for six countries – leaving room on the other side for additional useful revision concepts and background context. ideally students will choose at least ...


April 23, 2014, 1:23 am, 1259299
The BBC's Robert Peston looks at the broader issue of heavy debt in the UK economy and whether it is holding back economic growth.


April 23, 2014, 1:03 am, 1259270
Stronger growth in China would boost economies across Asia. Agence France-Presse/Getty Images

An initial peek at April manufacturing data Wednesday suggests China’s economy is beginning ...


April 23, 2014, 12:34 am, 1259269

Some want maximum wages for business executives, who are said to make too much money. It’s unclear how Congress is qualified to set the “correct” wage for business owners and executives, and unlike members of Congress, highly-paid executives are not protected from ...


April 23, 2014, 12:04 am, 1259266
(Don Boudreaux)

In my latest column for the Pittsburgh Tribune-Review I discuss the (ir)relevance of Pres. Obama’s (in)famous “you didn’t build that” blurt.  While I agree that Mr. Obama was referring, with this blurt, to the building of infrastructure – so that his statement is largely factually correct – I argue ...


April 22, 2014, 11:03 pm, 1259236

A roundup of economic news on Asia from around the Web.

Fight or flight in Myanmar? Over the last year Myanmar  has received more than US$3.6 billion in foreign direct investment, an increase of nearly 300 percent. But enormous barriers to future investment remain, and if reforms aren’t enacted ...


April 22, 2014, 10:44 pm, 1259235
A


April 22, 2014, 10:04 pm, 1259233

By Laurence M. Vance

According to the Budget and Accounting Act of 1921, the president must annually submit a proposed budget to Congress for the next fiscal year by the first Monday in February. Although he was late, as usual, President Obama ...


April 22, 2014, 9:03 pm, 1259217

The Supreme Court’s affirmative-action ruling Tuesday said that states may end racial preferences at public universities. What are the numbers behind race and college enrollment?

Data from the National Center for Education Statistics suggest that there has been a convergence among races going to college in recent years. But ...


April 22, 2014, 9:03 pm, 1259216

Global trade is quickly becoming less about container ships and oil pipelines and more about the exchange of goods and services that have a high degree of knowledge or intellectual content baked in, and often digital component to boot, according to a new report.

“Knowledge-intensive” flows, ranging from royalties payments to ...


April 22, 2014, 9:03 pm, 1259215
From Catherine Rampell at the WaPo: Americans think owning a home is better for them than it is

Over the past century, housing prices have grown at a compound annual rate of just 0.3 percent once one adjusts for inflation, according to my calculations using Shiller’s historical housing data. Over ...


April 22, 2014, 8:04 pm, 1259213

Kevin Drum tells readers to always click the link. His latest post is well worth reading. I don’t have much to add (I wrote a comment over there).


April 22, 2014, 7:33 pm, 1259209
Moving back home with parents is not just for millennials. A large number of those aged 50 to 64 are moving back home, for economic reasons, not for providing care to aged parents.

The LA Times reports Moving in with Parents Becomes More Common for the Middle-Aged


April 22, 2014, 7:33 pm, 1259208
Rank Country Daily OIL Production  (1,000 barrels), DEC 2013 1 Russia 10,118 2 Saudi Arabia 9,740 3 United States


April 22, 2014, 7:33 pm, 1259207

Here’s my AEI colleague Charles Murray’s open letter to the students of Azusa Pacific University, whose cowardly president abruptly “postponed” Charles’ scheduled appearance on campus to discuss his new book “The Curmudgeon’s Guide to Getting Ahead.”


April 22, 2014, 7:03 pm, 1259150

That America is becoming rapidly more racially diverse comes as no surprise. Less explored is how the increasing racial divide between the young and old will raise tough questions for policy makers.

One in two babies born last year was a minority child, according to Kenneth Johnson, a demographer at the ...


April 22, 2014, 7:03 pm, 1259151

Housing demand is cracking under the weight of affordability. The National Association of Realtors reported Tuesday that sales of existing homes fell a small 0.2% in March to an annual rate of 4.59 million. It was the seventh drop in the last eight months, pushing sales 7.5% below ...


April 22, 2014, 7:03 pm, 1259152

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, April 22, 2014

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

Highlights

Hannon’s Take: Central Bank Nirvana, Interrupted China Details Cut in Rural Banks’ Reserve Requirements Yuan ...


April 22, 2014, 7:03 pm, 1259149

The Obama administration has championed two programs that limit payments on student loans and ultimately forgive large chunks of debt. But with the use of these programs skyrocketing, the White House and others now want to limit how much student debt is forgiven.


April 22, 2014, 7:03 pm, 1259153

Firmer economic data and solid corporate earnings from the United States are raising hopes that Asia will soon see a long-awaited bounce in exports to the West. The question is how strong ...


April 22, 2014, 7:03 pm, 1259146

The Federal Reserve should focus on evidence of wage gains rather than falling unemployment as a sign the economy is improving enough to start raising interest rates, two former Bank of England officials say.

Falling U.S. labor force participation reflects a weak economic recovery rather than more intractable structural factors such ...


April 22, 2014, 7:03 pm, 1259144

Global trade is quickly becoming less about container ships and oil pipelines and more about the exchange of goods and services that have a high degree of knowledge or intellectual content baked in, and often digital component to boot, according to a new report.

“Knowledge-intensive” flows, ranging from royalties payments to ...


April 22, 2014, 7:03 pm, 1259148
Agence France-Presse/Getty Images

Former Federal Reserve Chairman Ben Bernanke said Tuesday the U.S.  central bank’s actions during the financial crisis could have been more effectively communicated to the ...


April 22, 2014, 7:03 pm, 1259145

The Supreme Court’s affirmative-action ruling Tuesday said that states may end racial preferences at public universities. What are the numbers behind race and college enrollment?

Data from the National Center for Education Statistics suggest that there has been a convergence among races going to college in recent years. But ...


April 22, 2014, 7:03 pm, 1259147

Fewer high school graduates are enrolling in college following the recession, according to a Labor Department report Tuesday.

Nearly 3 million people between ages 16 and 24 graduated from high school between January ...


April 22, 2014, 6:44 pm, 1259143
A


April 22, 2014, 6:44 pm, 1259142
A


April 22, 2014, 6:36 pm, 1259141

Buried deep in House Ways & Means Committee Chair Dave Camp’s tax reform plan is a proposal to require donor-advised funds to distribute contributions within five years. The proposal would be a major change for these charitable vehicles, where funds currently can sit indefinitely.

Donor-advised funds (DAFs) are an easy, low-cost ...


April 22, 2014, 6:34 pm, 1259140

Arvind Subramanian has a nice post, which provides additional evidence on the phenomenon of premature industrialization that I have talked about and documented previously.  Arvind works with data on industry rather than manufacturing per se, which I prefer. But the result is similar. The inverse ...


April 22, 2014, 6:04 pm, 1259139

Jim Fedako writes in today’s Mises Daily: 

One implication of a positive right to service from a business is the derivative positive right toquality service. So, it is not just that Elane Photography must take pictures of the commitment ceremony, it is that ...


April 22, 2014, 6:04 pm, 1259138

John McKerrow writes in today’s Mises Daily: 

Still, as important as the above explanations are, high time preference offers another reason for the conduct of American soldiers. The importance of time preference in understanding human action is nothing new to ...


April 22, 2014, 5:23 pm, 1259135
Here is a Country Profile revision sheet that I have created as part of my revision programme for my A2 students. The idea is to complete (neatly) one sheet each for six countries – leaving room on the other side for additional useful revision concepts and background context. ideally students will choose at ...


April 22, 2014, 5:03 pm, 1259074

Fewer high school graduates are enrolling in college following the recession, according to a Labor Department report Tuesday.

Nearly 3 million people between ages 16 and 24 graduated from high school between January ...


April 22, 2014, 5:03 pm, 1259073

The Federal Reserve should focus on evidence of wage gains rather than falling unemployment as a sign the economy is improving enough to start raising interest rates, two former Bank of England officials say.

Falling U.S. labor force participation reflects a weak economic recovery rather than more intractable structural factors such ...


April 22, 2014, 4:44 pm, 1259072
A


April 22, 2014, 4:44 pm, 1259071
A


April 22, 2014, 4:44 pm, 1259070
A


April 22, 2014, 4:44 pm, 1259069

Megan McArdle spoke to Roberts this week about her new book, The Up Side of Down. Let's keep the conversation flowing; we love to hear from you, your students, your kids, your friends...

Questions below the fold.

Check Your Knowledge:

1. What does McArdle mean by "self-handicapping," and why does ...


April 22, 2014, 4:35 pm, 1259068
For some obscure reason, Tom's Sargent's Berkeley graduation address from seven years ago is now getting attention in the blogosphere. It's innocuous stuff - basically core ideas in economics boiled down to life lessons for graduating seniors. Paul Krugman seems a little insecure about it though (here and ...


April 22, 2014, 4:04 pm, 1259066

Benjamin Wiegold writes in today’s Mises Daily:

By allowing for more than one provider, not only will each develop their own areas of specialization, but competition will help all providers figure out what works and what ...


April 22, 2014, 4:04 pm, 1259065

Do you know that Oxford University Press “very short paperback books” series?  This is the latest entry, by Avinash Dixit, self-recommending.


April 22, 2014, 3:33 pm, 1259063
ECB president Mario Draghi has been making lots of noise recently about cutting interest rates because the euro is too strong and banks aren't lending enough.

Realistically, there's not much room to cut with rates already at a rock-bottom .25 percent.

Some suggest negative interest rates are the ...


April 22, 2014, 3:33 pm, 1259062

As with physicist Stephen Hawking’s “A Brief History of Time,” economist Thomas Piketty’s 700-page “Capital in the Twenty-First Century” is a bestseller destined to have a steep purchased-to-read ratio. For many on the left, it will be enough to simply know that Piketty’s grand theory of capitalism affirms their preexisting worldview: ...


April 22, 2014, 3:33 pm, 1259061

My AEI colleague Mark Perry recently posted a brief 2007 speech given by Nobel economist Thomas Sargent to graduates of Cal-Berkeley. It’s basically a dozen economic observations. Here is No. 4: “Everyone responds to incentives, including people you want to help. That is why social safety nets don’t always end ...


April 22, 2014, 3:03 pm, 1259000

That America is becoming rapidly more racially diverse comes as no surprise. Less explored is how the increasing racial divide between the young and old will raise tough questions for policy makers.

One in two babies born last year was a minority child, according to Kenneth Johnson, a demographer at the ...


April 22, 2014, 3:03 pm, 1258998
Agence France-Presse/Getty Images

Former Federal Reserve Chairman Ben Bernanke said Tuesday the U.S.  central bank’s actions during the financial crisis could have been more effectively communicated to the ...


April 22, 2014, 3:03 pm, 1258999

The Obama administration has championed two programs that limit payments on student loans and ultimately forgive large chunks of debt. But with the use of these programs skyrocketing, the White House and others now want to limit how much student debt is forgiven.


April 22, 2014, 3:03 pm, 1258997

On the road again, will blog as I can; For now, I have a new column:

Report Card on Fed Policy During the Great Recession, by Mark Thoma: If the economy evolves according to the Federal Reserve’s forecast, quantitative easing is on track to come to a close by ...


April 22, 2014, 3:03 pm, 1258996
A decline in existing home sales doesn't mean the housing recovery is over. Far from it! For existing home sales we need to look at the composition of sales (distressed vs. conventional), and the percent of conventional sales are increasing (even as investor buying has slowed too). That is ...


April 22, 2014, 3:03 pm, 1258995
Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for several selected cities in March. Lawler writes: "Note the increase in the foreclosure sales share in Florida."

From CR: The decline in "distressed" share was one of the positives I mentioned ...


April 22, 2014, 2:45 pm, 1258994
A


April 22, 2014, 2:45 pm, 1258993
A


April 22, 2014, 2:35 pm, 1258992

By James Kwak

That seems like a nonsensical question. Of course, each of us born where he or she was born, and we didn’t have much choice in the matter. But, philosopher John Rawls asked, if you lived behind a veil of ignorance, not knowing what position you would occupy in ...


April 22, 2014, 2:34 pm, 1258991

Yesterday it was reported that a Federal agency had approved the sale of powdered alcohol, today we learned that this decisionhas been reversed:

A federal agency that had originally approved a new powdered alcohol product reversed its position Monday.

The Alcohol and Tobacco Tax and Trade Bureau approved Palcohol’s powdered ...


April 22, 2014, 2:04 pm, 1258990

Now in ebook format or paperback: The Gold Standard: Perspectives in the Austrian School

The world’s financial system is in a precarious state, and everywhere the cry is heard for reform. But a reform to what? More government created fiat money under ...


April 22, 2014, 2:04 pm, 1258989

Register here. 

Writes Robert Murphy:

The fall of the Soviet Union should have spelled the demise of central planning, yet the socialist mentality thrives — albeit in a diluted form — in all governments in the so-called “free world.” No one explained the failures of pure socialism and of (the more ...


April 22, 2014, 2:04 pm, 1258988

I enjoyed this book, which is authored by Jeffrey Towson and Jonathan Woetzel.  Here is one excerpt:

Looking at China today, what you don’t see is an integrated continental economy.  You don’t see infrastructure connecting each part of the country, like say in the United States.  That is likely ...


April 22, 2014, 2:04 pm, 1258987

April 22, 2014, 1:33 pm, 1258981

The EIA released new energy data recently (see Table 7) showing that the US had the second most energy-efficient economy in history last year, based on the amount of energy consumed to produce each real dollar of Gross ...


April 22, 2014, 1:23 pm, 1258980
A


April 22, 2014, 1:23 pm, 1258979
For many developing countries tourism is already a major part of their economy and a significant source of extra factor incomes and employment. But there is a fierce debate about the economic and social consequences of tourism - what roles can tourism play in economic development? Can travel to developing countries do more harm ...


April 22, 2014, 1:23 pm, 1258978
Here is a new ten question matching concepts quiz powered by the Zondle platform - good luck!


April 22, 2014, 1:23 pm, 1258977
The first of a set of ten question revision quizzes covering A2 macro topics - good luck!


April 22, 2014, 1:03 pm, 1258914

Congressman Patrick Tiberi (R-OH), a House Ways and Means member, recently introduced a bill (H.R. 4457, “America’s Small Business Tax Relief Act of 2014”) that would restore Section 179 to 2013 levels and make the law permanent.

In 2013, Section 179 allowed businesses to write-off the full cost of certain ...


April 22, 2014, 1:03 pm, 1258913

Housing demand is cracking under the weight of affordability. The National Association of Realtors reported Tuesday that sales of existing homes fell a small 0.2% in March to an annual rate of 4.59 million. It was the seventh drop in the last eight months, pushing sales 7.5% below ...


April 22, 2014, 12:44 pm, 1258905
A


April 22, 2014, 12:44 pm, 1258911
A


April 22, 2014, 12:44 pm, 1258912
A


April 22, 2014, 12:44 pm, 1258909
A


April 22, 2014, 12:44 pm, 1258910
A


April 22, 2014, 12:44 pm, 1258908
A


April 22, 2014, 12:44 pm, 1258906
A


April 22, 2014, 12:44 pm, 1258907
A


April 22, 2014, 12:44 pm, 1258904
A


April 22, 2014, 12:44 pm, 1258903
A


April 22, 2014, 12:35 pm, 1258902
Has the slow decline in the pace of consumer price inflation in the US hit bottom? If so, is that good news for the economy? A cautious “yes” applies in both cases, albeit with the usual caveats. Looking at the … Continue reading →


April 22, 2014, 12:35 pm, 1258901

There's one curious thing about Ukip's notorious posters that hasn't been mentioned - that they represent a flat rejection of orthodox neoclassical economics.

"British workers are hit hard by unlimited cheap labour" says one poster. However, in theory this would be ...


April 22, 2014, 12:04 pm, 1258898

I’ve just finished reading Leo Tolstoy’s remarkable book The Kingdom of God Is Within You. This was written in Russian and completed in 1893, but the Russian censors forbade its publication. It circulated in unpublished form in Russia, however, and was ...


April 22, 2014, 12:04 pm, 1258897
By George Smith 

If you were asked how we should go about achieving real economic growth throughout the economy rather than just certain sectors of it, what would you suggest?  Would you revisit the Keynesian toolbox and call for a really, really ...


April 22, 2014, 12:04 pm, 1258896
(April 22, 2014 11:26 AM, by Scott Sumner) Many people assume that Germany has long been an economic success story. It was certainly successful back in the 1950s and 1960s. But as recently as 2004 it was widely viewed as the "sick man of Europe" despite all those... (0 COMMENTS)


April 22, 2014, 11:33 am, 1258895
I'm sitting behind my computer with an amazing view out my window. Europe (for me, France in particular) is beautiful this time of year.


April 22, 2014, 11:33 am, 1258894

Since today is Earth Day, it seems a pretty good time to ask, “Why isn’t the public warming to the climate change debate?” AEI’s Karlyn Bowman and Jennifer Marsico tell us why climate change won’t be a “top priority in the 2014 elections and beyond,” even though, “As Gallup ...


April 22, 2014, 11:33 am, 1258893

In a great editorial in 2009 (excerpts appear below), Investor’s Business Daily reminded us of the main, but unrecognized force that has driven the environmental improvements that have taken place since the first Earth Day in 1970 – capitalism, and the wealth generated by the free market. ...


April 22, 2014, 11:03 am, 1258831

That’s the title of a conference that took place at USC this weekend, co-organized by Joshua Aizenman, Menzie Chinn and Robert Dekle, and cosponsored by the USC Center for International Studies, USC School of International Relations, Journal of International Money and Finance, and the ...


April 22, 2014, 11:03 am, 1258830
The NAR reports: Existing-Home Sales Remain Soft in March

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.2 percent to a seasonally adjusted annual rate of 4.59 million in March from 4.60 million in February, and are 7.5 percent below the ...


April 22, 2014, 10:04 am, 1258824

April 22, 2014, 9:33 am, 1258819

From my op-ed in today’s Investor’s Business Daily (which started in April 1984 and is now celebrating “30 years of innovation and growth”) titled “Earth Day: Hail Fossil Fuels, Energy of the Future“:

On Earth Day, according to various advocates, “events are held worldwide to increase ...


April 22, 2014, 9:33 am, 1258818

From my op-ed in today’s Investor’s Business Daily (which started in April 1984 and is now celebrating “30 years of innovation and growth”) titled “Earth Day: Hail Fossil Fuels, Energy of the Future“:

On Earth Day, according to various advocates, “events are held worldwide to increase ...