Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

Click on the image to get a bigger version.


Jobs

The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .


Click on the image to get a bigger version.


Graph-of-the-Year Candidates

Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?

Brad DeLong favors the U.S. gdp gap.


Remember M1?

Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?


Click on the chart for a larger version.


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- Recent Entries


July 30, 2014, 2:44 am, 1307806

Never let it be said that the wheels of international justice spin quickly, but, with the pace of a Siberian jail sentence, the Permanent Court of Arbitration finally handed down its merits award in the Yukos litigation.  (For those of you not in the know, Yukos was dismantled ...


July 30, 2014, 2:05 am, 1307804

David Brooks writes:

But when the Muslim Brotherhood government fell, the military leaders cracked down. They sentenced hundreds of the Brotherhood’s leadership class to death. They also closed roughly 95 percent of the tunnels that connected Egypt to Gaza, where the Brotherhood’s offshoot, Hamas, had gained power.


July 30, 2014, 2:04 am, 1307803

The 2014 Medicare Trustees Report has just been released, and it shows that the program is on noticeably sounder financial footing than it was just a year ago. One of the biggest signs of this is that the projected depletion date of the Hospital Insurance (Part A) Trust Fund ...


July 30, 2014, 1:33 am, 1307802
UCLA does not have enough Ph.D. students interested in a graduate course on environmental economics. That's a shame but I don't take it too personally (maybe I should?). Fortunately, the University of California's Center for Energy and Environmental Economics offers a week long summer course. Ph.D. ...


July 30, 2014, 1:03 am, 1307743
Indian workers sift through coal at the Adani thermal power plant in Mundra, in the eastern Indian state of Gujarat. Agence France-Presse/Getty Images

Japanese companies appear to ...


July 30, 2014, 1:03 am, 1307742
Calves waiting to be fed on a dairy farm near Cambridge in New Zealand’s Waikato region. Agence France-Presse/Getty Images

New Zealand’s milk-powered economy might be slowing down, ...


July 30, 2014, 1:03 am, 1307741
First, for a very interesting discussion on GDP and seasonality see: GDP: Seasons and revisions . Too bad the BEA doesn't release NSA data any more - but the graph is interesting.

And the Atlanta Fed released their final GDPNow for Q2:

The final GDPNow ...


July 30, 2014, 12:34 am, 1307740

Argentina’s government is on the verge of default yet again. How could this happen three times in thirty years? Well, the Argentine government has a habit of spending without restraint and then trying to cheat its creditors. But this time, it's run into ...


July 29, 2014, 11:03 pm, 1307675
The Case-Shiller house price indexes for May were released this morning. Zillow has started forecasting Case-Shillera month early - and I like to check the Zillow forecasts since they have been pretty close.

From Zillow: Case-Shiller Forecast: Expecting Further Slowdowns Ahead

The Case-Shiller data for May ...


July 29, 2014, 10:44 pm, 1307674
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July 29, 2014, 9:03 pm, 1307611

The Federal Reserve‘s meeting Tuesday and Wednesday is more about the future than the present.

Policy makers will be debating the appropriate time to begin raising interest rates, as well as the best ...


July 29, 2014, 9:03 pm, 1307612

Germany’s global image is better than ever. Industry is booming, unemployment is at a record low since reunification and, to boot, the country just took home its fourth World Cup title.


July 29, 2014, 9:03 pm, 1307609

Cities in the southeastern U.S. have the biggest share of consumers with unpaid debt, a new report says.

The Urban Institute, a Washington-based think tank, published a detailed report on Tuesday on the level of delinquent debt around the country. (See related post on the WSJ Numbers blog).

The ...


July 29, 2014, 9:03 pm, 1307608

The head of the International Monetary Fund on Tuesday questioned whether Greece still needs debt relief, saying that a review of the country’s economy in the coming weeks would determine if Athens’ debt stock is sustainable without help from creditors.


July 29, 2014, 9:03 pm, 1307610
Economists early Wednesday will get their first peek at how the U.S. economy fared in the second quarter, an important gauge of where the country is heading after the abrupt downturn earlier this year.


July 29, 2014, 8:05 pm, 1307607

The Drudge Report and other media outlets have  done their best to create a panic over the spread of Ebola in western Africa. It’s a safe bet that, if it hasn’t happened already, some devoted interventionists will point to disease epidemics as ...


July 29, 2014, 8:05 pm, 1307606

While European governments deny paying ransoms, an investigation by The New York Times found that Al Qaeda and its direct affiliates have earned at least $125 million in revenue from kidnappings since 2008, of which $66 million was paid just in the past year.

In various news releases and statements, the ...


July 29, 2014, 7:33 pm, 1307604

One of the more puzzling features of the Canadian labour market in the last few years recovery has been the stubborn refusal of youth employment rates to recover from the recession:

There may a relatively simple ...


July 29, 2014, 7:33 pm, 1307603

Here’s the abstract from the paper “Overwork and the Slow Convergence in the Gender Gap in Wages” that appears in the June 2014 issue of the American Sociological Review (by authors Youngjoo Cha, Indiana University; and Kim A. Weeden, Columbia University):

Despite rapid changes in women’s educational attainment and ...


July 29, 2014, 7:03 pm, 1307542

The head of the International Monetary Fund on Tuesday questioned whether Greece still needs debt relief, saying that a review of the country’s economy in the coming weeks would determine if Athens’ debt stock is sustainable without help from creditors.


July 29, 2014, 7:03 pm, 1307541

Simon Wren-Lewis:

If minimum wages, why not maximum wages?: I was in a gathering of academics the other day, and we were discussing minimum wages. The debate moved on to increasing inequality, and the difficulty of doing anything about it. I said why not have a maximum wage? To ...


July 29, 2014, 7:03 pm, 1307540

Two years ago, Governor Brownback asserted:

Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy.

The Facts

Newly released coincident indicators from the Philadelphia Fed (calibrated to match trends in real Gross State Product) indicate Kansas continues to lag the Nation. ...


July 29, 2014, 6:45 pm, 1307539
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July 29, 2014, 6:45 pm, 1307538
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July 29, 2014, 6:45 pm, 1307537
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July 29, 2014, 6:44 pm, 1307536

Unless the plaintiffs request a stay (and quick!), this will probably be the last request for Judge Griesa to stay the injunction before Argentina defaults officially fails to put money into the bank accounts of exchange bondholders. It is an ...


July 29, 2014, 6:04 pm, 1307533
(Don Boudreaux)

Here’s a letter to former New Hampshire governor (and U.S. senator) Judd Gregg:

Mr. Judd Gregg (R-NH)

Dear Mr. Gregg:

Your The Hill article defending the U.S. Export-Import Bank is full of mercantilist fallacies that my freshmen students would be embarrassed to commit (“We need Ex-Im in real world,” July 28).  Because my Mercatus ...


July 29, 2014, 5:33 pm, 1307528


July 29, 2014, 5:03 pm, 1307466
Economists early Wednesday will get their first peek at how the U.S. economy fared in the second quarter, an important gauge of where the country is heading after the abrupt downturn earlier this year.


July 29, 2014, 5:03 pm, 1307465

Cities in the southeastern U.S. have the biggest share of consumers with unpaid debt, a new report says.

The Urban Institute, a Washington-based think tank, published a detailed report on Tuesday on the level of delinquent debt around the country. (See related post on the WSJ Numbers blog).

The ...


July 29, 2014, 4:45 pm, 1307463
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July 29, 2014, 4:45 pm, 1307462
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July 29, 2014, 4:45 pm, 1307464
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July 29, 2014, 4:45 pm, 1307461
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July 29, 2014, 4:45 pm, 1307460
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July 29, 2014, 4:45 pm, 1307459
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July 29, 2014, 4:36 pm, 1307458

President Obama and many congressional Democrats argue that U.S.-based multinational firms are being unpatriotic by moving their corporate addresses overseas in order to reduce their taxes. Obama even implied they are “corporate deserters.” These are powerful, emotionally-charged allegations. But are they fair?

Is it unpatriotic to maximize tax savings? After ...


July 29, 2014, 4:05 pm, 1307455


Archived from the live broadcast, this Mises University lecture was presented at the Mises Institute in Auburn, Alabama, on 25 July 2014.


July 29, 2014, 4:05 pm, 1307453

As an apparently war-minded people, Americans (or at least, our American political leaders) have been comfortable framing parts of the domestic policy agenda as wars for decades. Two of the most prominent have been the War on Poverty and the War on Drugs.

Despite the similarity in their names, there is ...


July 29, 2014, 4:05 pm, 1307454

David, I liked this Facebook post from another student, on opening night: “I had the opportunity to listen to a very insightful discussion between an Israeli journalist and a Muslim business owner. They were discussing the challenges of extremists in both their cultures and how government intervention only exacerbates ...


July 29, 2014, 4:05 pm, 1307452

July 29, 2014, 3:33 pm, 1307448
The Urban Institute has an interesting 14-page synopsis on Delinquent Debt in America.

By percentage, the number of people in collections is largely concentrated in the South, while amount owed shows no geographic pattern. The Urban Institute uses 2013 credit bureau data from TransUnion to measure ...


July 29, 2014, 3:33 pm, 1307447
This article highlights that President Obama and the Democrats are changing tactics in their worthwhile attempt to build a political coalition to reduce U.S GHG emissions. The Green Team now wants to tell a narrative that the U.S will save money over the long run by reducing GHG emissions ...


July 29, 2014, 3:33 pm, 1307446

The Ayn Rand Institute is disappointed in Paul Ryan. Here the House Budget Chairman goes to all the trouble of rolling out an anti-poverty plan, and he somehow forgets to obliterate the safety net. What gives? Does Ryan remember nothing from the Ayn Rand reading of his youth? Someone delete ...


July 29, 2014, 3:03 pm, 1307385

This morning, we released a new chart book that illustrates why tax reform should be on the minds of Iowan policymakers and taxpayers during the upcoming gubernatorial election in November. Iowa Illustrated: A Visual Guide to Taxes & the Economy provides ...


July 29, 2014, 3:03 pm, 1307384

29 Democratic members of Congress from California today urged California to make its film tax credit more generous. A bill to do so, AB 1839, has passed the state Assembly and is pending in the Senate.

California has seen billions of dollars of film and television productions flow out of ...


July 29, 2014, 3:03 pm, 1307382

The Federal Reserve‘s meeting Tuesday and Wednesday is more about the future than the present.

Policy makers will be debating the appropriate time to begin raising interest rates, as well as the best tools to use when that time comes. But don’t expect them to reveal details of those discussions in ...


July 29, 2014, 3:03 pm, 1307383

Germany’s global image is better than ever. Industry is booming, unemployment is at a record low since reunification and, to boot, the country just took home its fourth World Cup title.


July 29, 2014, 3:03 pm, 1307381
There has always been a clear seasonal pattern for house prices, but the seasonaldifferences have been more pronounced since the housing bust.

Even in normal times house prices tend to be stronger in the spring and early summer than in the fall and winter. Recently therehas beenalarger than ...


July 29, 2014, 2:44 pm, 1307380

I name names and point fingers in the Wall Street Journal.  NML gets some blame for overplaying its hand, but the fault primarily lies with the federal courts for letting the case go forward. I understand the courts being angered by an unrepentant debtor thumbing its ...


July 29, 2014, 2:05 pm, 1307377

In a must-read post on Zero-Hedge, Tyler Durden highlights Guido Hülsmann’s neglected 2003 article “Has Fractional-Reserve Banking Really Passed the Market Test?”  Durden lauds the article and predicts that it “may prove to be the most revolutionary essay in the ...


July 29, 2014, 2:05 pm, 1307376

A young man who attended Mises University last week posted the following on Facebook:

At Cato U in San Diego. Just saying: between the two there is NO COMPARISON. Mises remains the gold standard of ideas. The intellectual conversations, the overall decency of the people, and just the welcoming attitude just ...


July 29, 2014, 2:05 pm, 1307375

These were the results:

1. People responded to first messages 44% more often.

2. “conversations went deeper”

3. Contact details were exchanged more quickly.

Furthermore:

When the photos were restored at 4PM, 2,200 people were in the middle of conversations that had started “blind”. Those conversations melted away.

That said, the people who actually used the ...


July 29, 2014, 2:04 pm, 1307374

The idea of democracy is to give the people what they want, right?

Ezra Klein points us to a great study by Ray LaRaja and Brian Schnaffer examining policy preferences by political donors (5% of the population) vs. non-donors (95%).

Here’s my rendition of the results:


July 29, 2014, 1:33 pm, 1307370

Well, there is a new policy think tank in Canada and they have just released a commentary on the minimum wage.

The Northern Policy Institute began operations over the last year (I am a member of the Research Advisory Board) with a primary mission to provide evidence based research on the ...


July 29, 2014, 1:33 pm, 1307369

Democrats rule! For the partisan left, the first sentence of “Presidents and the U.S. Economy: An Econometric Exploration” is probably plenty: “The U.S. economy has grown faster—and scored higher on many other macroeconomic metrics—when
the President of the United States is a Democrat rather than a Republican.”

Case closed. ...


July 29, 2014, 1:03 pm, 1307307

This weekend, Danielle Kurtzleben at Vox.com was puzzled by corporations shouldering what appears to be a declining portion of the federal tax burden, despite the high US corporate rate.

The source of this paradox is a peculiarity of our tax code: some corporations, called ...


July 29, 2014, 1:03 pm, 1307306

News outlets in my home state of Kentucky report that a Creationist-themed amusement park, “Ark Encounter,” is seeking approval for tax incentives. We wrote on this several years ago when the sponsoring organization, Answers in Genesis (AiG), first applied for tax incentives. Now, AiG is proposing ...


July 29, 2014, 1:03 pm, 1307305

As expected, the pace of U.S. home price gains has slowed this year. Prices rose 9.3% from a year earlier in May in 20 cities tracked by the Standard & ...


July 29, 2014, 1:03 pm, 1307304

From a CEA report written under the leadership of James Stock, released today:

…any short run gains from delay tend to be outweighed by the additional costs arising from the need to adopt a more abrupt and stringent policy later.7 An analysis of the collective results from that research, ...


July 29, 2014, 1:03 pm, 1307303
I've been expecting a slowdown in year-over-year prices as "For Sale" inventory increases, and the slowdown is here! The Case-Shiller Composite 20 index was up 9.3% year-over-year in May; the smallest year-over-year increase since January 2013.

This is still a very strong year-over-year change, but on a seasonally adjusted ...


July 29, 2014, 12:45 pm, 1307302
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July 29, 2014, 12:45 pm, 1307301
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July 29, 2014, 12:34 pm, 1307300
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July 29, 2014, 12:05 pm, 1307295

Mises Daily Tuesday by Tyler Kubik:

With the failure of central planning worldwide, many economists have turned to promoting government as an innovative and entrepreneurial institution that fosters greater efficiency and economic growth. In truth, governments fail where private entrepreneurs succeed. Governments ...


July 29, 2014, 12:04 pm, 1307294
(July 29, 2014 01:32 PM, by David Henderson) My bleg about eminent domain yesterday led to a useful discussion in the comments. Dan Klein recommended that I read Bruce Benson's article, "The Mythology of Holdout as a Justification for Eminent Domain and Public Provision of Roads." I've done... (0 COMMENTS)


July 29, 2014, 12:04 pm, 1307293
(Don Boudreaux)

Adam Ozimek draws from the recent study showing that large retailers pay their workers more, on average, than do smaller retailers a relevant lesson about minimum-wage legislation.  (HT Tyler Cowen)  A slice:

If monopsony power is an important feature of the labor market, and monopsony power should ...


July 29, 2014, 12:04 pm, 1307292
(Don Boudreaux)

Suppose that consumers throughout history have grown their own apples.  Apples were never produced for sale in markets by specialized apple growers; nor did any household that grew apples in its yard sell those apples to anyone.  All apples that were consumed were grown by the individuals or ...


July 29, 2014, 12:04 pm, 1307291

I wrote last November that the success of Abenomics in Japan would depend on raising labor’s share of income faster than inflation. Basically real wages need to rise. I would now add that real wages need to rise faster than productivity. The key is to raise effective demand with ...


July 29, 2014, 11:33 am, 1307289

I posted my first anonymous comment on Mark Trail at Comics Kingdom. I'm "John W." here.


July 29, 2014, 11:33 am, 1307288

Last week I reported on the CBO’s new projections for Social Security, which show a growing long-term deficit. Today it’s the Social Security Trustees turn, when they released their annual report on the program’s finances. And like the CBO, the Trustees see a worsening picture for ...


July 29, 2014, 11:33 am, 1307287

1. Chart of the Day – Another Energy Milestone. Through June of this year, net petroleum imports fell below 30% for the first time since 1985, reaching a 29-year low (data here). Note the amazing drop in net oil ...


July 29, 2014, 11:03 am, 1307222

The cost of propping up China’s banks in the event of a financial crisis have nearly quadrupled in the past three years to $526.2 billion, the largest of any banking system, according to the latest analysis by the Volatility Laboratory at New York University’s Stern School of Business .


July 29, 2014, 11:03 am, 1307221
Japanese Prime Minister Shinzo Abe.

The “virtuous cycle” for Japan’s economic recovery seems to be spinning a little slower these days.

That doesn’t necessarily mean the grand Abenomics experiment is faltering. ...


July 29, 2014, 11:03 am, 1307224

 

Women appear to be gaining ground in Japan’s workforce as the employment situation brightens.

Prime Minister Shinzo Abe has trumpeted the need to get more women in the workforce as ...


July 29, 2014, 11:03 am, 1307223

LONDON–A pickup in the global economy is needed if the U.K. is to enjoy a durable recovery, one of the Bank of England‘s top officials said Tuesday.
Ben Broadbent, deputy governor for monetary policy, said in a speech in London that the rapid pace of expansion in the U.K. economy ...


July 29, 2014, 11:03 am, 1307218

The Bank of Korea’s dovish shift has been officially put on record.

On Tuesday, minutes of the central bank’s July 10 policy board meeting revealed Chung Hae-bang as the first board member in over a year to oppose a decision to keep rates on hold.

“A comprehensive review of recent conditions shows ...


July 29, 2014, 11:03 am, 1307219

As expected, the pace of U.S. home price gains has slowed this year. Prices rose 9.3% from a year earlier in May in 20 cities tracked by the Standard & ...


July 29, 2014, 11:03 am, 1307220

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, July 29, 2014:

Sign up for the newsletter.

Highlights

Hilsenrath’s Take: Tame Inflation Expectations a Trump Card for Fed’s Doves New Bank of England ...


July 29, 2014, 11:03 am, 1307217

Me, at CBS MoneyWatch:

Is it worth spending to make workers happy?: Numerous studies have found a correlation between employee satisfaction and company success. Does this mean happy employees are also the most productive workers? Should firms spend money to make workers happier with their jobs?

Answering these questions is ...


July 29, 2014, 11:03 am, 1307216

I have a new column:

Why the Rich Should Call for Income Redistribution: After the craze over Thomas Piketty’s Capital in the Twenty First Century, nobody should be surprised to learn that inequality has been increasing over the last several decades. The question is what to do about it.


July 29, 2014, 11:03 am, 1307215
S&P/Case-Shiller released the monthly Home Price Indices for May ("May" is a 3 month average of March, April and May prices).

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

Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use ...


July 29, 2014, 11:03 am, 1307214
The Census Bureau released the Housing Vacancies and Homeownership report for Q2 2014 this morning.

This report is frequently mentioned by analysts and the media to track the homeownership rate, and the homeowner and rental vacancy rates. However, there are serious questions about the accuracy of this ...


July 29, 2014, 10:45 am, 1307213
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July 29, 2014, 10:45 am, 1307212
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July 29, 2014, 10:45 am, 1307210
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July 29, 2014, 10:45 am, 1307211
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July 29, 2014, 10:36 am, 1307209

Simon Wren-Lewis wonders why the government has been so silent about stagnating productivity. I suspect there's a simple reason for this: you don't look a gift horse in the mouth. The drop in productivity growth has saved Osborne a massive embarrassment.

To see this, consider ...


July 29, 2014, 9:33 am, 1307203

Money is fungible. And things get lost in translation, especially between micro and macro.

"Helicopter money" is when the central bank prints money, gives it to the government, and the government gives it to everyone, as a freebie.

When is helicopter money optimal?

Preliminary answer: almost all the time. Because almost every year, ...


July 29, 2014, 9:33 am, 1307202

|Peter Boettke|

Today -- July 29th -- is Peter Leeson's birthday, he is 35. Happy Birthday Pete.

Pete was recently named the Duncan Black Professor of Economics and Law ...


July 29, 2014, 9:33 am, 1307201

Justin Wolfers:

Since North Carolina effectively eliminated unemployment benefits last year for people unemployed 20 weeks or more, the state has become a symbol in the partisan wars over economic policy. People on either side of those wars have argued that it proves the economic advantages — or damage — of ...


July 29, 2014, 9:03 am, 1307139

The Wall Street Journal’s Daily Report on Global Central Banks for Tuesday, July 29, 2014:

Sign up for the newsletter.

Highlights

Hilsenrath’s Take: Tame Inflation Expectations a Trump Card for Fed’s Doves New Bank of England ...


July 29, 2014, 8:36 am, 1307138
Private nonfarm payrolls in the US are projected to increase 271,000 (seasonally adjusted) in July over the previous month in tomorrow’s release of the ADP Employment Report, based on The Capital Spectator’s median econometric point forecast. The expected gain is … Continue reading →


July 29, 2014, 8:36 am, 1307137

How do you catch a tax and pin it down? Can governments make corporations “stay and listen to all they say?” Treasury Secretary Jack Lew in his Washington Post op-ed called on Congress to immediately stop corporations from lowering taxes by incorporating overseas. Former Treasury official ...


July 29, 2014, 8:34 am, 1307136
Teaser:

Increasing ...


July 29, 2014, 8:05 am, 1307135

For the most part, no, although financial repression is an issue to look out for.  There is a new NBER Working Paper by Jens Hilscher, Alon Raviv, and Ricardo Reis which works through the numbers:

We propose and implement a method that provides quantitative estimates of the extent to ...


July 29, 2014, 8:05 am, 1307134

Israel’s major problem is that circumstances always change. Predicting the military capabilities of the Arab and Islamic worlds in 50 years is difficult. Most likely, they will not be weaker than they are today, and a strong argument can be made that at least several of their constituents will be stronger. ...


July 29, 2014, 8:04 am, 1307133
(July 29, 2014 07:01 AM, by Alberto Mingardi) A few weeks ago I participated in the "Economic Ideas Forum" in Nancy, France. It is a fascinating event, organised by the local Chamber of Commerce, in synergy with other organisations, including the Institut Economique Molinari, the French think tank... (0 COMMENTS)


July 29, 2014, 8:04 am, 1307132
(Don Boudreaux)

… is from page 187 of Matt Ridley’s 2010 volume, The Rational Optimist (link added):

Trade, says Johan Norberg, is like a machine that turns potatoes into computers, or anything into anything: who would not want to have such a machine at their disposal?

If you doubt or otherwise ...


July 29, 2014, 8:04 am, 1307131


July 29, 2014, 7:33 am, 1307128

Ira Stoll, Reason:

The current system takes rich money managers, who ordinarily might be a voice for lower taxes and restrained government spending, and makes them beholden, for business, on public pension boards that sometimes include union officials. Instead of arguing for less generous pensions, or for ...


July 29, 2014, 7:33 am, 1307127

K. C. Johnson winds up the "Durham-In-Wonderland" blog.

He bravely accomplished, very well, what he set out to do, so now he's moving on. (If only some government agencies--hello, TVA!--did the same.)


July 29, 2014, 7:33 am, 1307126

Jim Manzi:

In summary, Piketty has weak evidence to support his theory for why CEO pay has increased in America.What evidence he has covers only CEOs of public companies, and hence about 3 percent of the top 0.1 percent.His whole model, even if correct and extended beyond ...


July 29, 2014, 7:33 am, 1307125

Includes this information important, I think, for addessing the problem:

Every year, there are horrific crimes against female students, often perpetrated by a small number of men who prey upon first-year women who are under the influence of alcohol.United Educators, an insurance company ...


July 29, 2014, 7:33 am, 1307124

July 29, 2014, 7:23 am, 1307123
Below are links to a number of recent films about economic researchand policy debates - our thanks toRomesh Vaitilingam for collating them.


July 29, 2014, 7:03 am, 1307081

The Bank of Korea’s dovish shift has been officially put on record.

On Tuesday, minutes of the central bank’s July 10 policy board meeting revealed Chung Hae-bang as the first board member in over a year to oppose a decision to keep rates on hold.

“A comprehensive review of recent conditions shows ...


July 29, 2014, 6:45 am, 1307080
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July 29, 2014, 6:45 am, 1307078
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July 29, 2014, 6:45 am, 1307079
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July 29, 2014, 5:33 am, 1307075

July 29, 2014, 5:33 am, 1307074
The war in Ukraine is going so well that soldiers are unpaid and men are ordered to serve whether they want to or not.

Hats off to a group of women who confront a Ukrainian soldier and burn military writs right in front of the soldier's face.


July 29, 2014, 5:23 am, 1307072
How much money do you need for an 'adequate' standard of living? This short video from the Joseph Rowntree Foundation considers the levels of income needed to sustain a modest butadequate life-style in the UK in 2014.


July 29, 2014, 5:23 am, 1307073
In this blog, Professor Simon Wren-Lewis from Oxford University bemoans the absence of debate over the notion of a maximum wage - with specific reference to the pay of senior executives.


July 29, 2014, 5:23 am, 1307071
Here is a link to a video report produced by the IMF as part of theirannual assessment of the UK economy. Overall, the IMF is considerably more optimistic than it was in 2013 about prospects for near term recovery of output and continued reductions in unemployment.Risks to macro stability are ...


July 29, 2014, 5:03 am, 1307010

LONDON–A pickup in the global economy is needed if the U.K. is to enjoy a durable recovery, one of the Bank of England‘s top officials said Tuesday.
Ben Broadbent, deputy governor for monetary policy, said in a speech in London that the rapid pace of expansion in the U.K. economy ...


July 29, 2014, 5:03 am, 1307008
Japanese Prime Minister Shinzo Abe.

The “virtuous cycle” for Japan’s economic recovery seems to be spinning a little slower these days.

That doesn’t necessarily mean the grand Abenomics experiment is faltering. ...


July 29, 2014, 5:03 am, 1307009

The cost of propping up China’s banks in the event of a financial crisis have nearly quadrupled in the past three years to $526.2 billion, the largest of any banking system, according to the latest analysis by the Volatility Laboratory at New York University’s Stern School of Business .


July 29, 2014, 5:03 am, 1307007

Every month, when the U.S. Bureau of Labor Statistics (BLS) puts out its Employment Situation report, it provides the results of two different surveys that it ...


July 29, 2014, 5:03 am, 1307006

July 29, 2014, 4:05 am, 1307005

Here is one way to boost the employment to population ratio, two birds with one stone you might say:

Feng’s 23 year-old son, “Xiao Feng” (小冯) started playing video games in high school. Through his years of playing various online games, he supposedly thought himself a master of Chinese online role ...


July 29, 2014, 3:23 am, 1307002

In my view, these were my best posts written between February and April 2013:

Wall Street Hates You

I have a saying, “Don’t buy what someone wants to sell you. Buy what you have researched.”

And so I would tell everyone: don’t give brokers discretion over you accounts, and don’t ...


July 29, 2014, 3:23 am, 1307001
Does inequality in the output of scientists matter? Inequality is a fashionable topic these days, and evidence for its existence is keenly sought in all sorts of places. John Ioannidis, a health policy researcher at Stanford, and his colleagues have found it in the research outputs of their ...


July 29, 2014, 1:03 am, 1306930

 

Women appear to be gaining ground in Japan’s workforce as the employment situation brightens.

Prime Minister Shinzo Abe has trumpeted the need to get more women in the workforce as ...


July 29, 2014, 12:34 am, 1306929

With the failure of central planning worldwide, many economists have turned to promoting government as an innovative and entrepreneurial institution that fosters greater efficiency and economic growth. In truth, governments fail where private entrepreneurs succeed. Governments keep wasting money in the meantime.


July 29, 2014, 12:04 am, 1306927
(July 29, 2014 12:20 AM, by Bryan Caplan) Mike Huemer, to repeat, is my favorite philosopher. Here are some highlights from his recent working paper, "Is Wealth Redistribution a Rights Violation?" [footnotes omitted]There are at least three broad views one might take concerning the foundation ofproperty rights:a. The... (0 COMMENTS)