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.


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.


The Economics Roundtable is sponsored by EconModel.

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

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May 27, 2016, 5:33 pm, 1640543
Back in 2010, I published my Climatopolis book arguing that the economics of climate adaptation becomes the key issue as global GHG emissions will continue to rise because of the global free rider problem and rising fossil fuel consumption. This is why I started to work on the micro ...

May 27, 2016, 5:33 pm, 1640542
Before the Smart Phone, imagine the following situation. A restaurant on one side of town has 500 tomatoes delivered and due to unexpectedly low salad demand it only needs 80. In the past, the cost minimizing option was to dump the remaining 420 tomatoes in the garbage. But, such "trash ...

May 27, 2016, 5:03 pm, 1640517
Freddie Mac reported that the Single-Family serious delinquency rate decreased in April to 1.15% from 1.20% in March. Freddie's rate is down from 1.66% in April 2015. This is the lowest rate since August 2008.

Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

May 27, 2016, 4:34 pm, 1640516
Tags A A Home | Feed | Blog.rssBathrooms and Private PropertyPrivate Property

May 27, 2016, 4:04 pm, 1640513
(Don Boudreaux)

May 27, 2016, 3:34 pm, 1640509
Electrum coins [source]
First proposed by economist Alfred Marshall in the late 19th century as an alternative metallic standard to the gold, silver and bimetallic ...

May 27, 2016, 2:44 pm, 1640477
The biggest news stories and exclusive features from Washington on politics, policy, financial regulation and defense.

May 27, 2016, 2:44 pm, 1640476

May 27, 2016, 2:34 pm, 1640475
A A Home | Feed | Blog.rssA Guide to the Trump-Sanders Debate 0 ...

May 27, 2016, 2:34 pm, 1640474
Tags A A Home | Feed | Blog.rssBig GovernmentStrategyGold StandardThe Task Confronting Libertarians

May 27, 2016, 2:05 pm, 1640470

Representative Matt Cartwright (D-PA 17th District) has introduced the Organ Donor Clarification Act. The act would:

Clarify that certain reimbursements are not valuable consideration but are reimbursements for expenses a donor incurs Allow government-run pilot programs to test the effect of providing non cash incentives to ...

May 27, 2016, 2:04 pm, 1640469

Earlier this month, an opinion piece published in US News and World Report was headlined “Our Childhood Poverty is a Global Embarrassment”. Citing a UNICEF report on income inequality, the author wrote:

The study took a comprehensive approach, comparing the gap between children at the very bottom to those ...

May 27, 2016, 2:04 pm, 1640468

In its latest projections, the Congressional Budget Office estimates that over the next ten years, federal government deficits will increase from 2.5% of GDP in 2015 to 4.6% of GDP in 2025. With revenues projected to remain stable over this period, increasing government expenditures on Social Security, Medicare and subsidized ...

May 27, 2016, 1:33 pm, 1640461

From the Onion:

Following what they deemed to be a peculiar interaction with a number of possible implications, the nation’s top overthinkers gathered for an intensive three-day symposium this week to determine what that’s supposed to mean.

Thousands of overthinkers from across the country, who were seen furrowing their brows and ...

May 27, 2016, 1:03 pm, 1640430
The May jobs report, due out Friday from the Labor Department, will be the highlight for economic news in a holiday-shortened week.

May 27, 2016, 1:03 pm, 1640429
From housing economist Tom Lawler: Sustained Regional Home Price Declines Were Not That Uncommon from the Mid-80’s to the Mid-90’s

During any 5-year period that including any part the late 70’s there were virtually no areas that experienced a drop in home prices. That isn’t too surprising given the ...

May 27, 2016, 12:05 pm, 1640423

1. Museum of the Flat Earth opens in Newfoundland.

2. Interview with Matt Gentzkow.

3. Can a Chinese “straddling bus” carry one thousand people?  And China’s scientific ambitions — scale, scale, scale!  The latter is an important piece, deserving its own post though it is too hard ...

May 27, 2016, 12:04 pm, 1640422

An American president’s highest moral, constitutional and political duty is protecting his fellow citizens from foreign threats. Presidents should adhere to our values and the Constitution, and not treat America’s enemies as morally equivalent to us.

If they do, they need not apologize to anyone.

May 27, 2016, 11:33 am, 1640421
In a letter to the WSJ today, Thomas Gibson argues that relying on lower cost imports is not always in the importer's best interest. Do we teach our students this point in Econ 101?

"The Wall Street Journal seems to find the American steel industry inconvenient. It ...

May 27, 2016, 11:33 am, 1640420
Early work in environmental and urban economics treated a city's non-market characteristics as fixed and exogenous. So, think of San Francisco's beautiful climate and topography and views. New work in this field acknowledges that there are also "endogenous amenities" that arise due to the types of industries and people ...

May 27, 2016, 11:03 am, 1640389

To wrap up a special legislative session on highway funding, Arkansas Governor Asa Hutchinson signed a measure that will generate close to $300 million over two years to help pay for upgrades to the state’s roads and bridges.

The plan shifts existing sources of funding to transportation, including ...

May 27, 2016, 11:03 am, 1640387

At Microeconomic Insights:

Impoverished children with access to food stamps become healthier and wealthier adults: Adults who participated in the Food Stamp Program, renamed the Supplemental Nutrition Assistance Program (SNAP) in 2008, as children are healthier and better off financially than poverty-stricken families who did not have access to ...

May 27, 2016, 11:03 am, 1640388

Trump's towering ignorance about how to run the U.S. economy:

Trump’s Delusions of Competence, by Paul Krugman, NY Times: In general, you shouldn’t pay much attention to polls at this point, especially with Republicans unifying around Donald Trump while Bernie Sanders hasn’t conceded the inevitable. Still, I was struck ...

May 27, 2016, 11:03 am, 1640386

Click on graph for larger image.

The University of Michigan consumer sentiment index for May was at 94.7, down from the preliminary reading of 95.8, and ...

May 27, 2016, 10:44 am, 1640385

May 27, 2016, 10:44 am, 1640384

May 27, 2016, 10:34 am, 1640383

One of the stronger defences of free markets is that they act as selection mechanisms. To the allegations that stock markets aren’t efficient because investors are irrational or that firms can’t maximize profits because bosses don’t know what they’re doing, the reply is that this might be so, ...

May 27, 2016, 10:04 am, 1640377

May 27, 2016, 10:04 am, 1640376
Senior Vice President of Foreign & Defense Policy Studies Danielle Pletka discusses the role of foreign policy in the 2016 campaign.

May 27, 2016, 9:33 am, 1640373

May 27, 2016, 9:33 am, 1640372

I figure since John put it on Facebook, I can put it here...

(function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); = id; js.src = "//
on=v2.6"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

May 27, 2016, 9:33 am, 1640371

Retraction Watch:

Citation omissions in an economics preprint have set off a wave of recrimination and speculation on a widely read economics discussion board.

Commenters accuse the authors of purposely omitting citations that would have undermined the paper’s claims to novelty and contributions to the field, leveling acrimony and personal attacks. ...

May 27, 2016, 9:33 am, 1640370

Margaret Walls:

As Memorial Day approaches and the National Park Service’s 100th anniversary draws near, I’ve been looking back at a pair of 2009 reports on America’s “great outdoors.” An RFF report that I coauthored reviewed the status of public lands, demand for outdoor recreation, and conservation funding trends. The ...

May 27, 2016, 9:33 am, 1640369

... that I'm a very famous sports economist*:

This study shows that fans and people living in the region of 28 Football Bundesliga teams from all three divisions are willing to support their team financially. Survey respondents were asked for their willingness-to-pay to avoid a negative outcome (e.g., relegation) and ...

May 27, 2016, 9:03 am, 1640354

Today is May 27, the date in 1935 when a unanimous U.S. Supreme Court decided Schechter Poultry v. United States, striking down the New Deal’s National Industrial Recovery Act. The Act directed industry trade associations to develop codes of fair competition for each industry, and violations of the codes ...

May 27, 2016, 9:03 am, 1640353
From the BEA: Gross Domestic Product: First Quarter 2015 (Second Estimate)

Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual ...

May 27, 2016, 8:35 am, 1640352

William Bernstein penned an intriguing e-book a few years ago that considered the possibility that correlations are destined to rise among asset classes due to indexing’s growing popularity. “The average investor can build and manage multi-asset class portfolios to a degree that was once the exclusive province of institutions,” the ...

May 27, 2016, 8:04 am, 1640351
(Don Boudreaux)

… is from page 251 of William Easterly’s superb 2013 volume, The Tyranny of Experts:

The market, by contrast ...

May 27, 2016, 8:04 am, 1640350

May 27, 2016, 7:34 am, 1640347

I thought, CSN or CSN&Y? Simon & Garfunkel? I was close but they didn't make the top two. But the top two areworthy.

May 27, 2016, 7:34 am, 1640346

The first single from the new Paul Simon album, coming next Friday. I can live without the Liberal lyrics, but the music is quite fine.

May 27, 2016, 6:35 am, 1640334

● US durable-goods orders jump in Apr due to planes | MarketWatch
● Orders for US Capital Goods Unexpectedly Fall for 3rd Month | Bloomberg
● Pending home sales +5.1% in April, reach highest level in a decade | CNBC
● US jobless claims fall more than ...

May 27, 2016, 5:34 am, 1640329

From a 1991 Bill Graham tribute concert.

May 27, 2016, 5:23 am, 1640328
‘Composers, novelists and film directors try to end on a high. Restaurants keen to manipulate their online reviews have found a similar trick’

May 27, 2016, 5:23 am, 1640327

Definition of creative destruction. This refers to the process of how capitalism leads to a constantly changing structure of the economy. Old industries and firms, which are no longer profitable, close down enabling the resources (capital and labour) to move into more productive processes.

Creative destruction means that the company closures ...

May 27, 2016, 5:03 am, 1640309

Not long ago, we had the opportunity to buy Manchester United.

That's right. The soccer team. The one that Forbes estimates to be worth over 3.3 billion dollars, or if you prefer, the football team that Forbes estimates is worth ...

May 27, 2016, 5:03 am, 1640308

May 27, 2016, 4:05 am, 1640307

Here is an excerpt from a longer post, which also includes a summary:

Here are some of the most interesting ideas in the book:

1. Mind speeds: I had not previously spent much time thinking about how our brain’s hardware affects the speed at which we think. As it happens, our ...

May 27, 2016, 2:05 am, 1640294

Altruism toward others can inhibit cooperation by increasing the utility players expect to receive in a noncooperative equilibrium. To test this, we examine agricultural productivity in West African polygynous households. We find cooperation, as evidenced by more efficient production, is greater among co-wives than among husbands and wives. Using ...

May 27, 2016, 2:04 am, 1640293
(May 27, 2016 12:53 AM, by Bryan Caplan) I'm tempted to tell Scott, "You had me at 'Why Bryan Caplan wins almost all of his bets."* But my story varies from his. Scott begins:Bryan almost always takes the consensus view in any bet.Not really. In general, I think... (0 COMMENTS)

May 27, 2016, 12:34 am, 1640272

May 27, 2016, 12:04 am, 1640271

Is America nostalgic for a better time? People are frustrated, economically insecure, and living in a country increasingly wrought by polarization and infighting. The left looks back to a time when unions and public programs were stronger, and the right looks to the Reagan era of tax cuts and deregulation. ...

May 26, 2016, 9:03 pm, 1640262
A few excerpts from a research piece by Ethan Harris at Merrill Lynch: Fed Watch: June, July or September?

It is now clear that June is very much on the table. What is less clear is whether the Fed is just protesting the super-low probability priced into the markets ...

May 26, 2016, 8:04 pm, 1640261
(Don Boudreaux)

… is from page 477 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:

The last thing ...

May 26, 2016, 8:04 pm, 1640260

We know from basic economics that capital and labor are substitutes in the production process, and the more expensive labor is, the more incentive there is for firms ...

May 26, 2016, 7:33 pm, 1640259
I will be teaching Econ 101 at USC this fall. There will be at least 150 students in my class. There are several Principles textbooks I could use that charge different prices. Greg Mankiw's book is priced at $219. Joe Stiglitz's book is priced at $176. Paul ...

May 26, 2016, 7:33 pm, 1640258

We know from basic economics that capital and labor are substitutes in the production process, and the more expensive labor is, the more incentive there is for firms ...

May 26, 2016, 6:44 pm, 1640238

May 26, 2016, 6:34 pm, 1640237

May 26, 2016, 6:04 pm, 1640235
I got hit while parking today. Driver in front of me, parked with no lights or flashers, backed her van up into my car because she wasn’t actually parking, just dropping one of her kids off at school. For a moment, I’m all, like, WTF? She immediately gets out of ...

May 26, 2016, 6:04 pm, 1640234

“College graduates,” said Paul Ryan in the best line of his 2012 vice presidential acceptance speech, “should not have to live out their twenties in their childhood bedrooms, staring up at fading Obama posters and wondering when they can move out and get going with life.”

Today Ryan occupies the seat ...

May 26, 2016, 5:03 pm, 1640201

Tim Duy:

Powell, Data, by Tim Duy: Federal Reserve Governor Jerome Powell kept the prospects for a near-term rate hike alive and well in a speech today:

For the near term, my baseline expectation is that our economy will continue on its path of growth at around 2 ...

May 26, 2016, 4:44 pm, 1640200

May 26, 2016, 4:44 pm, 1640199

May 26, 2016, 4:05 pm, 1640195

Changsha is the ugliest and most ungainly Chinese city I have seen, which is saying something.  Nonetheless for a food pilgrimage it is a serious rival for #1 spot in the world, perhaps surpassing Chengdu for the quality and novelty of its dishes.  Very little effort ...

May 26, 2016, 4:04 pm, 1640194

May 26, 2016, 4:04 pm, 1640193

Each party is on track to nominate the only candidate who could possibly lose the election to the other. In the latest Washington Post-ABC poll, a sizable majority of Americans considered Donald Trump unqualified to be president. But Hillary Clinton is so unpopular that they still preferred Trump ...

May 26, 2016, 4:04 pm, 1640192

Charter schools have proved to be a contentious education issue since their start in 1991. Proponents argue that charters serve as leaders in education innovation and can offer better educational opportunities in underprivileged areas. Opponents cite charters’ oversight issues and lack of diversity as strong drawbacks.

Arguments on both sides are well-developed ...

May 26, 2016, 3:03 pm, 1640158
The automakers will report May vehicle sales on Wednesday, June 1st.

Note: There were 24 selling days in May, down from 26 in May 2015.

From WardsAuto: May Forecast Calls for Improved Sales, Days’ Supply

WardsAuto forecast calls for U.S. automakers to deliver 1.52 million light ...

May 26, 2016, 2:44 pm, 1640157

H.R. 5278, containing debt restructuring authority and an oversight board for Puerto Rico, inched closer to passage after ...

May 26, 2016, 2:34 pm, 1640156
Tags A A Home | Feed | Blog.rssGlobal EconomyMoney and BankingPrivate PropertyWhat Would Ludwig von Mises Do in Venezuela? ...

May 26, 2016, 2:34 pm, 1640155
A A Home | Feed | Blog.rssDeist: "We Have to Decentralize" 0 Views

May 26, 2016, 2:34 pm, 1640154

by the IMF, in their magazine Finance & Development. Here is the link. The piece is written by the IMF's Prakash Loungani, who has gone back and fished out vignettes that even I had forgotten. Here is the opening:

The triumph of markets over ...

May 26, 2016, 2:04 pm, 1640148

May 26, 2016, 2:04 pm, 1640147
(May 26, 2016 01:44 PM, by Scott Sumner) [This is aimed at clarifying my previous post, which David commented on.] Bryan almost always takes the consensus view in any bet. The view a betting market would take, if one existed. When I first hear about a new Caplan... (0 COMMENTS)

May 26, 2016, 1:03 pm, 1640113

[wsj-responsive-image P="//
428ph_P_20160428104258.jpg" J="//
428ph_J_20160428104258.jpg" M="//
428ph_M_20160428104258.jpg" caption="Crude oil's return to around $50 a barrel is pushing gasoline prices up ahead of the summer travel season, but consumers are still seeing relatively low prices." credit="Reuters" placement="Inline" suppressEnlarge="false" ]

Gasoline prices are hitting their highest level of the year just in time for Memorial Day ...

May 26, 2016, 1:03 pm, 1640112

From the Brookings Institution:

On negative effects of vouchers, by Mark Dynarski: Executive summary Recent research on statewide voucher programs in Louisiana and Indiana has found that public school students that received vouchers to attend private schools subsequently scored lower on reading and math tests compared to similar students ...

May 26, 2016, 1:03 pm, 1640111

Today, we are pleased to present a guest column written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. This is an extended version of a column appearing at Project Syndicate.

As the ...

May 26, 2016, 1:03 pm, 1640110
From the Kansas City Fed: Tenth District Manufacturing Activity Declined Modestly

The Federal Reserve Bank of Kansas City released the May Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity declined ...

May 26, 2016, 12:44 pm, 1640109

May 26, 2016, 12:04 pm, 1640108

“Sustainability” is a popular buzzword in the public discussion of energy and environment policies generally and in the defense of subsidies for “renewable” energy in particular. But the definition of that term is highly elusive, as illustrated by the Environmental Protection Agency’s discussion:

Sustainability is based on a simple principle: Everything ...

May 26, 2016, 11:34 am, 1640103

Steve Horwitz

Over at FEE, my new column is a list of 12 articles I think all aspiring economists should read. Here's the intro:

First, my imagined audience is an undergraduate who intends to enter a PhD program in economics, although the list could be interesting and ...

May 26, 2016, 11:33 am, 1640102
An active research topic in macro focuses on "productivity wedges". Many scholars are building on Hsieh and Klenow's work to measure how large are the differences in the marginal productivity of firms with respect to their use of capital and land. Intuitively, a benevolent planner would allocate capital across ...

May 26, 2016, 11:03 am, 1640071

Today is May 26, the anniversary of the Quill v. North Dakota decision of 1992, when the U.S. Supreme Court upheld “the continuing validity” of restricting state sales tax powers only to businesses with property or employees in the state. This decision is why Internet-based retailers are not required to collect ...

May 26, 2016, 11:03 am, 1640070

[wsj-responsive-image P="//
506co_P_20160505103403.jpg" J="//
506co_J_20160505103403.jpg" M="//
506co_M_20160505103403.jpg" caption="People with greater access to credit when they’re laid off are able to take longer to find work, and go on to make more money and work at larger and more productive firms when they’re rehired." credit="Kai Pfaffenbach/Reuters" placement="Inline" suppressEnlarge="false" ]

Credit cards often help workers bridge the ...

May 26, 2016, 11:03 am, 1640069
From the NAR: Pending Home Sales Lift Off in April to Over 10-Year High

Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors®. All major regions saw gains in contract activity ...

May 26, 2016, 10:44 am, 1640068

May 26, 2016, 10:04 am, 1640066
Resident Scholar Norm Ornstein discusses the current state of the public's trust in government.

May 26, 2016, 10:04 am, 1640065

It was conventional wisdom among the political cognoscenti during most of the primary season that Donald Trump could not win the general election. The evidence seemed strong.

Over 12 months of polling from May 2015 to April 2016, Hillary Clinton ran ahead of Trump in 63 national polls, while Trump led ...

May 26, 2016, 9:35 am, 1640062

Just a simple "teaching" post.

There are two different ways of thinking about central bank profits (of doing the accounting). A simple numerical example will illustrate the difference.

Assume 2% inflation, and 1% real GDP growth, so Nominal GDP grows at 3%. Assume the stock of currency is 5% of annual NGDP. ...

May 26, 2016, 9:34 am, 1640061

May 26, 2016, 9:34 am, 1640060

Law of Demand: As prices go up, the amount demanded goes down, and vice-versa.

Impact: As prices rise two things happen, people demand less of that which costs more, and people will switch to what are now relativelycheaper substitutes


And Andy Puzder, CEO of Carl's Jr. and Hardee's, told Business Insider ...

May 26, 2016, 9:34 am, 1640058

May 26, 2016, 9:34 am, 1640059

Richard G. Newell named next president of RFF:

Resources for the Future (RFF) today announced the appointment of Richard G. Newell of Duke University as its next president.

He will succeed current RFF president and former US congressman Phil Sharp, who will retire at the end of June after 11 years at ...

May 26, 2016, 9:23 am, 1640057

A few readers have asked me about where I stand on UK, EU and Brexit.

These are some personal notes – not necessarily economic (or coherent!)

I will probably vote Remain, though not with any particular enthusiasm. I do identify as both British and European. I would like to see Britain act closely ...

May 26, 2016, 9:03 am, 1640034

[wsj-responsive-image P="//
orker_P_20160524193043.jpg" J="//
orker_J_20160524193043.jpg" M="//
orker_M_20160524193043.jpg" caption="In a new study, economists found that giving your employees meaningful work gets more out of them at a lower cost to employers" credit="ANDREW CABALLERO/AFP/Getty Images" placement="Inline" suppressEnlarge="false" ]

A new study walks through a solution to an age-old conundrum for employers: how to make employees work harder without paying them ...

May 26, 2016, 9:03 am, 1640033
The DOL reported:

In the week ending May 21, the advance figure for seasonally adjusted initial claims was 268,000, a decrease of 10,000 from the previous week's unrevised level of 278,000. The 4-week moving average was 278,500, an increase of 2,750 from the previous week's unrevised average of 275,750.

May 26, 2016, 8:44 am, 1640032

May 26, 2016, 8:35 am, 1640031

US economic growth in the second quarter is widely expected to rebound after Q1’s stall-speed rise of just 0.5% (seasonally adjusted annual rate). The question is how much a rebound will we see when the Bureau of Economic Analysis (BEA) publishes this year’s “advance” Q2 GDP report on July ...

May 26, 2016, 8:04 am, 1640030
(Don Boudreaux)

… is from page 56 of the 2013 Liberty Fund edition of Israel Kirzner’s path-breaking 1973 volume, Competition and ...

May 26, 2016, 7:34 am, 1640024

May 26, 2016, 7:34 am, 1640026

"The challenge is remembering that the next time your toddler intentionally throws a plastic fire truck at your infant's head after they both refused to nap all day and you just realized there's no food in the house for dinner. Man, these are the days."


May 26, 2016, 7:34 am, 1640025

May 26, 2016, 7:34 am, 1640023

Based on tourist visits per capita. The "least overrun" countries aren't surprising. But #1 on the "most" list I never would have guessed.

May 26, 2016, 7:34 am, 1640022

. . . after noting the "cancerous leadership" of Harry Reid. Fabulous.

May 26, 2016, 6:44 am, 1639997
With the spotlight narrowing to Donald Trump and Hillary Clinton, some advantages that Mr. Trump carries into the presidential race are coming into sharper focus.

May 26, 2016, 6:44 am, 1639996

May 26, 2016, 6:35 am, 1639995

● Markit: US Service Sector Weakened in May; Outlier or Warning? | Barron’s
● US house prices +1.9% in Q1–19th straight quarterly rise | Builder
● US mortgage applications post another tepid gain last week | HW
● Why the global trade slowdown may matter |

May 26, 2016, 5:23 am, 1639993

Finding the cost of EU membership to the UK is not straightforward. If you Google ‘Cost of EU membership’ you will see many different figures reflecting different methodologies. For example, those keen to leave the EU may include all the gross costs, plus estimated bureaucratic costs and not include any ...

May 26, 2016, 5:03 am, 1639969

Following up our discussion of the priorities of the TSA (a.k.a. the Transportation Security Administration), we thought it might be worth looking at the priorities of the U.S. Department of Homeland Security (DHS) as measured by how it directed the money it was authorized ...

May 26, 2016, 4:04 am, 1639968
(May 26, 2016 02:04 AM, by David Henderson) I'm still scratching my head at co-blogger Scott Sumner's recent post titled "You're not special." It seems like a combination of extreme subjectivism, denial of subjectivism, putting his thumb on the obvious, and argument from authority. Extreme Subjectivism Scott writes,... (0 COMMENTS)

May 26, 2016, 3:03 am, 1639949

May 26, 2016, 3:03 am, 1639948

From the American Sociological Association

Study dispels myth about millionaire migration in the US., EurekAlert: The view that the rich are highly mobile has gained much political traction in recent years and has become a central argument in debates about whether there should be "millionaire taxes" on top-income earners. ...

May 26, 2016, 2:05 am, 1639946

One strategy I sometimes recommend to people is that early in their career they live in the place where their industry is headquartered. Bay Area for tech, New York for finance and publishing, LA for movies, Michigan for furniture and cars, Nashville for country music, etc. Soak up everyone’s ...

May 26, 2016, 2:05 am, 1639945

There are so, so many environmental lawsuits, often brought by non-profits backed by philanthropists.  These institutions, among other things, target polluting corporations and bring lawsuits against them for purposes of constructing a deterrent against yet more pollution.  The Sierra Club and Greenpeace would be two examples, and of ...

May 26, 2016, 12:34 am, 1639933
Tags A A Home | Feed | Blog.rssMedia and CultureInterventionismPolitical TheoryHow the Census Bureau Invented "Hispanics"

May 26, 2016, 12:05 am, 1639928

Hogan’s lawsuit was not “frivolous”—at least, not in the mind of the judge, who allowed the suit to proceed over Gawker’s many appeals, nor in the minds of members of the jury, who were so disgusted by Gawker’s conduct that they ordered the mischievous media mavens to pay Hogan ...

May 26, 2016, 12:04 am, 1639927
(May 26, 2016 12:05 AM, by Bryan Caplan) The welfare state is an appealing rationale for migration restrictions. Normally, of course, it's a rationale for international migration restrictions. In Maoist China, however, the urban welfare state swiftly became a rationale for restricting domestic migration from the countryside, enforced... (0 COMMENTS)