The extreme economic outlier that is Greece, in 7 charts: 53eig.ht/1GMgIFU http://t.co/gb3zkgUqqJ—
(@FiveThirtyEight) July 04, 2015
Greece in 7 charts
06 Jul 2015 3 Comments
in budget deficits, business cycles, currency unions, economic growth, Euro crisis, fiscal policy, labour economics, labour supply, macroeconomics, unemployment Tags: Eurosclerosis, Greece
Gambling for Redemption and Self-fulfilling Debt Crises in the Eurozone
29 Jun 2015 Leave a comment
in business cycles, currency unions, economic growth, Euro crisis, fiscal policy, global financial crisis (GFC), international economic law, international economics, macroeconomics Tags: game theory, Greece, Patrick Kehoe, sovereign default
The U.S. bailout barometer.
19 Jun 2015 Leave a comment
in business cycles, financial economics, monetary economics, Public Choice, rentseeking Tags: bailouts, deposit insurance, implicit guarantees, lender of last resort
How great was the Great Depression unemployment? The official and Darby estimates of US unemployment in the 1930s
17 Jun 2015 Leave a comment
in business cycles, economic history, great depression, labour economics, macroeconomics, unemployment Tags: Euro sclerosis, measurement error, Michael Darby
The graph below shows two different series for unemployment in the 1930s in the USA: the official BLS level by Lebergott; and a data series constructed famously by Michael Darby.
Figure 1: US unemployment rate, 1929 – 40: Darby and Lebergott estimates
Source: Robert Margot (1993).
Darby includes workers in the emergency government labour force as employed – the most important being the Civil Works Administration (CWA) and the Works Progress Administration (WPA). Once these workfare programs are accounted for, the level of U.S. unemployment fell from 22.9% in 1932 to 9.1% in 1937, a reduction of 13.8%.
For 1934-1941, the corrected unemployment levels are reduced by two to three-and-a half million people and the unemployment rates by 4 to 7 percentage points after 1933.
Not surprisingly, Darby titled his 1976 Journal of Political Economy article Three-and-a-Half Million U.S. Employees Have Been Mislaid: Or, an Explanation of Unemployment, 1934-1941. The corrected data by Darby shows stronger movement toward the natural unemployment rate after 1933.
From about 1935, the unemployment rate in the Great Depression in the USA is not much different from what it is in Europe in recent decades under Eurosclerosis.
In the 1930s in the USA, many unemployed were employed by the Civil Works Administration and the Works Progress administration. In contemporary Europe, the unemployed are simply paid not to work under their welfare state arrangements.
If You’re A Keynesian Then You Must Believe The Minimum Wage Increases Unemployment
14 Jun 2015 Leave a comment
in business cycles, fiscal policy, labour economics, macroeconomics, minimum wage Tags: Bryan Caplan, economic fallacies, involuntary unemployment, Keynesian macroeconomics, methodology of economics, wage rigidity
Via If You’re A Keynesian Then You Must Believe The Minimum Wage Increases Unemployment and The Myopic Empiricism of the Minimum Wage, Bryan Caplan | EconLog | Library of Economics and Liberty.
The US share market since 1900
10 Jun 2015 Leave a comment
in business cycles, economic growth, economic history, entrepreneurship, financial economics, macroeconomics Tags: active investing, efficient market hypothesis, entrepreneurial alertness, passive investing
Here’s how Warren Buffett sees the stock market read.bi/1HsUe1p http://t.co/Zm6fDTYpf9—
BI Chart of the Day (@chartoftheday) April 23, 2015
The Spanish economic recovery compared
10 Jun 2015 Leave a comment
in business cycles, currency unions, economic growth, Euro crisis, global financial crisis (GFC), great recession, macroeconomics Tags: Eurosclerosis, France, Germany, Italy, Spain
Spain's economic growth is being touted as a success story. Don't tell the Spaniards: on.wsj.com/1M45yzI http://t.co/pm4DAd1qkF—
Nick Timiraos (@NickTimiraos) June 03, 2015
The global business cycle in one chart
05 Jun 2015 Leave a comment
in business cycles, economic growth, macroeconomics Tags: world economy
The entire global economy. In one chart. bloom.bg/1FrXQ1A http://t.co/H07P9n2LkL—
Bloomberg VisualData (@BBGVisualData) May 22, 2015
Growth accounting for the USA in the 1930s
05 Jun 2015 Leave a comment
in business cycles, economic growth, economic history, great depression, macroeconomics Tags: great depression, growth accounting, real business cycles
Notice how productivity recovers but hours worked per working age adults does not.
via The Current Financial Crisis in Spain: What Should We Learn from the ….
What Will Happen to a Generation of Wall Street Traders Who Have Never Seen a Rate Hike?
03 Jun 2015 Leave a comment
in business cycles, economic history, macroeconomics, monetary economics Tags: monetary policy, The Fed
Unemployment by educational level and degree level
02 Jun 2015 Leave a comment
in business cycles, economics of education, human capital, job search and matching, labour economics, labour supply, macroeconomics, occupational choice, unemployment Tags: education premium, graduate premium
Don't listen to naysayers. College is worth it, even for so-so students. nyti.ms/1JC1ZiN http://t.co/Wnr5BnwumM—
The Upshot (@UpshotNYT) April 24, 2015
What is the trend growth rate of the USA?
31 May 2015 Leave a comment
in business cycles, economic growth, economic history, great depression, great recession, macroeconomics, politics - USA Tags: prosperity and depression
Long-term unemployment by sex, Australia, Canada, New Zealand, UK and USA, 1968 – 2013
26 May 2015 Leave a comment
in business cycles, job search and matching, labour economics, labour supply, unemployment Tags: Australia, British economy, Canada
Source: OECD StatExtract
Source: OECD StatExtract
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