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.
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
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
The essence of macroeconomic forecasting by consultants
24 May 2015 Leave a comment
in applied price theory, business cycles, econometerics, economic growth, economic history, economics of media and culture, macroeconomics Tags: consultants, efficient markets hypothesis, forecasting errors
Keynesian macroeconomic policy in a nutshell
22 May 2015 Leave a comment
in budget deficits, business cycles, fiscal policy, macroeconomics Tags: fiscal stimulus, Keynesian macroeconomic policy
A volatile depressed neighbour? Real American and Canadian GDP growth detrended, 1955-2013 – updated
11 May 2015 Leave a comment
in business cycles, economic growth, economic history, macroeconomics, politics - USA Tags: Canada, prosperity and depression
Figure 1: Real GDP per American and Canadian aged 15-64, converted to 2013 price level with updated 2005 EKS purchasing power parities, 1955-2013
Source: Computed from OECD Stat Extract and The Conference Board, Total Database, January 2014, http://www.conference-board.org/economics
Figure 2: Real GDP per American and Canadian aged 15-64, converted to 2013 price level with updated 2005 EKS purchasing power parities, 1.9 per cent detrended, 1955-2013
Source: Computed from OECD Stat Extract and The Conference Board, Total Database, January 2014, http://www.conference-board.org/economics
A rising line in figure 2 is above trend rate growth; a flat line is trend growth of 1.9%; and a falling line is below trend growth.
Canada has a volatile ride in the post-war period after economic success up until 1975. Despite ups and downs the Canadian economy has been in a long-term decline since 1975. Growth as rarely being at trend and was often below, sometimes sharply below trend.
None of these depressed periods in the Canadian economy were long enough to count as a great depression. Instead there was just a long-term decline.
Canada is next door to the USA and a member of the North American Free Trade Area (NAFTA) and its antecedents so its cannot blame distance nor small size for its decline in economic performance as some do in New Zealand.
Relative to the USA, Rao et al. (2006) and Sharp (2003) attributed the gap between the USA and Canada to less capital per Canadian worker, an innovation gap as shown by lower R&D expenditure in Canada, a smaller and less dynamic high technology sector in Canada, less developed human capital at the top end of the Canadian labour market, and more limited scale and scope economies in Canada.
These factors have been put forward, at one time or another, as the proximate causes of the New Zealand productivity gap with the USA. Identifying the barriers to higher Canadian productivity may offer fresh insights into removing similar productivity barriers in New Zealand.
Figure 3 suggests that the increase in tax revenues as a percentage of GDP from 30% to 35% at the same time as the Canadian economic boom came to an end and its economic decline began is worthy of further scrutiny. The strong economic recovery from 1995 onwards also coincided with the decline tax revenues as a percentage of GDP.
Figure 3: tax revenue as a percentage of GDP
Source: OECD StatExtract
Where has all the productivity gone?
11 May 2015 Leave a comment
in business cycles, economic growth, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, macroeconomics Tags: labour productivity, prosperity and depression, TFP
Britain has led most of the rich world in job creation, but badly lagged in productivity. on.wsj.com/1IiEjli http://t.co/URIFuFS9Il—
Sudeep Reddy (@Reddy) May 07, 2015
US and Canadian unemployment rates, 1956–2014
10 May 2015 Leave a comment
in business cycles, economic growth, job search and matching, labour economics, labour supply, macroeconomics, politics - USA, unemployment Tags: Canada, unemployment rates
Source: OECD StatExtract
Unemployed people are defined as those who report that they are without work, that they are available for work and that they have taken active steps to find work in the last four weeks.
The ILO Guidelines specify what actions count as active steps to find work; these include answering vacancy notices, visiting factories, construction sites and other places of work, and placing advertisements in the press as well as registering with labour offices.
Unemployment isn’t much of an issue for the well educated in recessions
09 May 2015 Leave a comment
in business cycles, economic growth, economics of education, human capital, job search and matching, labour economics, labour supply, macroeconomics, occupational choice, unemployment Tags: labour demographics, prosperity and depression
#StayinSchool
April jobless rate for people 25+ with
B.A. or more: 2.7%
No h.s. diploma: 8.6%
on.wsj.com/1H63SHl http://t.co/UwzHjiaQz9—
Sudeep Reddy (@Reddy) May 08, 2015
April jobless rate by race/ethnicity:
Black 9.6%
Hispanic: 6.9%
White 4.7%
Asian 4.4%
on.wsj.com/1H619hg http://t.co/qgRWa7MB85—
Sudeep Reddy (@Reddy) May 08, 2015
Utopia, you are standing in it! 
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