The Pinnacle of Protectionist Prevarication
~Donald Luskin, from his NRO commentary today "Isolationist Ignorance in Action: Watch Lou Dobbs Ascend to the Pinnacle of Protectionist Prevarication."
Professor Mark J. Perry's Blog for Economics and Finance
There is a post below about the explosion of exports to China.
From today's 's NY Times Business Section:
The American Association of University Women Educational Foundation released a study last week claiming that just one year after college graduation, women earn only 80% of what their male counterparts earn. Ten years after graduation, women fall further behind, earning only 69% of what men earn. The organization further claims that the pay gap is "disturbing," since it can only exist because of sex discrimination. It is hard to take claims like this seriously, and here are the reasons why:
From today's WSJ: "Populists in America like to badmouth China for flooding the U.S. with what they claim are cheap, job-destroying imports, but the export data offer a very different picture. China is now America's fourth largest export market (MP: Third if China and Hong Kong are combined), buying U.S. goods valued at $55.2 billion last year, according to the U.S. International Trade Commission.
Why did the markets shrug off worse-than-expected real GDP growth of 1.3%?
In California, which outlawed racial preferences in 1996, more black and Hispanic students are enrolled in college today than ever before -- and more importantly, a higher percentage of them are graduating. In 1995, only 26% of black and Hispanic students actually graduated from the UC system; now 51% graduate, roughly equal to the white and Asian rate.
The legendary rock band "Spinal Tap," which earned a distinguished place in rock history as one of England's loudest bands, and was also known for their exuberance, raw power, and punctuality, has reunited to join a campaign to "save the world from global warming." Read about it here.
According to a recent global survey, people around the world believe economic globalization and international trade benefit national economies, companies, and consumers (see chart above).
"After a lifetime of picking stocks, I have to admit that (Vanguard Group founder John) Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensible reading for anyone trying to figure out how to invest in this crazy stock market."
From The Economist: A study by Kevin Daly of Goldman Sachs has measured the gender employment-rate gap (the male employment rate minus the female one) in several countries. Some findings:
Total existing-home sales fell 8.4% to a seasonally adjusted annual rate of 6.12 million units in March. That compares to a pace of 6.68 million in February, and is 11.3% below the 6.90 million-unit level in March 2006. The national median existing-home price for all housing types was $217,000 in March, which is 0.3% below March 2006 when the median was $217,600.
From Stateline.org: The drumbeat of bad economic news out of Michigan keeps pounding.
From Alex Tabarrok on Marginal Revolution:
Wealth is not a product or commodity. There is not some factory out there manufacturing wealth that will someday run out. Wealth is not a service that ends when the shop closes for the night. Wealth is simply a measure. Having more of it does not mean your neighbor has less. Having more of it does not mean you took it from someone else. It is instead a reflection of who we are; our talents, our choices, our opportunities, how hard we have applied ourselves, and, often overlooked, the economic system that underlies the nation in which we live. In other words, unless fraud or some other nefarious scheme is in place, obtaining wealth is not a zero-sum game.
From Milton Friedman's son David Friedman's blog, his latest posting "Obesity: A Conjecture."
Count every F in the following sentence.
Carpe Diem Exclusive: In a previous Carpe Diem exclusive, I reported in January that 15 U.S. states set historical record-low jobless rates in 2006 - nobody else reported this. Well, the labor market news just keeps getting better all the time, now more than 1 out of every 3 states has set a record-low unemployment rate since last July, and yet nobody reports this??
From today's WSJ: The American Economic Association announced Friday that Susan Athey, a 36-year-old professor at Harvard University with professional interests ranging from deepest economic theory to Canadian timber auctions, had won the prestigious John Bates Clark medal, awarded every two years to the nation's most promising economist under the age of 40. No woman had won the medal in its 60-year history.
Check out this hilarious video clip of Will Farrell in "The Landlord."
From my commentary in today's Detroit Free Press "Don't Buy Into Myth on Price Gouging:"
From today's WSJ, an excellent commentary titled "Gasbags" by two former Texas Congressmen (Bill Archer and Chalres Stenholm), who apparently understand basic economics (see excerpts below), in contrast to Rep. Bart Stupak (D-MI), sponsor of the Federal Price Gouging Prevention Act, who could use some remedial economic lessons about price controls.
Folding@home is one of the world's largest "distributed computing projects" and is designed to perform computationally intensive simulations of protein folding and other molecular dynamics simulations. It was launched by Stanford University's Chemistry department in 2001 "to understand protein folding, misfolding, and related diseases."
From today's NY Times, an interesting article "Eastern Europe Becomes a Center for Outsourcing:"
Vancouver-based MedSolution helps Americans and Canadians "explore global health options" and connects patients with international hospitals as a reaction to the exorbitant prices of health care in the United States, and the increasingly long wait lists of Canada and the United Kingdom.
If someone comes along and offers you an opportunity superior to any other that you have, is "exploitation" an appropriate term to describe that offer?
We hear a lot about the "disappearance of the middle class," and general economic "gloom and doom," even though the jobless rate is at a 6-year low of 4.4%? But we don't always hear so much about the incredible economic opportunities that exist today, and the many amazing stories of successful entrepreneurs in the U.S.
In a previous post, I wrote about the growing demand in China for luxury cars, including Cadillacs and Buicks, because of the growing wealth, income and prosperity there.
From $1.05/British Pound in February 1985 to $2/BP today, see graph above (click to enlarge) and read about it here.
Check out the "Virgiana Tech Massacre" listing on Wikipedia. Within 24 hours, there was already an extensive listing including a description of events, a detailed timeline, 100+ references, etc.