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Mark Perry

Mark Perry

Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.

Articles by Mark Perry

Quotation of the day on the tendency for domestic producers to deceive and oppress the public with protectionism… – Publications – AEI

2 days ago

AEI
Quotation of the day on the tendency for domestic producers to deceive and oppress the public with protectionism…
…. is from Adam Smith, writing in “An Inquiry into the Nature and Causes of the Wealth of Nations“:
The interest of the dealers [domestic producers], however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition, is always the interest of the dealers [producers]. To widen the market may frequently be agreeable enough to the interest of the public; but to narrow the competition must always be against it, and can serve only to enable the dealers, by raising their profits above what they naturally would be, to levy, for their own benefit, an

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Oh, Lord, why won’t Donald Trump let me buy me a Mercedes Benz… even when it’s made in the USA? – Publications – AEI

2 days ago

AEI
Oh, Lord, why won’t Donald Trump let me buy me a Mercedes Benz… even when it’s made in the USA?

The title of the post is a variation of the title of a new Forbes op-ed by Stuart Anderson, “Oh, Lord, Why Won’t Donald Trump Buy Me A Mercedes Benz?“,  here’s a slice:
In the last song Janis Joplin recorded before she died, she asked, “Oh Lord, won’t you buy me a Mercedes Benz?” Well, if Donald Trump has his way, no Americans would be allowed to buy a Mercedes or any other German car. Der Spiegel reported that during Donald Trump’s recent trip abroad he told European Union officials: “The Germans are bad, very bad. Look at the millions of cars they sell in the U.S. Horrible. We’re going to stop that.”
There are many things wrong with this statement. Let’s start with basic notions of right

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Quotation of the day on Trump’s departure from economic reality on the trade deficit…. – Publications – AEI

3 days ago

AEI
Quotation of the day on Trump’s departure from economic reality on the trade deficit….
…. is from Peter S. Goodman, European economics correspondent for The New York Times, writing on April 5 in the NYT, “Behind Trump’s Trade Deficit Obsession: Deficient Analysis“:
….Mr. Trump’s portrayal of trade deficits entails crucial departures from economic reality.
In his accounting, international trade is a zero-sum affair, as if every country were jockeying for a share of forever limited amounts of business. An auto part made in Mexico and later included in a finished vehicle destined for a suburban driveway in California represents jobs hijacked from the Midwestern factory that should have employed American hands to build everything.
Trade is not zero-sum. Expanded trade has historically

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Venn diagram on Don Boudreaux’s insight that the effects of government budget cuts are similar to minimum wage hikes – Publications – AEI

4 days ago

AEI
Venn diagram on Don Boudreaux’s insight that the effects of government budget cuts are similar to minimum wage hikes

The Venn diagram above was inspired by Don Boudreaux’s two recent related posts on Cafe Hayek — “Calling Mark Perry” and “Resources Are Scarce In All Cases,” here are some key excerpts of those posts.
Don’s first post in its entirety:
News reports abound today (May 24) with allegations that Trump’s proposed budget cuts are cruel and dangerous. Each and every proposed cut is presumed, should it become reality, to cause the operation and output of the affected government programs to shrink. Of course, “Progressives” are among those who have no doubt that a government program that receives less funding is a government program that will thereby scale back its operation and,

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Who’d a-thunk it? Like most central planning, public transit systems are very costly and often don’t serve the public very well? – Publications – AEI

5 days ago

AEI
Who’d a-thunk it? Like most central planning, public transit systems are very costly and often don’t serve the public very well?
Some recent news reports on the declines in the use of mass transit systems across America:
Example 1: L.A. bus ridership continues to fall; officials now looking to overhaul the system
Example 2: CARTA’s (Chattanooga, TN) Main Route Suffers Another Blow As Overall Ridership Continues To Drop
Example 3: Miami-Dade shrinking Metrorail hours as ridership dips
Example 4: Subway Ridership Declines in New York. Is Uber to Blame?
Example 5: City Colleges (Chicago) has paid $3 million for a bus shuttle with few riders
======================
A few related items here……
Related 1: Does America Need More Urban Rail Transit? is the title of a recent Manhattan Institute

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Quotations of the day on trade…. – Publications – AEI

6 days ago

AEI
Quotations of the day on trade….
….are from Adam Smith (Wealth of Nations) and Henry Hazlitt in Economics in One Lesson quoting Smith (emphasis added):
Smith: It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy. The tailor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes, but employs a tailor. The farmer attempts to make neither the one nor the other, but employs those different artificers. All of them find it for their interest to employ their whole industry in a way in which they have some advantage over their  neighbors, and  to  purchase  with a part of its produce, or what is the same thing, with the price of  a part of it,

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Amazon’s phenomenal rise in market value: the most remarkable case of wealth creation, business success in history? – Publications – AEI

9 days ago

AEI
Amazon’s phenomenal rise in market value: the most remarkable case of wealth creation, business success in history?

The video above  (click arrow to start) shows graphically the phenomenal rise in the stock market valuation of online retailer Amazon compared to the market capitalization of one of its main retail competitors – the brick-and-mortar retail giant Walmart (special thanks to AEI’s Olivier Ballou for graphical assistance and Scott Grannis for providing the data) . Here’s some history:

Amazon stock was first offered for sale to the public on May 15, 1997 through an Initial Public Offering (IPO) at $18 per share, and that put Amazon’s initial market cap at about $438 million. At that time, the market value of Walmart’s stock was $68.3 billion, or 156 times greater than the

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Venn Diagram of the day on the economic amnesia that afflicts many when goods cross certain imaginary lines… – Publications – AEI

10 days ago

AEI
Venn Diagram of the day on the economic amnesia that afflicts many when goods cross certain imaginary lines…

Economic Lesson: It’s a basic principle of economics that voluntary exchanges are Win-Win and benefit both the buyer and the seller. That Win-Win outcome from voluntary trade does not depend on whether the buyer and seller are on the same side of imaginary lines called national, state, country, city, neighborhood or household borders, or on different sides of those imaginary lines called national, state, country, city, neighborhood or household borders.
Example A: A Michigan household can be made better off from a successful, relaxing family vacation regardless of whether they traveled inside the state of Michigan, traveled to another US state, or traveled to a foreign country

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Wednesday evening links – Publications – AEI

11 days ago

AEI
Wednesday evening links

1. Chart of the Day (above) shows the annual average of the market capitalizations for Amazon and Wal-Mart from 1997 (when Amazon went public) through May of this year. It took 18 years for the market value of Amazon to match Wal-Mart in 2015, and then less than two years for the market cap of Amazon to rise to twice the value of Wal-Mart this month! That’s a pretty strong hurricane-force gale of Schumpeterian creative destruction in the retail sector, which I described recently as the “continual innovation and technological progress in a market economy that disrupts and eventually destroys existing industries and firms, and replaces them with new firms providing consumers with new, cheaper and better products, goods and services.” Of course, Wal-Mart isn’t in

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Adam Smith makes the case for free trade and warns against the sophistry of domestic producers seeking protectionism – Publications – AEI

12 days ago

AEI
Adam Smith makes the case for free trade and warns against the sophistry of domestic producers seeking protectionism
…. is from Adam Smith writing in his 1776 economic classic An Inquiry in the Nature and Causes of the Wealth of Nations, Chapter 3, titled “On the extraordinary Restraints upon the Importation of Goods of almost all kinds from those Countries with which the Balance is supposed to be disadvantageous“ (emphasis added):
In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest. The proposition is so very manifest that it seems ridiculous to take any pains to prove it; nor could it ever have been called in question had not the interested sophistry of merchants and manufacturers confounded

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Using CEO pay for the Russell 3000 firms brings AFL-CIO’s CEO-to-worker pay ratio from 347 to only 62 or less – Publications – AEI

13 days ago

AEI
Using CEO pay for the Russell 3000 firms brings AFL-CIO’s CEO-to-worker pay ratio from 347 to only 62 or less

The chart above shows various CEO-to-worker pay ratios under two assumptions about which CEOs are considered, several different assumptions about the number of weekly work hours for rank-and-file workers, and the inclusion of fringe benefits for those workers. The tallest bar represents the 347-to-1 CEO-to-worker pay ratio reported recently by the AFL-CIO for 2016 using the average (not median) total compensation package of $13.1 million for 419 CEOs in the S&P 500 compared to the cash-only wages of rank-and-file workers (production and nonsupervisory employees) with an average workweek of only 33.6 hours.
Interestingly, the AFL-CIO maintains CEO compensation data for “some

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Putting America’s ridiculously large $18.6T economy into perspective by comparing US state GDPs to entire countries – Publications – AEI

16 days ago

AEI
Putting America’s ridiculously large $18.6T economy into perspective by comparing US state GDPs to entire countries

The map above (click to enlarge) was created (with assistance from AEI’s graphic design director Olivier Ballou) by matching the economic output (GDP) in each US state (and the District of Columbia) in 2016 to a foreign country with comparable nominal GDP last year, using data from the BEA for GDP by US state and data for GDP by country from the International Monetary Fund. For each US state (and the District of Columbia), we identified the country closest in economic size in 2016 (measured by nominal GDP), and for each state there was a country that was a pretty close match – those countries are displayed in the map above and in the table below. Obviously, in some cases

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On the AFL-CIO’s inflated 347-to-1 CEO-to-worker pay ratio, and the statistical legerdemain used to produce it – Publications – AEI

19 days ago

AEI
On the AFL-CIO’s inflated 347-to-1 CEO-to-worker pay ratio, and the statistical legerdemain used to produce it

The AFL-CIO released its annual report on CEO pay this week (see details here), and has calculated a CEO-to-worker-pay ratio of 347-to-1 for 2016, based on the average total compensation package for 400 of the S&P 500 CEOs of $13.1 million last year, and the average annual cash income only (excluding fringe benefits) for America’s 100,525,000 rank-and-file workers of $37,632. Here are some observations on the AFL-CIO’s questionable methodology that it uses every year to calculate an inflated CEO-to-worker pay ratio (see this related CD post from last May), and an analysis of how a complete confiscation of CEO pay would affect average worker pay.
1. Worker Pay is for Part-Time

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A tribute to an economic giant — Friedrich Hayek — who would have celebrated his 118th birthday today – Publications – AEI

20 days ago

AEI
A tribute to an economic giant — Friedrich Hayek — who would have celebrated his 118th birthday today

Today marks the 118th anniversary of the birth of the great Nobel economist Friedrich Hayek (pictured above), who was born on May 8, 1899 (and died on March 23, 1992. For a very detailed and extensive overview of Hayek’s life and intellectual contributions you can visit his Wikipedia page here. Friedrich Hayek was one of the most influential thinkers of the 20th century and his work still resonates today with economists, scholars and lovers of liberty around the world. A quarter century after Hayek’s death, his ideas are increasingly relevant in an era where many governments grow ever larger and more interventionist. To honor the contributions of a giant in economics on the 118th

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Prediction: No 2017 graduation speaker will mention this – the growing ‘gender college degree gap’ favoring women – Publications – AEI

21 days ago

AEI
Prediction: No 2017 graduation speaker will mention this – the growing ‘gender college degree gap’ favoring women

Now that we’re at the beginning of college graduation season, I thought it would be a good time to show the updated chart above of the huge college degree gap by gender for this year’s College Class of 2017 (data here). Based on Department of Education estimates, women will earn a disproportionate share of college degrees at every level of higher education in 2017 for the eleventh straight year (since women earned a majority of doctoral degrees in 2007). Overall, women in the Class of 2017 will earn 141 college degrees at all levels for every 100 men (up from 139 last year), and there will be a 659,000 college degree gap (up from 610,000 last year) in favor of women for

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Quotation of the day on trade demagoguery …. – Publications – AEI

23 days ago

AEI
Quotation of the day on trade demagoguery ….
….. is from Professor Walter E. Williams’s latest column on “Trade Ignorance and Demagoguery“:
What about President Donald Trump’s call to reduce our current account trade deficit? By the way, we know that we’re being deceived when a politician talks only about the current account deficit, without a word about the capital account surplus. If foreigners sell us fewer goods, they will earn fewer dollars. With fewer dollars, they will be able to make fewer investments in America. But that’s fine with politicians. The beneficiaries of trade restrictions are visible. Tariffs on tires, clothing and electronics will mean more profits and jobs and more votes for politicians. The victims of trade restrictions, such as people in the real estate market

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Washington and Trump need a refresher course in trade, market economics, and what does and doesn’t create jobs – Publications – AEI

25 days ago

AEI
Washington and Trump need a refresher course in trade, market economics, and what does and doesn’t create jobs
From an op-ed in today’s Wall Street Journal by George Melloan (“Give Trade Paranoia the Heave-Ho“):
Mr. Trump turns a friendly ear to the everlasting protectionist demands of the softwood-lumber and steel industries. So it’s not a bad time for Washington to get a refresher course in market economics and what does and doesn’t create jobs. Politicians are constantly tempted to go to war with markets in a bid to win votes. When they do, they and their constituencies always lose. Markets are a force of nature, and attempts to use the state’s police powers to crush them invariably end in misery. Ask the Russians—or, for that matter, the survivors of 1970s price controls in the U.S.
…………..
Americans lose jobs to global competition, but also to domestic competition and, most important, to automation and technological advancement as old industries disappear and new ones form. There’s dislocation, but today, despite everything, unemployment is 4.5% of the workforce, close to the 4% statistical definition of full employment.

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Inconvenient energy fact: It takes 79 solar workers to produce same amount of electric power as one coal worker – Publications – AEI

26 days ago

AEI
Inconvenient energy fact: It takes 79 solar workers to produce same amount of electric power as one coal worker

In an April 25 New York Times article (“Today’s Energy Jobs Are in Solar, Not Coal“) reporter Nadja Popovich wrote that “Last year, the solar industry employed many more Americans [373,807] than coal [160,119], while wind power topped 100,000 jobs.” Those energy employment figures are based on a Department of Energy report (“U.S. Energy and Employment Report“) released earlier this year that provides the most complete analysis available of employment in the energy economy.
But simply reporting rather enthusiastically (see the NYT headline again) that the solar industry employs lots of Americans, more than twice as many as the number of coal miners and utility workers at electric power plants using coal, is only telling a small part of the story. Here are some important energy facts that help provide a more complete picture about how much energy is being produced in different sectors, how many workers it takes to produce a given amount of electric power, and which sectors receive the most generous taxpayer handouts.

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Monday night links

27 days ago

AEI
Monday night links

1. Chart of the Day (above). Another graphical look at the amazing reduction in extreme world poverty, which dropped form 44% to less than 10% between 1981 and 2015 according to World Bank data (via Our World in Data/Max Roser). To put that 78% reduction in world poverty into perspective, consider that it took many thousands of years to go from close to 100% of the world living in extreme poverty to only 44% in 1981, and then only 34 years to go from 44% to less than 10%. As Larry Kudlow reminds us, “Free market capitalism is the best path to prosperity,” and it’s market forces that have lifted more people out of poverty than any government program or initiative from the United Nations, World Bank or International Monetary Fund.
2. Economic Sanity Somehow Prevails for a Change in the US. Kudos to Indiana, which last week became the 22nd US state to exempt hair braiders from a state cosmetology license.

3. And South of the Border, Economic Sanity Prevails As Well. Mexico legislature approves bill legalizing medical weeds.
4. Really? NFL Commissioner Roger Goodell Says Medical Weeds Might Not Be Safe Enough For Grown Men Who Hurt and Injure Each Other For a Living?
5. Are physical books the new vinyl? New data suggest that the reading public is ditching e-books and returning to the old fashioned printed word.

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Friday afternoon links

April 28, 2017

AEI
Friday afternoon links

1. Graphic of the Day (above) was inspired by a graphic that appeared today in the online version of the Wall Street Journal article “Uber Interviews Heavyweights for a Crucial Job: Handling Travis Kalanick” (graphics didn’t appear in the print edition). The WSJ graphic compared sales revenue during the seventh full calendar year of operations for Uber ($6.5 billion in 2016), Google ($6.1 billion in 2005), Facebook ($3.7 billion in 2011) and Amazon ($3.1 billion in 2001). Those figures aren’t adjusted for inflation, so based on a suggestion from Morganovich, the graphic above shows inflation-adjusted data for the four companies featured by the WSJ, along with some additions: Microsoft, Walmart, Netflix, Home Depot and Apple. Adjusted now for inflation, Uber’s revenues in its seventh year are more than $1 billion lower than Google’s.
Main Point: In today’s highly globalized and digitized economy, it’s much easier to grow rapidly from a small base now than it ever was before, and Uber is the most recent and best example of that phenomena. Uber’s revenues in its seventh year of operation in 2016 of $6.5 billion are more than 46 times greater than Walmart’s sales in its seventh year of $141 million (in 2016 dollars).

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Trump slaps stiff 20% taxes on US homebuilders – expect higher home prices and 1,000s of construction job losses

April 25, 2017

AEI
Trump slaps stiff 20% taxes on US homebuilders – expect higher home prices and 1,000s of construction job losses

There are a lot of news reports today about Trump’s decision to impose stiff tariffs on American companies (homebuilders) who buy Canadian lumber, here is a sample: “Trump slaps first tariffs on Canadian lumber,” “Tariff on Canadian lumber sends a stern message,” “Trump Administration To Impose 20 Percent Tariff On Canadian Lumber,” and “Trump slaps duty on lumber from Canada.” In each case, those news reports miss a few very critical points: a) Canadian lumber doesn’t pay the tariff, b) Canadian lumber companies won’t pay the tariff, and c) American lumber-buying companies (mostly homebuilders) will pay the tariff, which will be passed along to home buyers in the form of higher new home prices. Therefore, it’s more accurate to report that Trump has just slapped stiff 20% tariffs (lumber taxes) on the American people, not Canada.

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Sunday afternoon links

April 23, 2017

AEI
Sunday afternoon links

1. Venn Diagram of the Day (above). Inspired by the March 6, 2013 article Salon article titled “Hugo Chavez’s economic miracle” (by David Sirota), here’s a slice:
Chavez became the bugaboo of American politics because his full-throated advocacy of socialism and redistributionism at once represented a fundamental critique of neoliberal economics, and also delivered some indisputably positive results.
As I wrote more than 20 years ago:
In the same way that a Ponzi scheme or chain letter initially succeeds but eventually collapses, socialism may show early signs of success. But any accomplishments quickly fade as the fundamental deficiencies of central planning emerge. It is the initial illusion of success that gives government intervention its pernicious, seductive appeal. In the long run, socialism has always proven to be a formula for tyranny and misery.
Exhibit A: Venezuela
2. Who-d a-Thunk It I? National Hotel Lobbyists Backed the Local Wars on Airbnb? Documents show how the national trade group helped push anti-homesharing rules in several states and cities last year.

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The 25-year reign of CDs is over as low-cost digital music takes over and makes us all ‘music millionaires’

April 23, 2017

AEI
The 25-year reign of CDs is over as low-cost digital music takes over and makes us all ‘music millionaires’

The Recording Industry Association of America (RIAA) recently released recorded music sales revenue figures for 2016 and some of the historical music sales data from the RIAA are displayed in the two charts above (press release here). Here are some observations:
1. After declining in 15 of the 16 years from 2000 to 2015 (and each of the 11 years from 2005 to 2015), recorded music sales revenues increased last year by 10% to a five-year high of $7.57 billion. It was the largest annual increase in recorded music sales in more than 20 years, going back to a 19% increase in 1994 (in inflation-adjusted dollars). Reason for the turnaround in recorded music sales last year? A more than doubling (114% increase) of sales revenues from “paid music subscriptions” (Pandora, Spotify, Apple Music, Google Play Music, Tidal, and Amazon Music Unlimited), which increased from $1.16 billion in 2015 to almost $2.50 billion last year. Music fans are increasingly turning to subscription services for their music listening, and paid subscriptions in the US increased to 22.6 million subscribers last year from 10.8 million in 2015 and only 7.7 million in 2014 — subscriptions to online music services have roughly tripled between 2014 and last year.
2.

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Quotation of the day for Earth Day 2017 on the ‘science of economics versus the religion of environmentalism’ …

April 22, 2017

AEI
Quotation of the day for Earth Day 2017 on the ‘science of economics versus the religion of environmentalism’ …
… is from Steven E. Landsburg’s book “The Armchair Economist: Economics and Everyday Life,” in his chapter titled “Why I Am Not an Environmentalist: The Science of Economics versus the Religion of Ecology“:
The hallmark of science is a commitment to follow arguments to their logical conclusions; the hallmark of certain kinds of religion is a slick appeal to logic followed by a hasty retreat if it points in an unexpected direction. Environmentalists can quote reams of statistics on the importance of trees and then jump to the conclusion that recycling paper is a good idea. But the opposite conclusion makes equal sense. I am sure that if we found a way to recycle beef, the population of cattle would go down, not up. If you want ranchers to keep a lot of cattle, you should eat a lot of beef. Recycling paper eliminates the incentive for paper companies to plant more trees and can cause forests to shrink. If you want large forests, your best strategy might be to use paper as wastefully as possible [MP: e.g. print as many emails as possible]— or lobby for subsidies to the logging industry. Mention this to an environmentalist.

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Recommended reading for Earth Day 2017: ‘Recycling is garbage’ from the NYT in 1996 – it broke hate mail record

April 21, 2017

AEI
Recommended reading for Earth Day 2017: ‘Recycling is garbage’ from the NYT in 1996 – it broke hate mail record
Tomorrow is Earth Day and to recognize that annual environmental holy day, I recommend reading the classic 1996 New York Times Magazine article titled “Recycling is Garbage” by New York Times science columnist John Tierney, especially if you’re one of the millions of Americans who suffer from “garbage guilt” — one of the religious components of recycling according to Tierney.
Tierney’s controversial argument that he made back in 1996 is this: recycling may be the most wasteful activity in modern America, especially if we value of the opportunity cost of everybody’s time at the $15 an hour that everybody now wants to be the minimum hourly wage an unskilled worker can be paid. “Rinsing out tuna cans and tying up newspapers may make you feel virtuous, but it’s a waste of time and money, a waste of human and natural resources.” Now you can understand why Tierney’s article set the all-time record for the greatest volume of hate mail in the history of the New York Times Magazine. Here are some excerpts of the John Tierney classic “Recycling is Garbage” (emphasis added):
On recycling as a religious experience:
…. the public’s obsession wouldn’t have lasted this long unless recycling met some emotional need.

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On Earth Day 2017, let’s appreciate our fossil fuel energy treasures that come from the Earth’s natural environment

April 21, 2017

AEI
On Earth Day 2017, let’s appreciate our fossil fuel energy treasures that come from the Earth’s natural environment

Below is an updated, slightly revised version of my op-ed around the time of Earth Day 2014 in Investor’s Business Daily (“Earth Day: Hail Fossil Fuels, Energy Of The Future,” requires subscription):
On Earth Day, according to various advocates, “events are held worldwide to increase awareness and appreciation of the Earth’s natural environment.” As we observe the annual event on Saturday of this week, it might be a good time to appreciate the fact that Americans get most of their plentiful, affordable energy directly from the Earth’s “natural environment” in the form of fossil fuels: coal, natural gas, and petroleum.
It’s largely those natural energy sources that fuel our vehicles and airplanes; heat, cool, and light our homes and businesses; and power our nation’s factories, and in the process significantly raise our standard of living. Shouldn’t that be part of “increasing our awareness and appreciation of Earth’s natural environment” — to celebrate Mother Earth’s bountiful natural resources in the form of abundant, low-cost fossil fuels?
The chart above illustrates the importance of the Earth’s hydrocarbon energy treasures to the American economy — in the past, today, and in the future.

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18 spectacularly wrong predictions made around the time of first Earth Day in 1970, expect more this year

April 20, 2017

AEI
18 spectacularly wrong predictions made around the time of first Earth Day in 1970, expect more this year

In the May 2000 issue of Reason Magazine, award-winning science correspondent Ronald Bailey wrote an excellent article titled “Earth Day, Then and Now” to provide some historical perspective on the 30th anniversary of Earth Day. In that article, Bailey noted that around the time of the first Earth Day in the 1970, and in the years following, there was a “torrent of apocalyptic predictions” and many of those predictions were featured in his Reason article. Well, it’s now the 47th anniversary of  Earth Day, and a good time to ask the question again that Bailey asked 17 years ago: How accurate were the predictions made around the time of the first Earth Day in 1970? The answer: “The prophets of doom were not simply wrong, but spectacularly wrong,” according to Bailey. Here are 18 examples of the spectacularly wrong predictions made around 1970 when the “green holy day” (aka Earth Day) started:
1. Harvard biologist George Wald estimated that “civilization will end within 15 or 30 years unless immediate action is taken against problems facing mankind.”
2.

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To bring attention to the 23% ‘gender commute time gap’ in the US, ‘Equal Commute Day’ for women fell on April 18

April 20, 2017

AEI
To bring attention to the 23% ‘gender commute time gap’ in the US, ‘Equal Commute Day’ for women fell on April 18

There was a lot of media attention a few weeks ago to Equal Pay Day that occurred on April 4, and which is supposed to represent how far into this year the typical women had to continue working full-time to earn what her male counterpart earned in 2016 based on a 20% gender difference in favor of men when comparing unadjusted median earnings for year-round full-time workers. The implication of Equal Pay Day is that blatant, widespread and illegal gender discrimination in the labor market in the main reason for the gender pay gap, which can only be corrected with increased regulatory action and equal pay legislation at the federal and state levels. But economists have pointed for many years that there are many factors that explain gender differences in earnings including hours worked, occupational and career choices, characteristics of occupations (risk of injury/death, family-friendliness, flexibility in hours worked), family and childcare choices among many others.

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