Monday , June 18 2018
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Tuesday evening links – Publications – AEI

Summary:
AEI Tuesday evening links 1. Chart of the Day (above) is based on recently released data from the Department of Education that includes college degrees for the 2016-2017 academic year and shows that women have earned more than 57% of bachelor’s degrees for the last 18 years starting in 2000. Further, women have earned a majority of bachelor’s degrees for the last 36 years starting in 1982. Not shown here, but women previously earned a majority of associate’s degrees starting in 1978 and a majority of master’s degrees starting in 1981. By 2006, women earned a majority of doctoral degrees and the “takeover” of higher education by women was complete for degrees at all levels! But instead of declaring “victory” and moving on, many women are still claiming “victim status” in higher education

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AEI
Tuesday evening links

Tuesday evening links - Publications – AEI

1. Chart of the Day (above) is based on recently released data from the Department of Education that includes college degrees for the 2016-2017 academic year and shows that women have earned more than 57% of bachelor’s degrees for the last 18 years starting in 2000. Further, women have earned a majority of bachelor’s degrees for the last 36 years starting in 1982. Not shown here, but women previously earned a majority of associate’s degrees starting in 1978 and a majority of master’s degrees starting in 1981. By 2006, women earned a majority of doctoral degrees and the “takeover” of higher education by women was complete for degrees at all levels! But instead of declaring “victory” and moving on, many women are still claiming “victim status” in higher education with the need for special gender preferences in the form of funding, scholarships, centers, commissions, fellowships, awards, programs, and initiatives that are only available for women, or are primarily for women.

2. Quotation of the Day is from Friedrich A. Hayek, writing in The Mirage of Social Justice:

While an equality of rights under a limited government is possible and an essential condition of individual freedom, a claim for equality of material position can be met only by a government with totalitarian powers.

3. Markets in Everything I: Video consultation service Doctor on Demand raised $74 million so everyone can see a doctor 24/7.

4. Markets in Everything II: Introducing the world’s first pizza box designed for eating pizza in bed.

5. Markets in Everything III: Lease One or More of These Domain Names For Your Ballot Measure Campaign.

Tuesday evening links - Publications – AEI

6. Graphic of the Day (above). Hey, it’s not perfect, but it still gets the main point across.

7. The Big Three’s Shameful Secret — The legacy of a 25% tariff on foreign pickup trucks going back to the 1960s (the “chicken tax” that has its own Wikipedia page) that basically shuts down foreign competition for that vehicle class and gives the Big Three a cartel on a big share of the US vehicle market. Cato’s Don Ikenson explains in this commentary from 2003 — although still relevant today because the 25% truck tariff is still in effect:

Americans love pickup trucks. They are rugged and utilitarian, like the American pioneer. They serve our inclination toward industriousness. Pickups embody the American spirit. But the “Big Three” harbor a shameful secret. The industry is not as tough as the “like a rock” image it projects. Behind the façade, the industry fears foreign competition. And it forces its loyal customers to flip the bill for that insecurity.

Foreign-made pickup trucks are subject to a 25 percent import tariff, a policy heartily endorsed by U.S. producers. So a foreign truck valued at $20,000 costs the importer $25,000 before he can even clear customs. Meanwhile, domestic producers of $20,000 pickups have an artificial $5,000 cushion, enabling them to increase prices without appearing out of line.

At 25 percent, the import tariff is virtually prohibitive. In 2001, fewer than 7,000 pickups were imported from outside North America. That’s only 0.23 percent of almost 3 million purchased. Without imports, supply is smaller, choices are fewer, and domestic producers are the only game in town. It’s a veritable sellers’ market, sanctioned under official U.S. policy. And truck buyers — if you’ll pardon the pun — carry the load. The tariff is a vestige of a 40-year old dispute between the United States and Europe. In 1962, the European Economic Community ra ised import tariffs on chicken, which U.S. exporters were selling with great success in Europe.

After diplomacy failed, President Johnson authorized retaliatory tariffs against four products important to European exporters. Among them was “automobile trucks,” a key export of West Germany’s Volkswagen.

MP: So although we hear all the time from Team Trump and others who promote the false narrative that the US market is wide open for foreign imports, while the bad foreigners like China and Japan close their markets to American goods like autos with super-high tariffs, the reality is somewhat different. When it comes to pickup trucks and protectionism for US auto producers, the US is a world-class protectionist nation with exorbitant tariffs of 25% that are so high they give the Big 3 a Big Market Share for Big Trucks by shutting foreign competition!

8. The CountryTime Pledge. Popular lemonade brand CountryTime is “taking a stand for lemonade stands” and pledging to help kids cover the costs of city permits when young entrepreneurs get their lemonade stands shut down by busybody bureaucrats.

9. Quotation of the Day II is from author Lionel Shriver’s op-ed in The Spectator “When diversity means uniformity” about publisher Penguin Random House’s new company-wide goal for  both new hires and authors to “reflect UK society by 2025 taking into account ethnicity, gender, sexuality, social mobility and disability”:

Dazzled by this very highest of social goods, many of our institutions have ceased to understand what they are for. Drunk on virtue, Penguin Random House no longer regards the company’s raison d’être as the acquisition and dissemination of good books. Rather, the organization aims to mirror the percentages of minorities in the UK population with statistical precision. Thus from now until 2025, literary excellence will be secondary to ticking all those ethnicity, gender, disability, sexual preference and crap-education boxes.

We can safely infer from that email that if an agent submits a manuscript written by a gay transgender Caribbean who dropped out of school at seven and powers around town on a mobility scooter, it will be published, whether or not said manuscript is an incoherent, tedious, meandering and insensible pile of mixed-paper recycling. Good luck with that business model. Publishers may eschew standards, but readers will still have some.

MP: According to this news report in The Guardian, “Lionel Shriver has been dropped from the judging panel for a writing competition run by magazine Mslexia after the author slammed publisher Penguin Random House for its diversity and inclusion policies.”

10. Markets in Everything IV: Free Mutual Funds. From the Wall Street Journal:

In April Fidelity Investments launched its first-ever free index funds—that is, funds with a stated expense ratio of zero. The new funds, part of the firm’s Flex suite, will be available only to select Fidelity clients, but other mutual-fund advisers will likely emulate the model.

……

While free funds won’t solve America’s retirement-savings problems, they could make a meaningful difference. American workers typically pay tens of thousands of dollars in fees over a lifetime of saving for retirement. Free funds will help ensure more Americans have a secure financial future.

Tuesday evening links
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.

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