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Martin Carnoy a blogger from the Huffington Post, who is also an economist, has shocked me by his most recent post, McCain and Obama’s Education Policies: Nine Things You Need to Know.

In short he says, McCain should not support school choice; Milton Friedman had a nice idea; and Obama needs to regulate charter schools.

Barf!

I thought long and hard about how to respond to this but I realized no matter how logical my statements are crazy, teacher union, status quo lovers won’t understand the power of school choice.

However, Nicole Sauce has informed me of a great video that makes an excellent case for school choice.

My friend Juan Carlos Hildalgo from the glorious Cato Institute smoked in a debate the spokesperson from the Brady Campaign.

Univision’s debate analyzed the Supreme Court’s decision in the DC v. Heller case. The Heller case was won by one favorite libertarian organization Institute for Justice.

The part that I love is when the spokesperson from the Brady Campaign says that the decision will result in more deaths.

Por favor!

Lifting the gun ban won’t cause any more deaths, if someone has intentions of killing someone then unfortunately it will happen, a gun ban won’t prevent that from happening.

The video below makes two solid points:

1) Obama doesn’t care about Latinos; and

2) Most importantly, McCain’s campaign is thinking outside of the box.

H/T: Juan Carlos Hildago

Move more Brian Williams but Univision’s 6 o’clock news is more popular among New Yorkers.

Within the past few months, WXTV’s 6 p.m. newscast has eclipsed its English-speaking competitors on ABC, CBS and NBC stations in popularity among viewers younger than 49. Sister station KMEX in Los Angeles had more viewers in June for its newscast than any of its English competitors, regardless of age, according to Nielsen Media Research.

Today is Milton Friedman day, where every state in the country is having events to celebrate the life of a stud who advocated for economic freedom.

I am in Austin, Texas hanging out at the Texas Public Policy Foundation listening to Dr. Tom Saving with a 100 plus attendees.

Dr. Saving gave a great talk! He spoke about Medicare and in general the evilness of the federal government. Uncle Milton would have been proud.

The one thing that resonated with me the most was when he said:

….young people don’t vote, don’t have “representation” because they aren’t donors, and on top of it all, they are paying for other peoples health care and retirement.

That my friends is bullshit.

Uncle Sam needs to stop stealing my money and pretending that it knows how to spend it better on other people.

Heres to you Uncle Milton! My favorite video about Milton Friedman.

Law school rankings are a sham, simply put. The idea is sound enough, and there’s a good chance that, at one point, the intent was, as well. Why not give prospective law students a jumping off point from which to begin their school research? One answer: The lists of criteria that are used to compile these rankings dangle in front of law schools like carrots. Think about it. Would the masters of the legal loophole offer up information indicative of their schools’ comprehensive ability (or lack thereof) to educate students, without tampering with it in some unethical, yet entirely legal manner, for their own benefit? It seems the opposite has proven more likely.

Even if affected parties are able to operate under the naïve presumption that the publishers of the rankings have successfully eliminated any and all manipulation that is likely to occur, making the rankings more accurate, prospective and current law students still suffer a disservice, as they are displaced from the center of the law school’s attention focus, to the outskirts.

With a comprehensive ranking system establishing a published hierarchy among law schools—one that is distributed at little or no cost to consumers—law schools’ primary focus will be on keeping abreast of their competition. But a law school can’t maintain an excellent reputation if it neglects its student body. Can it? This is where the law students are vulnerable to a swift kick in the rear.

Historically, there have been three factors that determine whether or not an employer hires a recent law school graduate: the graduate’s performance in law school, the academic reputation of the law school, and the company’s track record for graduates of the law school. Incorporate a ranking system, and a new dimension is added to the interview process. Now, the U.S. News and World Report rankings supplant word of mouth in questions of a school’s reputation. An “increased awareness” of the quality of law school graduates from other areas creates a more diverse arrangement of alma maters in the workplace, diluting the firsthand information pertaining to the local schools in the area. And employers are, more commonly, faced with a dilemma: Which is more valuable, the law review editor from the local state school, or the University of Virginia graduate who brought up the rear of the class for three years? In short, graduates are finding it harder to earn jobs, and more and more of them are being designated jobs that the rankings permit.

Prior to the introduction of a ranking system, the bulk of the job competition in local markets affecting graduates of the local law school stemmed from the Ivies and Stanford, the who’s who among universities. Now, employers are aware of other outstanding programs: Duke, U. of Chicago, Texas, etc. The post-grad job interview at the law firm that local students have had their eyes on is now less a quality and character assessment, and more a show and tell of university names on degrees.

The outcome: Law students who came down with the flu during the week of their LSAT, and only get into LSU, instead of Tulane, are out of luck when it comes to the job interview. Law students who endured a personal tragedy during their undergraduate careers, and have missed out on two-tenths of a GPA point (and Northwestern Law) as a result, get the axe. Performance in law school matters less. The name of the school that issued the degree is getting all the attention. Law schools are bettering their numbers by being more selective (and manipulative) on paper, paying more attention to ranking criteria than law potential. NYU might snub the unrecognized humanitarian of the year and cause the student to miss out on his or her first choice employer, because his or her grades were not ideal, but, as a result of its selectivity, NYU has a decent shot at leapfrogging Columbia in the latest U.S. News law school rankings issue. To some, this is the game, survival of the fittest. For every applicant that didn’t get the grades, there’s an applicant who did. To others, these rankings are mechanizing and dehumanizing a process that admits students to a curriculum and a profession that cries out for good human beings. It’s a shame to think that these rankings may hurt prospective and current law students a great deal more than they help.

No te caen bien Obama?

Virginia Gov. Tim Kaine is now one of the finalists to be Obama’s running mate. What makes him so appealing? He’s a Virginian and was a civil rights lawyer and Catholic missionary. But, perhaps most importantly, he speaks Spanish:

Esperen un minuto! He’s still a Norwegian Gringo.
Let’s not fool ourselves here.

Politicians, ellos realmente me molestan.

Today the US federal minimum wage got a 12 percent boost, up to $6.55 an hour. This is good news for the unskilled laborers that will now receive a 70 cents-per-hour pay raise. But it’s not good news for everyone.

  • Hans
  • Hans Sennholz used to boom in his thick German accent, “When you increase the cost of labor, you decrease the demand for labor!” In economics jargon, wages are not immune to the law of demand. When stuff is suddenly more expensive, we tend to buy less of it, or we look for alternatives. The result of increasing the cost of cheap labor is that less of it will likely be purchased: Some people get a raise — but some get fired, or are never hired in the first place.

    Fortunately, the majority of poor workers in the US already make over $6.55 an hour. This means they shouldn’t be harmed (or helped) by the change. In fact, as the WSJ editorial team points out today, “most workers who do earn the minimum wage aren’t poor…they are young single adults, teenagers living at home or spouses providing a second income.”

    Milton Friedman wrote in Free to Choose that minimum wage laws are “one of the most…antiblack laws on the statute books.” The dirty little secret about these laws is that they’re supported by unions to protect union employees from cheap competitors. (Many other supporters are surely well-meaning.) The first minimum wage laws in the US had a catastrophic effect on African-Americans, who offered tough competition at low wages. An estimated 500,000 blacks lost their jobs.

    Before such laws, even in times of rampant racism, blacks and whites had roughly the same unemployment rates. But ever since the government artificially increased the price of unskilled labor, a shameful percentage of blacks have been unable to find work. In a very real sense, the lives of countless minorities throughout our country have been harmed.

    In March 2006 Ohio considered increasing its minimum wage and I had this letter published in the Cleveland Plain Dealer:

    Minimum Wage Doesn’t Help Poor

    One of the few principles economists overwhelmingly agree on is that increases in the cost of x lead to decreases in the demand for x. By applying this principle to wages we see that when the price of labor is arbitrarily raised it leads to decreases in the demand for labor. Thus, a government-mandated increase in the minimum wage will tend to make individuals who sell their labor below the newly established price unemployable. If a minimum wage lifted poor people out of poverty, why stop at the Democrat’s proposed $6.85 per hour? Why not increase it to, say, $100 per hour?

    Low-paid laborers need the opportunity to gain experience and develop the skills necessary to acquire high paying jobs. By increasing the minimum wage, these Ohioans will be hard-pressed to find an opportunity to get that chance.

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