1. Chart of the Day (above). See the trend in college grade inflation over time in the chart above, via the GradeInflation.com website, maintained by retired Duke University professor Stuart Rojstaczer. Note the reversal:
1950s: Cs > Bs > As
1960s: Bs > Cs > As
1980s: Bs > As > Cs
2000s: As > Bs > Cs
2. Venn Diagram of the Day (above). Results trump intentions.
3. Markets in Everything. “Hello Alfred” is a single portal for all of your errands and home service needs, see website here and Tech Chrunch article here.
4. Socialism Kills. Motorcycles are very popular in Venezuela and shortages of spare parts in the recession-plagued country are so acute that bike riders are being killed for their motorcycles.
5. Chart of the Day II (above). The Conference Board released its monthly Employment Trends Index (ETI) today for April, and it reached the highest level last month since March 2007, slightly more than 8 years ago. The ETI is an aggregated composite labor market index based on eight individual labor-market indicators, and April’s increase in the ETI was driven by positive contributions from seven of the eight components.
6. More Job Market Good News. The class of 2015 will enter what economists say is the best job market for new college graduates in nearly a decade, as the improving US economy and accelerating retirements of baby boomers create job openings across many fields.
7. How much oil does the Bakken Formation have? The most recent estimate of proved reserves is just under 6 billion barrels for the entire Williston Basin, which includes the Bakken, and another 3.5 billion to 4.1 billion barrels of “undiscovered and technically recoverable” oil. At the current rate of about 1 million barrels per day, that would mean that drilling will go on for another 16 years or so.
8. Chart of the Day III (above). Note the downward trend in US real GDP per capita over the last 60 years. Is that because economic growth is slowing down/stagnating or because: a) GDP doesn’t accurately capture quality improvements over time and b) more economic value is being created today that isn’t captured by GDP accounting (more non-market production of services that don’t involve direct payments via a market-based exchange)?
9. Vanguard Updates: a) May 1 marked the 40th anniversary of the day in 1975 when Vanguard launched what is now the world’s largest mutual fund company. But there was no party, no cake, no fanfare. At Vanguard, they’re too cheap to spend dollars on a frivolous celebration, and that’s just one example of how it keeps its expense ratios so low (0.18% vs. industry average of 1.02%), b) Here are “6 ways Vanguard has changed the way people invest,” and c) Mutual fund and E.T.F. fees have dropped by 27% over the last 10 years, but not because Wall Street fund managers have been reducing fees. It’s because investors have been voting with their feet, moving money from expensive funds into cheaper ones, like [Vanguard] index funds and that drives down the average fees for mutual funds.
Economic Lesson: Low-cost industry leaders like Vanguard and Walmart generate benefits not just for Vanguard investors or Walmart shoppers, but they also generate benefits across the board by imposing discipline on their competitors. Vanguard’s low fees force other mutual fund companies like Fidelity to lower their fees, and Walmart’s low prices force other retailers like Target to lower their prices. We’re all better off today because of Vanguard and Walmart, even if we invest and shop elsewhere – thanks to the power of “everyday low fees” and “everyday low prices.”
10. Video of the Day (below). Charles Murray and Jonah Goldberg on civil disobedience in America.
from AEI » Latest Content http://ift.tt/1GZqQur
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