1. Venn Diagram of the Day (above). Does a $15 an hour minimum wage have negative employment effects of not? See related CD post from earlier today here.
2. Index Card with All the Financial Advice You’ll Ever Need (above), a good time to revisit, via today’s Washington Post (and featured on CD in 2013).
3. Five Quick Reasons Why Socialism Always Fails: a) High tax rates, b) Victim mentality, c) Subsidizes failure, penalizes success, d) Economic calculation problem and e) Leads to tyranny. Source.
4. Two Examples of Socialist Failures:
Exhibit A: US Post Office Can’t Even Meet Its Own Lower Standards as Late Mail Soars
Exhibit B: Venezuela Is Adding More Zeroes to Its Currency to Deal With Hyperinflation
5. Quotation of the Day on Socialism, from Kevin D. Williamson writing in National Review: “The price of free stuff ends up being terribly high.”
Exhibit A: Venezuela
6. Markets in Everything. Purdue University President Mitch Daniels wants to introduce Income Share Agreements (ISA), which would allow private investors to buy shares of a Purdue student’s future income for a fixed period of time in exchange for covering the cost of tuition.
7. Portrait of a Crony Capitalist Taken Down by the Free Market. Bloomberg profiles “The Struggles of New York City’s Taxi King” as he battles ride-sharing services like Uber, here’s a key excerpt:
There are 13,587 yellow cabs in New York City. That’s not many more than there were when the modern taxi industry was born almost 80 years ago. In 1937 the city created the medallion system that remains in place today. Until 1996, the number of medallions in circulation remained exactly 11,787. Because the system artificially depressed supply, taxi drivers stayed busy and medallions became more valuable.
And then came a gale of creative destruction in the form of Uber (and Lyft, Sidecar, Gett, etc.).
8. The Economics of In-Flint Wi-Fi. The main provider Gogo uses dynamic pricing and has raised prices overall in response to higher demand, via NYTimes.
9. Technology Breakthrough: Nairobi’s Ad-Hoc, App-Based Bus Network Becomes the First Informal Transit System to Be Launched on Google Maps, via Wired.
10. Video of the Day (below). Classic Milton Friedman on the minimum wage. “Programs designed to help the poor (like the minimum wage) almost always have effects exactly the opposite of those their well-intentioned sponsors intend them to have. The minimum wage law is most properly described as a law saying that employers must discriminate against workers who have low skills.”
from AEI » Latest Content http://ift.tt/1JAE9a6
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