Sunday morning links

1. Venn Diagram of the Day inspired by Arthur Brooks’s op-ed in the NY Times “Academia’s Rejection of Diversity,” here are a few key sentences:

New research shows that academia has itself stopped short in both the understanding and practice of true diversity — the diversity of ideas — and that the problem is taking a toll on the quality and accuracy of scholarly work.

…..

Many academics and intellectuals see their community as a major force for diversity and open-mindedness throughout American society, and take justifiable pride in this image. Now they can be consistent and apply those values to their own profession, by celebrating ideological diversity.

MP: If you read some of the 800+ comments, you’ll find a lot of people who are not keen on celebrating ideological diversity, confirming much of what Arthur writes about in his op-ed.

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2. Chart of the Day I (above). The EIA released new data this week showing that America’s net petroleum imports fell below 25% this year (through September) for the first time since 1971. What accounts for the lowest dependence on foreign sources of petroleum in 44 years? It’s not because of any centrally planned government policy in Washington like the Renewable Fuel Standard program, or taxpayer subsidies of other renewable energies. America is more energy secure today than any time since the early 1970s thanks to the old-fashioned American free-market ingenuity that unlocked our country’s abundant shale resources.

3. On Energy Security, Obama Should Follow David Cameron’s Example, that’s the title of my op-ed in the Washington Examiner, here’s a slice:

Less than a decade ago U.S. energy security was in crisis. Domestic oil production had been declining steadily from a peak of 10 million barrels per day in 1970 to only half that amount in 2005. Our reliance on oil imports and OPEC had risen to an all-time high ten years ago. U.S. natural gas production had been flat for more than 30 years and was slipping behind growing domestic demand. We were on track to become a major natural gas importer, a future that energy experts the world over agreed was nearly inevitable.

Despite countless promises about breaking — or at least significantly reducing — our reliance on overseas energy sources, our energy security was going from bad to worse. Fortunately, innovation, “petropreneurship” and free market capitalism had other plans.

The oil and gas industry’s “Thank You” from the president for the most remarkable energy success story in U.S. history? Try new regulations governing hydraulic fracturing on federal lands, newly proposed methane and ozone regulations, blocking the Keystone XL pipeline and the threat of a veto to block any legislation that would lift the crude export ban.

4. Seattle’s $15 Minimum Wage (Economic Death Wish): “No matter how it ends up happening, it will be a detriment to the community and the city,” writes Clinton Alexander, who lives and works in the Seattle area and has managed and advised small family businesses for 20 years. Here’s the conclusion of his article “Seattle’s Coming $15 Minimum Wage“:

As voices cry ever louder for an increased federal minimum wage, the stories of small businesses across the nation need to be brought into the spotlight — businesses reaching out to unskilled youth willing to put in time training. Companies managing a tight bottom line can’t handle the extra expense of yet another increase in wages.

The heart of our nation does not lie within the halls of Congress but rather in the bakeries, pizza shops, recycling centers, and myriad other small businesses. It is not in the backroom deals between politicians where the effects of these laws will be felt, but rather in the checking accounts of struggling businesses.

5. Great Moments in Excessive Government Regulation: In Iowa, braiding hair without a permission slip from the government (cosmetology license) is a crime, punishable by up to one year in prison and civil fines as high as $10,000. Thankfully, the Institute for Justice just filed a civil rights lawsuit against the Iowa Board of Cosmetology Arts & Sciences on behalf of two hair braiders, see Forbes article here and Des Moines Register editorial here.

Thanks to the ongoing legal advocacy efforts of the Institute for Justice on behalf of small businesses and entrepreneurs, economic freedom in America gets a little better every time IJ wins a case, let’s hope they prevail again this time in Iowa.

6. Government As a Protection Racket.  From Kevin Williamson’s National Review article “The Public Sector: Standing in Our Way until We Pay Up“:

When it comes to government, if you aren’t involved in the provision of actual public goods, you are involved in extortion. It may be legal. It may have the blessing of the mayor, the city council, and your union representative, but it’s still extortion. And you should be ashamed of yourself. If your only purpose is getting in the way until somebody hands you money, then you are part of a protection racket. And you might want to think about going into a more honorable line of work.

7. Picketty Gets it So Wrong: 69% of the 2015 Forbes 400 are self-made, up from less than 50% in 1984:

This year, we gave each member of The Forbes 400 a score on a scale from 1 to 10 — a 1 indicating the fortune was completely inherited, while a 10 was for a Horatio Alger-esque journey.  We also did the analysis for every 10 years going back to 1984. Looking at the numbers over time, the data lead us to an interesting insight: in 1984, less than half of people on The Forbes 400 were self-made; today, 69% of the 400 created their own fortunes.

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8. Chart of the Day II (above). The six-fold increase in corn yields from an average of 27 bushels per acre between 1886 to 1950 to 171 bushels per acre last year and an estimated 167.50 bushels per acre this year.

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9. Chart of the Day III (above). We hear a lot about stagnant US wages, but real personal income tells a much different story of above-average growth. According to data released Friday by the BEA, real personal income increased by 3.9% in September compared to the same month a year ago, marking the 12th straight month of above average growth (3.27% from 1960 to 2015). The last time there were 12 straight months of above average growth was in 2006, and the last time before that was a 19-month period from 1999-2001 at the end of the longest economic expansion in US history.

10. Video of the Day (below). “Daylight Saving” movie trailer.

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