I can never join with my voice in the toast
which I see in the papers attributed to one of our gallant naval heroes.
I cannot ask of heaven success, even for my country,
in a cause where she should be in the wrong.
Fiat justitia, pereat coelum.
My toast would be, may our country always be successful,
but whether successful or otherwise,
always right.
John Quincy Adams
Image of the Day
If candy companies can shrink candy bars, imagine what Bernanke can do with his shrink ray machine, i.e., the printing press.
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| Courtesy of Lord of the Lease |
Forthcoming: The Chicago Lawyers’ Chapter of the Federalist Society: Resolved:
Those who have traded liberty for security will soon find they have neither.
C'est vrai.
How the Dismal Science (Economics) Got Its Name (Re: Slavery)
HT Don Boudrreaux of Cafe Hayek
Boudreaux and Unpaid Interns
One of my favorite classical liberal (free market) economists, Don Boudreaux of George Mason, seems to have started a little kerfuffle defending unpaid internships. The standard "progressive" standpoint is that unpaid interns are "exploited", but really compensation can take several forms. Many of us volunteer, write free research articles, blogs/posts/comments, etc. It's fungible; you can establish professional contacts, fulfill job service requirements (e.g., academic journal or conference reviewer), build up an audience for future books or products, establish a record to get into a competitive college or to run for political office or get a foot in the door of a prospective employer where you have a leg up over competitor applicants. Don has a tongue-in-cheek post on this entitled "I Received No Payment to Write this Post (The Horror!)" Here is one of his more serious posts on the issue.
I would have paid money to have been a batboy for a major league baseball team growing up or chase down tennis balls at Wimbledon; I used to serve as an altar boy at daily mass on base. Just because I haven't been paid for a lot of work I've done (including this blog) doesn't mean I haven't gotten benefits of a different kind. Sometimes benefits are deferred; for instance, one of my nephews, a college graduate of engineering, did some summer internships and got some lucrative job offers during his senior year. If interns didn't get some benefit from the experience, they won't apply and/or can quit.
If and when policymakers intervene on voluntary contracts, all they will achieve is to lessen or perhaps put an end to the incentive to make internships available; for example, why train or otherwise mentor a talent whom may not even take a position with the firm if or when he or she graduates? I was 21 with 2 degrees and very high GPA's (before the massive grade inflation over the past 2 decades); during my next 7 months after my second graduation, I only got one job interview/offer. In hindsight, I would have paid a company to give me an internship, because I had no job experience beyond academic work/study experience.
Randal O'Toole/Cato Institute, A Sustainability Sideshow: Thumbs UP!
I haven't checked to see if the Google audible reader widget is working again, but the Cato widget has improved since I last used it. There are a few points to note here: one is that only about 1% of the population uses mass transit--less than decades ago; next, the pushing-on-a-string megalomaniac urban planning: when "progressive" politicians imprison city limits in red tape, what is the need for further policy? The Eagles were right: you can always check in but you can never check out. I also like the example of Lafayette, LA where the "progressive" version of democracy is choosing one of central planning's suboptimal choices; "none of the above" is not on the ballot.
The Benefits of Free Trade
Coming Attractions
Military Family Dads Coming and Going
"Don't let any beasts eat you".... Don't you remember when you were a little kid, the highlight of the day was when Daddy came home...now imagine if you wouldn't see him for months....
Political Cartoon
"Go straight to jail; pay 200 pounds."
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| Courtesy of Robert Ariail and Townhal |
The Beatles, "Eight Days a Week"
