I can understand concerns about immigration. I can understand complaints about immigrants. What I can’t understand is indifference to the mind-boggling potential benefits of immigration. The knowledge that we’re sitting on an ocean of talent should haunt great minds day and night. They should pace around their offices telling themselves, “There’s got to be a way to unlock these wasted trillions of dollars of human potential. There’s just got to be a way.” They should publicly propose and debate solutions, always on the look-out for any idea that “just might work.” Keyhole solutions should be on the lips of every intellectually engaged human being.
J. Huston McCulloch explains two fallacies about minimum-wage legislation. McCulloch does an especially nice job explaining some of the weaknesses in the pro-minimum-wage argument that relies upon the alleged existence of monopsony power in the market for low-skilled workers.
Randy Holcombe likes Peter Schweizer’s new book, Extortion. (This book is very much in the tradition of Fred McChesney.) A slice from Randy’s short review:
Political “contributions,” Schweizer notes, are often viewed as bribes given to politicians in exchange for favorable treatment. In fact, these transfers of funds are more typically demanded by politicians, either in exchange for legislative, regulatory, or other benefits, or in an attempt by the payee to avoid being harmed by some government action.
Bribery and extortion look similar, the difference being who initiates the transaction. Schweizer argues that as politics has evolved in Washington, it is the “permanent political class” who demands payment for the services they provide.