Archive for 2015

IT’S BEEN “SWOONING” ALL ALONG. THEY JUST KEEP PROPPING IT UP. IT’S THE WEEKEND AT BERNIE’S ECONOMY: Obama economy swoons again.

In an ominous sign for the U.S. economy, one of the few bright spots in early 2015 was revised away in Friday’s jobs report.

Now, signs point to a risk of commerce slowing and growth stagnating throughout the year, a year that President Obama and others hoped would be the long-awaited breakout for the still-damaged U.S. economy.

The Labor Department reported Friday that the U.S. added only 126,000 jobs in March, the fewest in 15 months. Even worse, it marked down its estimates for the past two months, meaning that job gains averaged less than 200,000 for the first three months of the year — well below the relatively strong 260,000 rate for 2014 and close to the average for 2013.

Friday’s report brought the jobs numbers into alignment with a number of other disappointing or outright negative economic data points from recent weeks, including falling retail sales, slowing manufacturing activity and weak industrial production.

“Bad luck.”

DEBORAH JONES MERRITT: The Ethics of Academia.

Once upon a time, we marketed law schools with a printed brochure or two. That changed with the advent of the new century and the internet. Now marketing is pervasive: web pages, emails, blog posts, and forums.

With increased marketing, some educators began to worry about how we presented ourselves to students. As a sometime social scientist, I was particularly concerned about the way in which some law schools reported median salaries without disclosing the number of graduates supplying that information. A school could report that it had employment information from 99% of its graduates, that 60% were in private practice, and that the median salary for those private practitioners was $120,000. Nowhere did the reader learn that only 45% of the graduates reported salary information. [This is a hypothetical example; it does not represent any particular law school.]

I also noticed that, although law schools know only the average “amount borrowed” by their students, schools and the media began to represent that figure as the average “debt owed.” Interest, unfortunately, accumulates while a student is in law school, so the “amount borrowed” significantly understates the “debt owed” when loans fall due.

Other educators worried about a lack of candor when schools offered scholarships to students. A school might offer an attractive three-year scholarship to an applicant, with the seemingly easy condition that the student maintain a B average. The school knew that it tightly controlled curves in first-year courses, so that a predictable number of awardees would fail that condition, but the applicants didn’t understand that. This isn’t just a matter of optimism bias; undergraduates literally do not understand law school curves. A few years ago, one law school hopeful said to me: “What’s the big deal about grade competition in law school? It’s not like there’s a limit on the number of A’s or anything.” When I explained the facts of law school life, she went off to pursue a Ph.D. in botany.

And then there was the matter of nested statistics. Schools would report the number of employed graduates, then identify percentages of those graduates working in particular job categories. Categories spawned sub-categories, and readers began to lose sight of the denominator.

Yeah, I’m not sure that was an accident.

HILLARY CLINTON HARDEST HIT: Simple Facial Scans Reveal How Fast a Person Is Aging. “Researchers have found that simple 3-D image scans of people’s faces can determine a person’s “biological age” more reliably than blood samples can. This technology could help doctors assess patients’ risk of age-related diseases and evaluate the efficacy of treatments. . . . Using facial photos researchers mapped each face’s biological landmarks like the eyes, nose and mouth as reference points. By measuring the distances between facial landmarks in young and old people, reliable patterns of aging emerged. As people get older, researchers found, the mouth elongates and the nose becomes wider, the corners of eyes droop, and the face starts to sag as fat accumulates in the cheeks. Four measurements — mouth width, nose width, mouth-nose distance and eye droop — were key indicators, shared by both sexes, of the aging process at work.”

NANOTECHNOLOGY UPDATE: Cotranscriptional folding of single RNA strand added to nanotechnology toolkit. “Since genetic information and the catalysis of chemical reactions are the two most basic functions of the molecular machinery of life, it is of considerable interest to explore what role RNA nanotechnology could play in developing the artificial molecular machine systems that will lead both to near term advances in various areas of nanotechnology and to the ultimate development of high-throughput atomically precise manufacturing (APM). Structural DNA nanotechnology predates RNA nanotechnology by a decade or more, and one of the key developments in building more complex nanostructures and devices from DNA has been DNA origami. So, what might we expect from last summer’s introduction of RNA origami?”

DOES ACME SELL ONE OF THESE? Watch This Man Ice Skate Propelled by a Chainsaw. “Swedish skier Erik Sunnerheim made this video in which he uses the saw’s teeth to pull himself around the frozen surface of a lake. There are so, so many things that could go wrong here, but getting to watch a professional crazy person pull it off it pretty amazing.”

STATINS AND YOUR SEX LIFE: “On the plus side, some men report improved erections when their high cholesterol was treated with statins, said Dr. Steven Nissen, chairman of the department of cardiology at the Cleveland Clinic. It is plausible that lowering cholesterol improves the function of the cells that line blood vessels, which could help erectile function, he said. But a 2008 report from the University of California, San Diego, tells a different story. Researchers looked at statin use and sexual function in 1,000 men and women, half of whom were given a statin and half of whom took a placebo. Over all, men on statins were about twice as likely as those taking placebos to report that their ability to achieve orgasm had become ‘somewhat worse’ or ‘much worse.'”

THEY LOVE ANY SPEECH THAT THEY CONTROL, AND HATE ANY SPEECH THAT THEY DON’T: Jazz Shaw: The Left’s new love of corporate speech. “I realize that the board is probably composed of primarily older, more experienced folks who might not be as comfortable with modern technology as the millennials on their staff, but has anyone stopped by to remind them that their columns don’t just disappear once they are printed? This complete, unabashed reversal of their position demonstrates the lack of serious conviction or consistency inside the narrative ‘journalism’ movement when it comes to accomplishing their goals. The corporate fat cats are the embodiment of evil when they apply their fiscal muscle to principles which are unpopular with progressives. But if they speak out on a subject which is popular with the correct people they are suddenly important and influential voices on the public stage.”

SUBSIDIES EMPOWER POLITICIANS BUT PRODUCE WASTE: California’s Real Water Problem:

California’s problem is not that it doesn’t have enough water to support its population. Rather, the problem is that its population uses more water than it has to. And the reason people do this is that water in California is seriously underpriced, as Marginal Revolution’s Alex Tabarrok notes. While the new emergency rules do include provisions for local utilities to raise rates, that would still leave water in the state ludicrously mispriced. According to Tabarrok, the average household in San Diego pays less than 80 cents a day for the 150 gallons of water it uses. This is less than my two-person household pays for considerably less water usage, in an area where rainfall is so plentiful that the neighborhood next door to me has a recurrent flooding problem.

Artificially cheap water encourages people to install lush, green lawns that need lots of watering instead of native plants more appropriate to the local climate. It means they don’t even look for information about the water efficiency of their fixtures and appliances. They take long showers and let the tap run while they’re on the phone with Mom. In a thousand ways, it creates demand far in excess of supply.

Having artificially goosed demand, the government then tries to curb it by mandating efficiency levels and outlawing water-hogging landscaping. Unfortunately, this doesn’t work nearly as well as pricing water properly, then letting people figure out how they want to conserve it.

Well, would pricing water fairly produce sufficient opportunities for graft? If not, forget it.