Grade inflation: affine linearly increasing at about the same rate in each of the big athletic conferences. As a teacher, I can say that in practice education is becoming an increasingly consumer service whereas in theory it is more appropriately viewed as an investment. Students feel entitled (partly by high and rising tuition) to both a degree and a particular GPA. Of course, this view is not sequentially rational, since that will just debase the value of both, but the individual student has no incentive to be too concerned with the long run. With growing emphasis on student evaluations for jobs and tenure, professors no longer have a strong incentive to be credible gatekeepers.
More on China's Currency (by the Economist, here; and Menzie Chinn here)
Immigrants' unemployment surpasses natives' for the first time since 2003 (Economix)
Tuesday, March 23, 2010
Sunday, March 21, 2010
- Should we ban bluefin trade? (No, we should find a way to allocate marine property rights more efficiently, but there's some discussion here, here, and here)
- (Locally) upward sloping demand for spending time playing video games?
- A very bad response to Krugman's China-bashing
- Where does US foreign aid go? (Hint: The "Pottery Barn" rule)
- Think term limits will curb special interests and improve government? Think again.