Believe or Not There is a Pro-Penny Lobbying Group and Other Random Stuff
School has been particularly hellish over the past two weeks and probably won’t be letting up until Dec. 21st after my last final. By here are a few random things for now until I make some time to write something real (and by real I mean more than a few paragraphs).
First here is a really interesting post on Marginal Revolution about discrimination against Asian Americans in the college admissions process: http://marginalrevolution.com/marginalrevolution/2011/12/dont-check-asian.html
Basically a Sociologist at Princeton found that Asian-Americans needed a 1550 on the SATs to have an equivalent chance of getting into a prestigious university as a white person with a 1410 (the data are from 1997 so they use the old SAT scale).
Second, its seems as if that the movement to end the penny has gained some momentum again. Here is a blurb by the economist Greg Mankiw in support of ending the penny: http://gregmankiw.blogspot.com/2006/04/get-rid-of-penny.html.
And of course it doesn’t take an economist to know that if it costs more than the value of a penny to produce a penny, it probably makes sense to phase it out. But herein lies a more interesting question. Why does the penny still exist? Well one potential answer that I recently found out about is that there is a pro-penny lobbying outfit. Here is a link:
Unsurprisingly, the outfit is largely funded by the zinc industry.