Sunday, May 11, 2008

Socialists are just plain evil

How do you punish a university that wants to make education free for the poor? By taxing them:
Massachusetts legislators, demonstrating a growing resentment against the wealth of elite universities in tight economic times, are studying a plan to levy a 2.5% annual tax on the portion of college endowments that exceed $1 billion.
And all this because the state government has run out of other people's money. Here's a hint: either spend less or spend more efficiently.

Greg Mankiw suggests what would be almost an almost Randian move: move Harvard somewhere where legislators know to keep their hands off (not that such a place exists). The Economist argues that such a move might not be economically sound. Sound or not in the short run, letting politicians know their place is good for the economy in the long run.

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