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A shortage is a sign that somebody is keeping the price artificially lower than it would be if supply and demand were allowed to operate freely.
Thomas Sowell
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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Sign
Allowed
Artificially
Price
Shortage
Demand
Operate
Somebody
Freely
Would
Supply
Lower
Keeping
More quotes by Thomas Sowell
If the battle for civilization comes down to the wimps versus the barbarians, the barbarians are going to win.
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Whenever someone refers to me as someone who happens to be black, I wonder if they realize that both my parents are black. If I had turned out to be Scandinavian or Chinese, people would have wondered what was going on.
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American prosperity and American free enterprise are both highly unusual in the world, and we should not overlook the possibility that the two are connected.
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Mystical references to society and its programs to help may warm the hearts of the gullible but what it really means is putting more power in the hands of bureaucrats.
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Even squirrels know enough to store nuts, so that they will have something to eat when food gets scarce. But the welfare state has spawned a whole class of people who spend everything they get when times are good, and look to others to provide for their food and other basic needs when times turn bad.
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Life has many good things. The problem is that most of these good things can be gotten only by sacrificing other good things. We all recognize this in our daily lives. It is only in politics that this simple, common sense fact is routinely ignored.
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The next time some academics tell you how important diversity is, ask how many Republicans there are in their sociology department.
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No society ever thrived because it had a large and growing class of parasites living off those who produce.
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No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind.
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Those who cry out that the government should 'do something' never even ask for data on what has actually happened when the government did something, compared to what actually happened when the government did nothing.
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The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
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Ideas are everywhere, but knowledge is rare.
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There are few things more dishonorable than misleading the young.
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If increased government spending with borrowed or newly created money is a 'stimulus,' then the Weimar Republic should have been stimulated to unprecedented prosperity, instead of runaway inflation and widespread economic desperation that ultimately brought Adolf Hitler to power.
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You don't send people to prison on the basis of what other people imagine, or on the basis of media sound bites like 'shooting an unarmed child,' when that 'child' was beating him bloody.
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The government is indeed an institution, but the market is nothing more than an option for each individual to chose among numerous existing institutions, or to fashion new arrangements suited to his own situation and taste.
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In the United States, liberals have made it virtually impossible [to increase the supply of oil] by banning drilling in all sorts of places and preventing any new refinery from being built anywhere in the country in the last 30 years.
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In the wake of the housing debacle in California, more people are buying less expensive homes, making bigger down payments, and staying away from 'creative' and risky financing. It is amazing how fast people learn when they are not insulated from the consequences of their decisions.
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The difference between a policy and a crusade is that a policy is judged by its results, while a crusade is judged by how good it makes its crusaders feel.
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In this era of political correctness, some people seem unaware that being squeamish about words can mean being blind to realities.
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