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The Massachusetts Institute of Technology accepts blacks in the top ten percent of students, but at MIT this puts them in the bottom ten percent of the class.
Thomas Sowell
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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Percent
Massachusetts
Accepting
Accepts
Technology
Blacks
Economy
Institute
Class
Puts
Ten
Bottom
Students
Mit
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A passionate commitment to social justice is no substitute for knowing what the hell you're talking about.
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Our economic problems worry me much less than our political solutions, which have a far worse track record.
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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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Weighing benefits against costs is the way most people make decisions - and the way most businesses make decisions, if they want to stay in business. Only in government is any benefit, however small, considered to be worth any cost, however large.
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The demands of unbounded individualism need to be weighed in the light of inherent social constraints which can only change their form but cannot be eliminated without eliminating civilization.
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People who decry the fact that businesses are in business just to make money seldom understand the implications of what they are saying. You make money by doing what other people want, not what you want.
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What makes it possible for politicians to do so many things that are economically counterproductive is that neither the public nor the media know enough of the basics to understand what's wrong with what they're saying.
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The fact that the market is not doing what we wish it would do is no reason to automatically assume that the government would do better.
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Too much of what is called 'education' is little more than an expensive isolation from reality.
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In the long run, the greatest weapon of mass destruction is stupidity.
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The curse of the intelligentsia is their ability to rationalize and re-define. Ordinary people, lacking that gift, are forced to face reality.
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Social Engineering - The art of replacing what works with what sounds good.
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There is usually only a limited amount of damage that can be done by dull or stupid people. For creating a truly monumental disaster, you need people with high IQs.
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The more people who are dependent on government handouts, the more votes the left can depend on for an ever-expanding welfare state.
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Some of the most vocal critics of the way things are being done are people who have done nothing themselves, and whose only contributions to society are their complaints and moral exhibitionism.
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Riskier mortgage lending practices, imposed by government, were what set the stage for many mortgage payments to stop and thus for the financial disasters that followed. Political rhetoric, echoed in the media, seeks to obscure that painfully plain fact.
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