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As an economist, whenever I hear the word shortage I wait for the other shoe to drop. That other shoe is usually price control.
Thomas Sowell
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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Wait
Usually
Shortage
Control
Shoe
Hear
Economist
Waiting
Drop
Word
Price
Whenever
Shoes
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Anyone who does not understand the utter cynicism of politics does not understand politics.
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If politicians were serious about day care for children, instead of just sloganizing about it, nothing they could do would improve the quality of child care more than by lifting the heavy burden of taxation that forces so many families to have both parents working.
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Ideas are everywhere, but knowledge is rare.
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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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Central planning, judicial activism, and the nanny state all presume vastly more knowledge than any elite have ever possessed.
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One of the most fashionable notions of our times is that social problems like poverty and oppression breed wars. Most wars, however, are started by well-fed people with the time on their hands to dream up half-baked ideologies or grandiose ambitions, and to nurse real or imagined grievances.
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Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.
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By the end of the 20th century, liberals had again discredited themselves, to the point where they went back to calling themselves progressives to escape their past, much as people do when they declare bankruptcy.
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An inmate in a Florida prison wrote to agree with me on the availability of guns, saying that a 'criminal can and will get a stolen gun faster than you can get your car washed.' He also points out that many criminals prefer guns gotten illegally, since they will be harder to trace.
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The economic disasters of socialism and communism come from assuming a blanket superiority of those who want to run a whole economy.
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The political left has been weak on protecting society from criminals for more than two centuries.
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You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing.
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You need only visit campuses where whole departments feature soft courses preaching a sense of victimhood and resentment, and see the consequences in racial and ethnic polarization on campus.
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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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