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The first rule of economics is that there is an infinite number of desires chasing a finite number of goods, services and resources. The first rule of politics is to ignore the first rule of economics.
Thomas Sowell
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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Firsts
Economics
First
Rule
Infinite
Chasing
Resources
Finite
Number
Services
Numbers
Ignore
Politics
Goods
Desire
Desires
More quotes by Thomas Sowell
Government's power to bully people who have broken no law is dangerous to all of us.
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Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature.
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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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What is politically defined as economic planning is the forcible superseding of other people's plans by Government officials.
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You cannot subsidize irresponsibility and expect people to become more responsible.
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When people get used to preferential treatment, equal treatment seems like discrimination.
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Child poverty in the United States declined after the work requirement was put in there. People realized that they had to work and people went out and worked and they got off welfare.
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The government does not have some magic wand that can 'bring down the cost of health care.' It can buy a smaller quantity or lower quality of medical care, as other countries with government-run medical care do.
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When all is said and done, the Constitution of the United States is a set of words on a piece of paper. The only way that the Constitution can protect us is if we protect the Constitution.
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An independent judiciary does not mean judges independent of the Constitution from which they derive their power or independent of the laws that they are sworn to uphold.
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Government central planning means over-riding other people's plans.
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People who know nothing about advertising, nothing about pharmaceuticals, and nothing about economics have been loudly proclaiming that the drug companies spend too much on advertising - and demanding that the government pass laws based on their ignorance.
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The time is long overdue to stop looking for progress through racial or ethnic leaders. Such leaders have too many incentives to promote polarizing attitudes and actions that are counterproductive for minorities and disastrous for the country.
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Much of the world today, including the United States, is still living in the social, cultural, and political aftermath of Britain's cultural achievements, its industrial revolution, its government of checks and balances, and its conquests around the world.
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Bailing out people who made ill-advised mortgages makes no more sense that bailing out people who lost their life savings in Las Vegas casinos.
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Balanced budget requirements seem more likely to produce accounting ingenuity than genuinely balanced budgets.
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The anointed don't like to talk about painful trade-offs. They like to talk about happy solutionsthat get rid of the whole problem- at least in their imagination.
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It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
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There are only two ways of telling the complete truth - anonymously and posthumously.
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Nobody is equal to anybody. Even the same man is not equal to himself on different days.
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