Apr 17, 2024
THOMAS SOWELL
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THOMAS SOWELL
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if you put a buck in my cup, i will stfu. but you ain't gotta be a baller, to give me a motherfuckin dollar
Thomas Sowell
One of America's top social scientists on what has changed since he sat down with Reason 38 years ago.
“We have a seemingly quite different president now, Donald Trump. Yet in this regard there is a striking similarity in his dismissal of personal achievement. He says to Jeff Bezos, "You didn't create Amazon. Subsidies from the Post Office did." He takes that as a premise for threatening firms and even whole sectors of the economy with a variety of ad hoc regulatory attacks.
That's true. The fact that we don't have people who are educated to be able to analyze arguments but who are swept along by rhetoric is one of the reasons that allows people to get away with these kinds of things.
(…)
Thoughts on the Trump trade war?
Oh my gosh, an utter disaster. I happen to believe that the Smoot-Hawley tariffs had more to do with setting off the great depression of the '30s than the stock market crash. Unemployment never reached double digits in any of the 12 months that followed the crash of October 1929, but it hit double digits within six months of passage of Smoot-Hawley, and stayed there for a decade.
What about the view by President Trump that other countries are ripping us off by running trade surpluses?
It's pathetic. The very phrase "trade surpluses" gives half a story. There are countries that supply mainly goods, physical goods, and there are other things like services that other countries provide, and the United States gets a lot of money from providing services. To talk about one part of the trading and ignore the other part fails to understand that money is money no matter whether it's from goods or services.
When you set off a trade war, like any other war, you have no idea how that's going to end. You're going to be blindsided by all kinds of consequences. You do not make America great again by raising the price to Americans, which is what a tariff does.”
Political boundaries of nations may be important for other reasons, but they have no economic meaning whatever. The upshot is that protectio
“The upshot is that protectionism is not only nonsense, but dangerous nonsense, destructive of all economic prosperity. We are not, if we were ever, a world of self-sufficient farmers. The market economy is one vast latticework throughout the world, in which each individual, each region, each country, produces what he or it is best at, most relatively efficient in, and exchanges that product for the goods and services of others. Without the division of labor and the trade based upon that division, the entire world would starve. Coerced restraints on trade—such as protectionism—cripple, hobble, and destroy trade, the source of life and prosperity. Protectionism is simply a plea that consumers, as well as general prosperity, be hurt so as to confer permanent special privilege upon groups of inefficient producers, at the expense of competent firms and of consumers. But it is a peculiarly destructive kind of bailout, because it permanently shackles trade under the cloak of patriotism.”
Why do some restaurants play music more suitable for the young people who work there than for the middle-aged people who eat there?
- Thomas Sowell
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Church of the Highlands Associate Pastor Mayo Sowell Leaving to Launch His Own Church
Church of the Highlands Associate Pastor Mayo Sowell Leaving to Launch His Own Church
Church of the Highlands associate pastor Mayo Sowell (left), wife Kia, and senior Pastor Chris Hodges announce the Sowells are leaving COH to launch their own church in Atlanta. Mayo Sowell first heard the call almost three years ago. God’s call. It stirred him and wouldn’t quiet. Even after the former Auburn linebacker—and former drug dealer, he comfortably shares—responded. Or thought he…
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Upercent & Santiago Garcia - Sowell
HOUSE
2020-11-13
How to Easily Debunk Marxism
"The most spectacularly successful political doctrine ... in the twentieth century was Marxism, based on the implicit presumption that differences in wealth were due to capitalists growing rich by keeping the workers poor, through 'exploitation.'" ---Discrimination and Disparities by Thomas Sowell Peter: Now what was wrong with that assumption? Tom: Well it sounded good like so many others, but uh- It simply was never put to any test. Now, the test I suggest there is a simple one, but it is a test. And if it's true that the rich are rich because they're keeping the poor poor, then in a country with lots of billionaires you'd correspondingly have great amounts of poor people. But if you compare the actual data, there are more billionaires in the United States than in Africa and the middle east put together. And yet the standard of living of the poor in the United States is higher than that of the people in Africa and the middle east. So by that simple standard, it just doesn't hold up. ---Uncommon Knowledge with Peter Robinson