Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
Thomas SowellThe poverty rate among black married couples has been in single digits ever since 1994. You would never learn that from most of the media. Similarly you look at those blacks that have gone on to college or finished college, the incarceration rate is some tiny fraction of what it is among those blacks who have dropped out of high school. So itโs not being black; itโs a way of life. Unfortunately, the way of life is being celebrated not only in rap music, but among the intelligentsia, is a way of life that leads to a lot of very big problems for most people.
Thomas SowellEven if the government spends itself into bankruptcy and the economy still does not recover, Keynesians can always say that it would have worked if only the government had spent more.
Thomas SowellSomeone once defined a social problem as a situation in which the real world differs from the theories of intellectuals. To the intelligentsia, it follows, as the night follows the day, that it is the real world that is wrong and which needs to change.
Thomas Sowell