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 SowellUnfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a workerโs productivity worth that amountโand, if it is not, that worker is unlikely to be employed.
Thomas SowellThe sad and tragic fact is that the civil rights movement, despite its honorable and courageous past, has over the years degenerated into a demagogic hustle, promoting the mindless racism they once fought against.
Thomas SowellOne of the bitter ironies of the 20th century was that communism, which began as an egalitarian doctrine accusing capitalism of selfishness and calloused sacrifices of others, became in power a system whose selfishness and callousness toward others made the sins of capitalism pale.
Thomas Sowell