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.
Thomas SowellIt is so easy to be wrong-and to persist in being wrong-when the costs of being wrong are paid by others.
Thomas SowellThe curse of the intelligentsia is their ability to rationalize and re-define. Ordinary people, lacking that gift, are forced to face reality.
Thomas SowellEgalitarians create the most dangerous inequality of all - inequality of power. Allowing politicians to determine what all other human beings will be allowed to earn is one of the most reckless gambles imaginable. Like the income tax, it may start off being applied only to the rich but it will inevitably reach us all.
Thomas SowellOne of the most basic and pervasive social processes is the sorting and labeling of things, activities, and people... Sorting and labeling processes involve a trade-off of costs and benefits. In general, the more finely the sorting is done, the greater the benefits - and the costs... Sorting and labeling, whether of people or of things, is a sorting and labeling of probabilities rather than of certainties.
Thomas Sowell