Thomas Sowell has studied and taught economics, intellectual history, and social policy at institutions that include Cornell University, UCLA, and Amherst Co…
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The Right Attitude for Entrepreneurship
What’s the right attitude for Entrepreneurship? This serial entrepreneur might be your angel in disguise! …
Oh gotta love how he didn’t answer the question regarding the economic boom
during the clinton years. He started talking about the surplus which wasn’t
the question. The question was why was the economy still able to boom when
taxes had been raised when you CLAIM that raising taxes by even a small
percentage hinders economic growth
It’s so funny how Thomas Sowell always immediately says it was the
governments fault, not the private sectors lol. I wish more people would
listen to this man.
This is how Sowell stays in the 1% club. The interviewer is a Hoover
representative. So Hoover gives Sowell a platform to sell his books, and
speaking engagements, and he spreads their globalist ideology for them.
This is just laughable.
+prestigeworldwide141
Peter Robinson
See here ->
http://www.hoover.org/multimedia/uncommon-knowledge/by-guest/9767
I have recently read Basic Economics and this is a great interview with its
author!
Austrian Economics is such a joke
Basic Economics is an excellent book. Very interesting.
Message from the President of the United States
To the Congress of the United States:
Unhappy events abroad have taught us two simple truths about the liberty of
a democratic people.
The first truth is that the liberty of a democracy is not safe if the
people tolerate the growth of private power to a point where it becomes
stronger than their democratic state itself. That, in its essence, is
fascism – ownership of government by an individual, by a group, or by any
controlling private party.
The second truth is that the liberty of a democracy is not safe, if its
business system does not provide employment and produce and distribute
goods in such a way as to sustain an acceptable standard of living.
Both lessons hit home.
Among us today a concentration of private power without equal in history is
growing.
This concentration is seriously impairing the economic effectiveness of
private enterprise as a way of providing employment for labor and capital
and as a way of assuring a more equitable distribution of income and
earnings among the people of the Nation as a whole.
I. THE GROWING CONCENTRATION OF ECONOMIC POWER
Statistics of the Bureau of Internal Revenue reveal the following amazing
figures for 1935:
Ownership of corporate assets: Of all corporations reporting from every
part of the Nation, one-tenth of 1 percent of them owned 52 percent of the
assets of all of them.
And to clinch the point: Of all corporations reporting, less than 5 percent
of them owned 87 percent of all the assets of all of them.
Income and profits of corporations: Of all the corporations reporting from
every part of the country, one-tenth of 1 percent of them earned 50 percent
of the net income of all of them.
And to clinch the point: Of all the manufacturing corporations reporting,
less than 4 percent of them earned 84 percent of all the net profits of all
of them.
The statistical history of modern times proves that in times of depression
concentration of business speeds up. Bigger business then has larger
opportunity to grow still bigger at the expense of smaller competitors who
are weakened by financial adversity.
The danger of this centralization in a handful of huge corporations is not
reduced or eliminated, as is sometimes urged, by the wide public
distribution of their securities, The mere number of security holders gives
little clue to the size of their individual holdings or to their actual
ability to have a voice in the management. In fact, the concentration of
stock ownership of corporations in the hands of a tiny minority of the
population matches the concentration of corporate assets.
The year 1929 was a banner year for distribution of stock ownership. But in
that year three-tenths of 1 percent of our population received 78 percent
of the dividends reported by individuals. This has roughly the same effect
as if, out of every 300 persons in our population, one person received 79
cents out of every dollar of corporate dividends, while the other 299
persons divided up the other 22 cents between them.
The effect of this concentration is reflected in the distribution of
national income.
A recent study by the National Resources Committee shows that in 1935-36 :
Forty-seven percent of all American families and single individuals living
alone had incomes of less than $1,000 for the year; and at the other end of
the ladder a little less than 1 ½ percent of the Nation’s families
received incomes which in dollars and cents reached the same total as the
incomes of the 47 percent at the bottom. . . .
Franklin D. Roosevelt
The White House
April 29, 1938
Marx said all wealth comes from labor, I would like to hear Sowell’s
thoughts on that.
Questions to consider:
1. What is the true nature of a business?
2, When did a business come about? When was the first business?
2. When did businesses began “competing” with one another?
3. Is competition good?
4. What is competition exactly?
5. Is everything about true nature, meaning things change shape and come
about?
Perhaps this was already noted, but the US doesn’t have the highest GDP per
capita of any major country unless you exclude every other fully developed
major country or you put the bar for “major” somewhere above Canada and
Australia. I’m one minute into this video and already scratching my head;
Americans have a lot to be proud of but highest GDP per capita is such a
strech. In this context “major” country should mean something like:
http://en.wikipedia.org/wiki/G-20_major_economies
Surely the two gentlemen in the video are geniuses but I thought I’d
understand this at least into the third minute.
Years ago, I read “Basic Econmics” by Dr. Sowell. It’s a very easy,
primitive read. However, I would not suggest taking Dr. Sowell’s word
verbatim, as there are some myths and falsehoods that have been debunked
within.
watch The Question of Hierarchy
9:24 POWER NAP