Thomas Sowell has studied and taught economics, intellectual history, and social policy at institutions that include Cornell University, UCLA, and Amherst College. Now a senior fellow at the Hoover Institution, Sowell has published more than a dozen books, the latest of which is a revised and updated edition of his classic volume, Basic Economics.
“Through its various editions,” Sowell writes, “the fundamental idea behind Basic Economics remains the same: Learning economics should be as uncomplicated as it is informative.”
Here, Sowell seeks to uncomplicate some of the economic issues confronting the country today, from the financial crisis and the role of the Fed to the economics of health care and trade imbalances.
Peter M. Robinson is a research fellow at the Hoover Institution, where he writes about business and politics, edits the Hoover Institution's quarterly journal, the Hoover Digest, and hosts Hoover's television program, "Uncommon Knowledge."
Robinson is also the author of three books: How Ronald Reagan Changed My Life; It's My Party: A Republican's Messy Love Affair with the GOP; and the best-selling business book Snapshots from Hell: The Making of an MBA.
Thomas Sowell is an American economist, political writer, and commentator. He is currently a senior fellow of the Hoover Institution at Stanford University.
In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science.
Economist Thomas Sowell says he supports Ron Paul's stance on abolishing the Federal Reserve, which he likens to a cancer. When asked by Peter Robinson what should replace the Fed, Sowell replies: "When someone removes a cancer, what do you replace it with?"
Fund of gold bullion or coin held by a government or bank. In the past, banks accumulated gold reserves to fulfill their promise to pay their depositors in gold. Commercial banks received deposits subject to repayment in gold on demand and issued notes redeemable in gold on demand. Most gold reserves eventually shifted to central banks, which took over the function of issuing paper money. Gold reserves were moved again in the 1930s, when many governments required their central banks to turn over to the national treasuries all or most of their gold holdings. In the U.S., the Gold Reserve Act of 1934 required Federal Reserve banks to turn over all gold bullion or coin to the U.S. Treasury, which placed most of the reserves at Fort Knox.
The book is named right if you’re ready to accept this dumb nuts view of the economy.
The comments on health care and women having babies in the UK in hospital corridors and elevators – how long can you Americans continue to buy this lie about public funded health systems – you’ve even got your own guy michael moore ‘sicko’ to view.
The extra thickness in the book – He must have woke up and thought ‘I’ll just add some more shite’ – sure they’ll buy it!
Wow! The ill will exhibited by many of the commenters to Tom Sowell does not bode well for a political resolution to the developed world's public spending problem.
Thomas Sowell is an eminent economist and author. The relatively free market economics Sowell advocates are proven, productive economic policies. Such policies record in raising the standard of living for the global poor is far superior to any alternatives yet devised. For starters, compare "The Great Leap Forward" with China's last decade.
I doubt that those who attack both Dr Sowell and his philosophy with such abandon could defend their own viewpoints with real world examples.
I hate to play the reverse race card so to speak, but in the post-Obama socio-political age, with the disappointment and apparent utilization of the image of Obama to get what is basically another Republican elected to bolster and push-forward the corporate status quo, should all Americans be on note that racial brandings are now commonly used to make marketing points to sell a product or give legitimacy to a policy by mass appeal to an audience that cannot operate on any other level by the emotional.
To me, Sowell's whole existence seems like a successful marketing campaign - along with Clarence Thomas, Barack Obama, Bryant Gumble, Oprah Winfrey, etc, etc, etc.
I know this is dangerous to say and has an ugly side, which I do not mean to appeal to, because in a way business is business and if any remnant of what real racism is can be leveraged emotionally, we need to expect that sooner or later some savvy manipulator will figure out how and arbitrage that skill in service to whatever pays or appeals the most.
Originally Posted by jimnn
I wander how this guy got degree in economics. He is just ignorant and cannot open his conservative eyes wider; he is just oblivious to economic processes; Listen one more time his explanation to the housing bubble. In fact government removed the hurdles to sign for a mortgage because the “financial circles” wanted to lend more money... what an ass.
As for your personal attack on Dr. Sowell. You demean yourself and so, become the fool. Next time, resist the urge.
Second, it is sloppy thinking (although common) to believe that such entity's as "government" or "financial circles" are monolithic.
It goes like this;
1- The phrase "In fact government" creates a monolith from a loose affiliation of bureaucrats
2- The monolith does something, "removed the hurdles" and it becomes sentient
3- Once the monolith becomes sentient it's a short leap to assign good or evil "lend more money"
4 -Once you have assigned good and evil you are then free to demonize one or the other, without knowing much about either
To summarize your post;
- Bed wetting personal attack, check.
- Regurgitate incomprehensible propaganda porn, check.
Task well done, you can Move On.
Why is certainty by making a good point smugness? If someone says 2+2=4 and wonders why someone would challenge the assertion, why isn't the challenger asked, "What evidence to you have that makes you doubt it?" Prof. Sowell does a great job making his case in his books. Most reactions against him are against him personally, who he sounds like, and whom they presume he is shilling for, all without making a good case showing why they disagree.
If it is true that the real punishment of a liar is that he can't believe what anyone else has to say, perhaps the real punishment of a fool is he cannot see wisdom and common sense when it is presented to him. I would have expected the reactions to this interview to be at a higher level.
Yes, as a person [and it comes out in his writing], Sowell has always been a top-down, self-serving, smug ass [as others say here], to which I would add a hypocritical, self-righteous, arrogant, close-minded one as well. Such peccadilloes aside, however, I will still always give credit where it is due, and he is right about the Fed here. There is nothing "federal" about them,just as there is nothing in "reserve" about them. It is a closed, private coterie of bankers who under the guise of "serving America" serve only themselves. From the Great Depression to the Savings & Loan bailouts to the Great Recession, The Fed has done nothing to prevent the harm to regular Americans, while they just go on printing more money and collecting their bonuses. But almost no politician dares to speak the truth against them, no more than any loud-mouthed "reduce taxes, stop socialism" politician would dare to question, say, the reality about SOCIAL Security TAXES.